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- If I apply jointly with my partner, will we receive separate policies or a single policy?
If you apply jointly on the same quote and application form, your cover will be issued together as a single policy.
You will both be covered as if you had separate policies, however for administration purposes you will both be recorded on the same policy, with the policy ownership specified by you in the application form, and with a single policy administration fee.
- What is the policy fee?
The policy fee is a standard fee normally applied by AIA to all policies to cover the administration costs of the policy. The policy fee is the same, irrespective of the number and amount of benefits included in the policy. The policy fee is included and itemised in all quotes provided on this website.
- Is each quote firm and fixed?
No it is not. The quote is based on some basic details about you, and a firm and fixed quote can only be provided following assessment of your application. However, for the majority of applications no change is expected in the quote following assessment.
When calculating your quote, we assume that you have no health, occupational or other factors that would warrant a higher rate. We make that assumption because, until you complete an application form, we have no knowledge of any factors which may present a specific insurance risk. In most cases though, your premium will be as quoted.
- What are my payment options?
All premiums are paid directly to AIA. You can pay your premiums by any of the methods below:
- Direct Debit from a New Zealand bank account;
- Credit Card (Visa or MasterCard); or
- Debit Card.
You can change your payment method at any time.
You can pay your premiums weekly, fortnightly, monthly or annually. If you pay your premiums weekly or fortnightly, you can choose which day of the week your premiums are deducted. If you pay monthly, you can choose which date your premiums are deducted each month. You change your payment frequency at any time.
You will be notified before your first premium will be deducted. In any event, your first premium will not be deducted until at least 10 days after your policy is issued.
- Do I get a discount if I pay my premiums annually?
Yes, you do. If you pay your premiums annually you will receive a discount of approximately 4.8% on the total benefit cost (everything except the policy fee). This discount is automatically calculated when you get a quote and select an annual payment frequency.
- Does the quoted premium include GST?
Yes, all quotes include GST (if any).
- Why are non-smoker rates so much lower than smoker rates?
Non-smoker rates are significantly lower than smoker rates. This simply reflects higher morbidity and mortality rates among smokers due to smoking-related diseases.
- If I give up smoking, can I get non-smoker rates too?
Yes, you can. If you quit smoking for at least 12 months and you have no intention of resuming, you can have your rates changed to non-smoker rates for any current AIA policy you have. To effect this change, you simply need to complete a Non-Smoker Declaration Form.
If you are about to apply for cover and you have been a non-smoker for less than 12 months, you should still apply for cover as soon as possible. You can submit your Non-Smoker Declaration as soon as you have completed 12 months as a non-smoker.
- Will my premium change each year?
Yes, it will. Premiums are quoted on a Rate for Age basis. Your premiums will change each year on the anniversary of your policy, based on your age at that date. In most cases your premium will go up, but in some cases it will stay the same, and sometimes it can even go down.
- The premiums quoted on this website are the premiums which would apply (subject to acceptance) in the first year of your policy. Learn why premiums change each year.
- Any quote provided to you on this website is not a formal offer of insurance, as it is based only on the most basic details about you. Learn about underwriting and the offer of terms.
- This website does not provide personalised advice, and it takes no account of your personal insurance needs or circumstances. In particular, the information in this website is not personalised financial advice for the purposes of the Financial Advisers Act 2008 and should not be relied upon in making a decision about insurance. If you are unable to (or do not wish to) determine your cover requirements on your own, then read our section about obtaining advice.