Mortgage Insurance

Mortgage, Income or Rent Cover Benefit

Receive a monthly benefit if you are totally disabled and unable to work in your own occupation due to illness or injury.

Receive a partial benefit if, as a direct result of sickness or injury, you are unable to work for at least 75% of your pre-disability working hours.

Recurrent Disablement Benefit

Your waiting period will be waived if you become disabled again from the same or a related illness or injury within 12 months of your disability benefit payments ceasing.

Rehabilitation and Support

One of AIA’s dedicated case managers will work with you to understand your personal situation and will consider what rehabilitation or functional support could assist your return to work or improve your capacity to work.

Vocational Assistance

AIA may agree to pay for vocational assistance of up to 12 times the monthly total disability benefit amount if you’re unlikely to return to your pre-disability occupation without assistance.

Home Modification or Equipment Expenses Benefit

AIA may agree to pay you an additional lump sum payment of up to 12 times the monthly benefit amount to cover the costs of buying specialised equipment or completing home alterations that have become necessary due to your total disablement.

Property Special Event Facility

You may increase your cover before the age of 55 and without the need to provide further medical evidence if one of the following property special events has occurred:

• an increase to an existing mortgage;
• the purchase of a new home;
• the purchase of a holiday home; or
• the purchase of a bare block of land zoned as residential.

The property special event must have occurred and you must make the request within 6 months of the relevant special event.

The increase in cover cannot exceed the lower of 115% of the increase in your mortgage repayment amount or $9,000 per annum ($750 per month). The total maximum Mortgage, Income or Rent Cover Benefit, across all policies and increases, cannot exceed $240,000 per annum ($20,000 per month).

A six-month stand down period applies to this additional cover.

The additional cover will attract an applicable increase in premium.

This facility can only be used once every three years.

Bed Confinement Benefit

If, at any time during the waiting period, you are confined to bed under full-time care for more than three days, and is in an occupation class other than 5, then AIA will pay a Bed Confinement Benefit for each complete 24-hour period after the first 72 hours of bed confinement.

Suspension of Cover

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
• if self-employed, experience a reduction in revenue of 30% or more (by comparing one month’s revenue against the same month for the previous year).

You must notify AIA within three months of one of the above events occurring and provide evidence of the event.

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

Pregnancy Premium Waiver

If you become pregnant and are on maternity leave, AIA will waive the premium for the Mortgage, Income or Rent Cover Benefit for six consecutive months at any stage between the second trimester and six months after your pregnancy ends.

This benefit is only available for a pregnancy commencing at least nine months after the commencement date of the policy and, if applicable, nine months after reinstatement date.

Return Home Benefit

If you suffer total disability for the first time while outside New Zealand, AIA will pay the lesser of three times the monthly benefit or the cost of a single standard economy flight back to New Zealand for you and one support person (other limits apply).

Childcare Support Benefit

AIA will pay a Childcare Support Benefit if you are totally disabled or partially disabled and receiving a monthly benefit and, as a direct result of your disability, additional childcare costs are incurred for any child under the age of 14 that are over and above any childcare arrangements which existed prior to you becoming disabled.

Back to Work Payment

AIA will pay you a Back to Work Payment of up to three times your monthly benefit amount if your benefit payment period is greater than two years and you return to work between 12 and 24 months after receiving a total or partial disability benefit.