What is Critical Conditions Insurance?
Critical Conditions insurance is a policy which pays a tax-free lump sum benefit if you develop any one of a number of specified medical conditions. The benefit is normally the full amount of cover provided under the policy, but for some lesser conditions a partial payment applies.
AIA Living Critical Conditions
Critical Conditions insurance includes a range of benefits designed to support you when you need it most.
Critical Conditions can make up for loss of earnings and assist in clearing debt which might otherwise be a drain on your finances. It can also meet often substantial expenses involved in private treatment.
Minimum commencement age | 2* |
Maximum commencement age | 70 |
Expiry age | None |
*The minimum commencement age for online applications is 16.
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Covered Medical Conditions
Critical Conditions insurance provides cover for more than 50 medical conditions across 5 categories:
Cancer
Full Payment |
Partial Payment |
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Carcinoma-in-situ | ||
Carcinoma-in-situ radical surgery | ||
Malignant tumours | ||
Prostate cancer |
Heart
Full Payment |
Partial Payment |
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Angioplasty – less than 3 vessels | ||
Angioplasty – 3 vessels or more | ||
Aortic surgery | ||
Cardiomyopathy | ||
Coronary artery bypass surgery | ||
Heart attack | ||
Heart valve surgery | ||
Out-of-hospital cardiac arrest | ||
Pulmonary hypertension |
Major Neurological Disease
Full Payment |
Partial Payment |
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Alzheimer’s disease | ||
Benign brain tumour | ||
Coma | ||
Creutzfeldt-Jakob disease | ||
Dementia | ||
Encephalitis | ||
Idiopathic Parkinson’s disease | ||
Major head trauma | ||
Meningitis | ||
Motor neurone disease | ||
Multiple sclerosis | ||
Muscular dystrophy | ||
Peripheral neuropathy | ||
Stroke |
Paralysis and Loss of Functionality
Full Payment |
Partial Payment |
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Diplegia | ||
Hemiplegia | ||
Loss of independent existence | ||
Paraplegia | ||
Permanent blindness | ||
Permanent loss of hearing | ||
Permanent loss of speech | ||
Permanent loss of use of limbs | ||
Quadriplegia/ Tetraplegia |
Other Key Conditions
Full Payment |
Partial Payment |
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Advanced diabetes | ||
Aplastic anaemia | ||
Chronic liver failure | ||
Chronic lung disease | ||
Chronic renal failure | ||
Cognitive impairment | ||
HIV | ||
Intensive care | ||
Major transplant surgery | ||
Pneumonectomy | ||
Severe burns | ||
Severe Crohn’s disease | ||
Severe illness or injury | ||
Severe osteoporosis | ||
Severe rheumatoid arthritis | ||
Severe ulcerative colitis | ||
Systemic lupus erythematosus | ||
Systemic sclerosis | ||
Terminal illness |
A 3 month stand down period (from the date the Critical Conditions Benefit commences) applies to certain conditions. Please refer to the Policy Wording for full details, including when a stand down period applies, and when a full or partial payment applies.
