Family Protection Insurance

Family Protection Benefit

AIA will pay a Family Protection Benefit when the person insured dies, whether from illness, accident, natural causes or any other means. The only exclusion is for self-harm (e.g. suicide), and this exclusion only applies during the first 13 months of the policy.

Bereavement Support Benefit

As soon as AIA receives written notification that an insured person has died, a lump sum Bereavement Support Benefit of the monthly benefit amount (up to $25,000) will be paid. This benefit enables immediate costs and expenses resulting from the bereavement to be met, such as paying for funeral arrangements and for family members to travel home.

Payment of this benefit will be treated as the first payment of the Family Protection Benefit.

Special Events Increase Facility

This facility allows you to increase your Family Protection Benefit on the occurrence of any one of a number of ‘special events’ in your life without the need for any additional medical underwriting. These special events include having a child, getting married or entering into a civil union, getting divorced or becoming responsible for the full-time care (or payment for long term care) of a close relative. Please see the Policy Wording for full details of the special events that qualify.

Financial and Legal Advice Benefit

If AIA pays a claim under the Family Protection Benefit, you can get reimbursed for up to $2,500 (including GST) for financial planning fees paid to an accredited adviser or for legal advice from a legal professional approved by AIA.

Counselling Benefit

Get reimbursed for up to $2,500 (including GST) for the cost of a psychiatrist or psychologist consultation and/or counselling where the support treatments and/or consultations directly relate to a claim under the Family Protection Benefit.

Payment of this benefit will not reduce the Family Protection Benefit.

Parents Grieving Benefit

AIA will pay a Parents Grieving Benefit if a child of yours dies before age 21 and:

• Prior to birth but after at least 24 weeks gestation, provided the child would have been born at least 12 months after the risk commencement date if the pregnancy continued to full term and you are the biological mother of the child; or
• After birth and at least 12 months after the risk commencement date.

If the child is under age 10, the amount payable is $2,000 (the maximum under law), otherwise the amount payable is $15,000. Conditions apply.

Payment of this benefit will not reduce the Family Protection Benefit.

Premium Conversion Facility

At any time, you can convert all or part of your Family Protection Benefit from a Rate for Age premium structure to a Level premium structure without needing to produce further medical evidence.

Suspension of Cover Benefit

Flexibility to suspend your cover for up to 12 months if you:

• Go on parental leave;
• Go on leave without pay for any reason;
• Become unemployed or redundant;
• Experience a reduction in pay of 20% or more (comparing the most recent payslip against a previous payslip from the same year); or
• Are self-employed and experience a reduction in revenue of 30% or more (by comparing one month’s revenue against the same month for the previous year).

No premium will be payable during the period that cover is suspended. No claim will be payable for any claim event that occurs during the period that cover is suspended.