AIA Australia protects over 3.7 million Australians and has grown to become one of the largest speciality insurers. They provide several leading products through the AIA brand, including Life Insurance, TPD cover, Crisis Recovery insurance and Income Protection. Super funds like Rest and Sun Super are also offered through the AIA brand.

When you’re covered under an eligible AIA life insurance policy, you can join their Vitality program and enjoy all the savings and rewards that come with it.

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AIA Vitality

In 2013 AIA introduced a market-leading health and wellness rewards program.

3.7 million

AIA currently has over 3.7 million customers.

$1.4 Billion

In 2018 AIA Australia paid out over $1.4 billion in claims.

Overview

The AIA Group is the second-largest life insurer in the world and the largest Hong Kong-headquartered company on the Hong Kong stock exchange. The group has a presence in over 18 markets around the world.

AIA Insurance Australia was launched in 1972 and has over 45 years’ experience empowering people to live longer, healthier lives. What makes this life insurance specialist different is their passion for keeping up with the latest technological advancements. The insurer actively seeks new and innovative ways to improve its claims process, while regularly updating their products.

AIA Priority Protection products

Priority Protection products provided by the insurer allows you to select the policy type and coverage amount that will meet your requirements. Please consult their PDS for a comprehensive overview of what is and is not covered.

Life cover

Pays a lump sum benefit to your beneficiaries when you pass away or get diagnosed with a terminal illness.

Entry age: Between 11 and 75 years old.

Expiry age: Your policy expires on your policy anniversary before turning 100.

Total and permanent disablement

A once-off amount is paid to you when you’re totally and permanently disabled due to a serious injury or sickness, and unable to work.

Entry age: Generally, between the ages of 16 and 64, depending on your occupation.

Expiry age: Your policy will end when you’re 55, 65 or 70, depending on your occupation.

Crisis Recovery

Also known as Trauma insurance, this policy pays a lump sum benefit, should you suffer one of the critical illnesses listed in your product disclosure statement.

Entry age: Aged between 16 and 64.

Expiry age: Your policy will generally expire at age 70.

AIA Income Protection insurance

Provides you with a monthly benefit should you be unable to work for longer than your waiting period, due to sickness or injury.

Entry age: Between the ages of 16 and 60 years old. However, it depends on your occupational category.

Expiry age: Age 55, 55, 65 or 70 depending on your occupation.

Business Expenses cover

Your business receives a monthly payment that covers fixed business expenses, for example, utilities and rent, should you be unable to work because of an illness or injury.

AIA Life Insurance common built-in benefits

A term life insurance policy from AIA includes a list of standard key features, including:

  • Final expenses: While your claim is being assessed, a 10% advance of your cover amount, up to a maximum of $25,000, can be paid to your loved ones to help with any immediate final expenses.
  • Complimentary interim accidental death cover: Should you die due to an accident while your application is being processed, the company pays your beneficiaries a lump sum amount. This cover is available up to 90 days from when you signed your application.
  • Complimentary family final expenses: Should your child (aged 2 to 17) pass away or get diagnosed with a terminal illness, the insurer pays 10% of your sum insured, up to $20,000.
  • Guaranteed future insurability: You can increase your cover amount after a significant life or business event, at any time before you turn 55, without having to provide further evidence of your health or insurability.
  • Financial planning reimbursement: AIA Australia will pay up to $3,000 to reimburse you for seeking financial planning advice within 12 months of a claim being paid out.
  • Premium freeze: If you pay stepped premiums and are 35 years or older, you can keep your premium the same price for the following year by reducing the sum insured. People sometimes consider this option when experiencing financial constraints.

Take note: Please consult the AIA Priority Protection PDS (product disclosure statement) for comprehensive information regarding terms and conditions, features and benefits.

If you have any questions about taking out a policy with AIA Australia, or concerns about your existing AIA Australian policy, please feel free to contact us to speak with a specialist. Alternatively, if you’d like to compare AIA Australia with different Australian Insurers try our free online comparison tool.

History of the AIA Group

In 1919 a young American, named Cornelius Vander Starr, opened a small insurance agency in Shanghai. He went on to establish the International Assurance Company Limited (INTASCO) in 1931. In 1947 INTASCO moved its head office to Hong Kong and changed its name to the American International Assurance Company Limited (AIA Co.)

American International Group Inc (AIG) experienced a liquidity crisis in 2008 and subsequently positioned AIA Group for a public listing. AIA Group Limited became a constituent stock on the Hang Seng Index; this marked the end of AIA’s association with AIG.

Today the AIA group operates in 18 markets including Australia, Thailand, China, Indonesia and New Zealand, with their head office based in Hong Kong.

1919

Cornelius Vander Starr opens insurnace agency in Shanghai.

1931

Cornelius establises the International Assurance Company Limited (INTASCO).