Benefits
Critical Conditions insurance includes a comprehensive range of benefits:
Critical Conditions BenefitReceive a benefit payment if you suffer for the first time any one of more than 50 medical conditions, to the extent specified in the policy. A partial benefit applies to certain conditions, for example, where you suffer a specified medical condition to a less serious extent than that which would normally trigger a full benefit payment. Includes cover if you suffer a major medical condition that isn’t specifically listed in the policy wording but meets AIA’s definition of a severe illness or injury. See the Policy Wording for details. |
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Financial and Legal Advice BenefitAfter you receive a full claim payment, 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. |
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Children’s Trauma BenefitIf a child of yours (aged between 2 years and 21 years) suffers an applicable condition, this benefit will pay 50% of the sum assured (up to $50,000). This benefit provides trauma cover for your children at no additional cost. Payment of this benefit will not reduce the amount of the Critical Conditions Benefit. |
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Newborn Children’s BenefitIf your biological child is born with one of five defined congenital conditions and survives for 30 days after birth, receive a benefit of 50% of the sum assured (up to $50,000). Payment of this benefit will not reduce the amount of the Critical Conditions Benefit. |
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Children’s Trauma Conversion FacilityThe Children’s Trauma Benefit can be converted to a standalone Critical Conditions Benefit, or an accelerated Critical Conditions Benefit with an equal amount of Life Cover, of up to 50% of the original sum assured (up to a maximum of $50,000), without further medical evidence. |
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Premium Conversion FacilityAt any time before age 65, you can convert all or part of your Critical Conditions Benefit from a Rate for Age premium structure to a Level premium structure without needing to produce further medical evidence. |
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Special Events Increase FacilityYou can increase the amount of cover under your policy following certain life events, without any medical questions, examinations or tests. A premium will be applied to the additional cover. |
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Future Insurability BenefitYou can increase the amount of cover under your policy at every third policy anniversary date by up to 20% of the original cover (up to a maximum of $200,000), without any medical evidence. An increase in premium applies. |
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Return Home BenefitIf you are outside New Zealand and suffer from, for the first time, a covered condition, AIA will reimburse the cost of a standard economy flight back to New Zealand for you and one support person, up to a total cost of $10,000. |
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Parents Grieving BenefitAIA will pay a Parents Grieving Benefit if a child of yours dies before age 21. A benefit will even be paid if a child of yours dies prior to birth but after at least 24 weeks gestation and you are the biological mother of the child. If the child is under age 10, the amount payable is $2,000 (the maximum under law), otherwise the amount payable is $15,000. |
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Counselling BenefitGet 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 Critical Conditions Benefit. |
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Suspension of Premium BenefitIf you go on parental leave, or go on leave without pay for any reason, you may suspend your cover for up to 12 months. No premium will be payable during the period that the cover is suspended, however no claim will be payable for any condition that occurs during the period cover is suspended. |
Please refer to the Policy Wording for full details of all benefits and any associated terms and conditions.
Policy Features
Critical Conditions insurance includes the following great features:
Rock-Solid BackingThe policy is underwritten by AIA New Zealand Limited, New Zealand’s largest life insurer. AIA New Zealand Limited has an AA (Very Strong) financial strength rating from Fitch Ratings. |
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24 x 7 Worldwide CoverWhether you’re at home, travelling or working anywhere for any period (including overseas, even if you move overseas permanently), you remain insured. |
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Lump Sum, Tax-Free BenefitsUnder current legislation, any and all benefits payable under the Critical Conditions Benefit are paid as tax-free lump sum benefits, directly to the policy owner. |
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Automatic EnhancementIf any change is made to the underlying AIA Living policy in the future, and that change would be favourable to you, then the Enhancement Pass Back Benefit means that the enhanced change will automatically be applied (passed back) to your policy. Conditions apply. |
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Free-Look PeriodIf at any time during the 15 days following receipt of your policy you do not wish to continue with your cover (for whatever reason at all), you can return your policy for a full refund of all premiums paid. |
Please refer to the Policy Wording for full details and any associated terms and conditions.
Brochure
Download or view the brochure:
Policy Wording
The Critical Conditions policy wording is comprised of the following documents:
AIA Living Umbrella Policy Wording PDF
The Umbrella Wording is common to all AIA Living policies.
Critical Conditions Policy Wording PDF
The Benefit Appendix is specific to the Critical Conditions benefit.
AIA Vitality
AIA Vitality is a science-backed health and wellbeing program that supports and rewards you for making healthier choices.
Premiums for eligible insurance policies that cover you may be discounted in certain circumstances based on your membership and participation in the AIA Vitality program. You’ll receive an initial 10% premium discount in your first year.
A membership fee of $11.50 per month per member applies.
FAQs
Check out our FAQs for answers to frequently asked questions.
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Important Information
- The above identifies and provides a brief summary only of the principal benefits under the policy. Please refer to the Policy Wording for full details of all benefits and the terms and conditions under which they are provided.