The policy owners are the beneficiaries of all benefits paid under the policy.


Please note the following regarding policy ownership:

  • A policy can be owned by one person or owned jointly by two or more people.
  • Each policy owner must be at least 16 years of age.
  • Policy owners can be added or removed at any time by completing a Change of Ownership Form (see below).
  • Any changes to the policy, including any change in ownership, must be approved by all policy owners at that time.

Life Insurance Beneficiaries

Upon the death of the person insured, any claim proceeds from a Life Cover or Family Protection insurance policy would be paid out as follows:

  • If the person insured is the sole policy owner, the proceeds would be paid to the deceased person’s estate.
  • If the policy is jointly owned, the proceeds would be paid directly to the surviving policy owner(s), bypassing probate and the estate of the deceased person.

Change of Ownership Form

Change of Ownership Form PDF

Changing the Ownership of Your Policy

To change the ownership of your policy:

  • Download and print the Change of Ownership Form.

  • Complete section 1 of the form (Policy details). It is important that you enter your policy number and date the form.

  • Complete section 2 of the form (Current owner(s) details) and ensure that it is signed and witnessed where required. Anyone over the age of 16 not connected to the policy can be a witness.

  • Complete section 3 of the form (New owner(s) details) and ensure that it is signed and witnessed where required. If any of the current policy owners are to remain as policy owners, their details must be included again in section 3.

  • Either email us a scanned copy (or a clear photo of each page) of the completed form or post the form directly to AIA at the address below:

    AIA New Zealand
    Private Bag 92499
    Victoria Street West
    Auckland 1142

After the change in ownership has been processed, AIA will send new policy documents to the new owner(s).


Please note that we are unable to provide you with any personalised advice as to who should be the policy owner or owners of a policy, or what the implications of your choice of policy owner might be. For this we recommend that you obtain the advice of a solicitor, particularly if you are unsure as to what to do or what you ought to do. A solicitor would also be able to advise you on the effects of ownership in relation to your will.