1941

The International Assurance Company Limited opens head office in Hong Kong and changes name to AIA.

1972

AIA formes a subsidiary in Australia.

2009

AIA splits from the AIG.

2010

AIA has the third largest IPO in history when it listed on the Hong Kong stock exchange.

2013

Market leading AIA Vitality Health program is introduced.

Frequently asked questions and answers

How to earn AIA Vitality points?

Once your Vitality program is activated, you’ll receive discounts and earn rewards when you complete various online health assessments and for being physically active. Learn more by visiting our AIA Vitality page.

How many claims do they pay?

In 2017 AIA Australia paid an average of $5,389,668 claims each working day, 42.93% of which were for death benefits, 28.46% for TPD and 23.22% for income protection insurance. AIA Australia paid out over $1.4 billion in claims in 2018 alone.

Are they Australian owned?

No, AIA Australia is wholly owned by the Hong Kong-based AIA Group Limited (AIG). Currently, the largest independent, publicly listed pan-Asia Life Insurer.

Are they based in Australia?

The AIA Group is positioned all over the world, but their Australian arm is headquartered in Melbourne. The AIA Insurance teams are based throughout Australia, with offices in Sydney, Adelaide, Perth and Brisbane.

How long have they been around?

The group has been around as AIA since 1919 and branched out to Australia in 1972.

Have they always been known as AIA?

AIA Australia was formerly known as American International Assurance Company (Australia limited), they were renamed AIA in 2008.

What does AIA stand for?

AIA stands for American International Assurance when it was part of AIG. Since splitting from AIG, it has been known as the AIA Group.

How big is the AIA group?

The AIA Group has a presence in 18 markets, including Australia, Hong Kong, Thailand, China, Indonesia and New Zealand.

Is AIA a financially stable company?

AIA Australia has an A+ Standard and Poor’s rating. You are also protected should the company go under or broker because they are registered under section 21 of the Life insurance Act 1995 and supervised by APRA. The Australian Prudential Regulation Authority strives to ensure financial promises made by institutions are met.

ARPA diligently monitors financial institutions, like AIA Australia, making sure they manage their risks prudently, minimising the likelihood that policyholders might suffer a financial loss should the insurer run into financial difficulty. Meaning, if AIA Australia were to experience a financial crisis, they should have enough financial reserves set aside for the purpose of paying out claims.

Which reinsurer do they use?

AIA Australia uses Hannover as their reinsurer, whom they have a Treaty Arrangement with.

Is it true that AIA will no longer be offering their Funeral Protection product to new customers?

Yes, this is correct. As of the 31st of August 2016, AIA discontinued their Funeral Protection Product and will no longer be offering it to new clients. Their stand-alone funeral insurance product has now been replaced by a new product called MaxLife Final Expenses.

If I hold an existing AIA Funeral Protection policy will I still be covered?

If you currently hold an active AIA Funeral Protection policy, you will still be covered according to the terms of your agreement.

Customer reviews are in no way affected by any commercial relationships Life Insurance Direct has with providers on the list. Reviewers may enter a competition with a chance to win a prize from Life Insurance Direct in exchange for their reviews. All reviewers who meet our review guidelines have equal chances of winning a prize regardless of whether they submitted positive or negative reviews.

Value for Money
4.5
Features & Benefits
4.4
Customer Service
4.6

Write a Review on AIA Australia

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Please describe your overall experience with this insurer. i.e. what you liked, disliked and would you recommend this insurer to your family or friends. (Min 20 words).
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Ivan
5 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 0 to 1 year
Since I was about to turn 70 and wanted to get a life insurance, my wife and I rang around and talk to many insurance companies, to find out that the majority of them don’t want to know about you after you turn certain age. Thanks to internet search and Life Insurance Direct we found out that AIA was giving us the best deal and value for our money. On top of that we were so please and happy with the outstanding customer service. We gladly recommend them to anyone, particularly people my age.
2018 May 13 Sun, 19:59:22
Andrea
4.9 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 0 to 1 year
AIA communicates well. They keep you informed every step of the way and have good benefits. I would definitely recommend this company.
2018 May 12 Sat, 19:23:39
Richard
3.4 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 0 to 1 year
Very polite staff were thoroughly professional and totally committed to answer any queries I had.
2018 Apr 28 Sat, 16:54:29
David
4.3 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 1 to 5 years
Easy on boarding process that made my decision to go with them easy to make.
2018 Apr 27 Fri, 12:52:03
Lee
5 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 0 to 1 year
The process was so easy. They were a pleasure to deal with on the phone. Called exactly when they said. Pricing and extras are great too!
2018 Apr 27 Fri, 11:30:21
Basil
4.9 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 0 to 1 year
Great customer service and a great policy with great inclusions.
2018 Apr 26 Thu, 09:14:35
Kathleen-Ann
5 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 0 to 1 year
Simple and easy process. Consultant provided progress reports the entire time. They use 10 insurers as opposed to 4,so better odds for the consumer to achieve competitive premiums.
2018 Apr 24 Tue, 10:11:57
Kevin
5 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 0 to 1 year
I wanted a value for $,..life insurance product. AIA have provided that. I like the discounts available from amalgamated companies for policy holders. Furthermore the flexibility in changing up my policy if need be. The staff are proactive. & I wanted an insurance company that actually checked my health & health records. If I have one minor constructive criticism thus far. It was when one of my Dr's called me & asked to confirm my release of private information. She said that the email she received wasn't up to par with regards to whom & why they needed my information. She thought the email request was rather basic & lack professional aptitude in it's format,construction & wording. In conclusion.I would recommend this insurance company to family & friends & actually already have.
2018 Apr 22 Sun, 21:15:05
Sophie
5 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 0 to 1 year
I have just taken out life insurance with AIA. I found the application process easy and the customer service very friendly and helpful.
2018 Apr 22 Sun, 10:06:39
Manishkumar
4.9 of 5
Value for Money
Feature & Benefits
Customer Service
Overall Rating
Life Insurance - 0 to 1 year
Quick Service & Proper followup for entire process with medical check ups. also take wife”s insurance & recommending to friends & community now.
2018 Apr 17 Tue, 23:42:55

Ask an Expert?

8 Comments

  • Reg Rosewarne |

    I have a Superannuation fund. I am no longer employed. Does my wife still receive my policy payout if I die? I read in the newspapers that if you have a superannuation policy and no longer work you do not receive the insurance payout?

    • SPECIALIST
      Brett Lenertz |

      Great question Reg, I presume that you are referring to an Industry Type Superannuation Fund that has a Life Insurance component automatically provided to it’s members and if this is the case it is definitely possible that your Insurance will not pay your beneficiary if you are no longer working as depending on your Fund, there may be policy conditions that stipulate this. You will have to check with your administrator of your Superannuation Fund around this or with your previous Employer. These funds will often have expiry ages on the Life Insurance component of often 65 or 70 years of age also because there is zero to very little medical underwriting on these policies and these are often provided at a low cost to the members due to the volume of employees within the fund. If we can help you at all with your Life Insurance needs please call us on 1300 135 205 as we compare up to 12 x Life Insurance Providers in the market.

  • Bree |

    What is your Member Fax number for medical documentation?

    • SPECIALIST
      Russell |

      Hi Bree

      As AIA has different fax numbers for the claims department and for applications. I suggest you contact the number above and ask for the most appropriate fax number for your circumstance.

  • Annea |

    Do you have any life policies that will provide guaranteed life cover for a 65 year old without having to disclose your Medical History (A smoker with emphysema)?

    • SPECIALIST
      Russell |

      Hi Annea

      Thank you for your question, currently we have elected to only provide life insurance policies that are fully underwritten (generally fully underwritten policies are easier to claim on, provide more affordable premiums, however the applicant needs to complete a full questionnaire about their medical history, which the insurer will review to see if it fits within their guidelines before they will offer you any cover).
      However we understand this doesn’t meet everyone’s requirements, therefore we have 2 funeral insurance policies that provide guaranteed acceptance cover so long as you are an Australian Resident and meet their entry age requirements of between 18 – 70. They cover Accidental death’s only for the first 12 months, then any type of death following this period and will cover you for up to $15,000. If you would like to know more about these options please contact us on 1300 135 205.

  • Damian John+slibar |

    To whom this may concern,

    I’d like to inquire about if you provide income protection insurance in relation to self employed people.

    I am starting work at the end of April. My client already has public liability insurance on her rural property.

    The work will be horticultural,gardening, mulching etc. including some tractor work. If you need specifics on the type of machinery I use I can provide details. There will also be some chainsaw work. If you can give me a quote or refer me to another local provider that would be appreciated. The work will also be only 2-3 days per week and for 6-8 weeks only, or longer depending on more work, or other suitable employment becomes available.

    Hope to hear from you soon,

    Kind Regards,

    Damian Slibar.

    • SPECIALIST
      Russell |

      Hi Damien

      Yes we do specialise in assisting self employed persons find income protection and we currently have access to 11 insurers. However when I read your client’s situation it looks challenging for these reasons: Firstly the polices we have available are only available to permanent staff, these can be permanent part time (minimum 20 hours / week) or full time. Secondly is the short duration of work of only 6-8 weeks, here again our providers look at 6 – 12 months minimum. Lastly is their occupation, as they have a very diverse role, generally here they would want to see consistency, training and or experience to understand what occupation rating would be appropriate and if they would insure such an occupation.

      While I think it may be difficult for your client to get cover through us, I would still suggest your client reach out to one of our specialists and ask them to conduct a no obiligation pre-assessment for him / her to be certain as to what income protection cover is possible.

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