AIA Life Insurance: Compare and Save

Before you purchase a life insurance policy, it’s important to compare your options. AIA life insurance is one of the largest insurers in Australia. Review their policies, features and benefits to find the right option for you.

Published November 11, 2022

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AIA Life Insurance: Compare and Save

With the backing of the long-established AIA Group, one of the largest specialist  pan-Asian life insurers, AIA Australia has a strong presence in the life insurance industry. The insurer is always looking for innovative new ways to improve its claims process and regularly updates its products. However, it’s typically still a good idea to compare them to other major insurers to ensure you get the coverage that suits your requirements.

AIA Life Insurance at a glance

AIA Australia is a leading life insurance specialist with over 50 years of experience. The company is focused on life, health and well-being. Offering their Vitality program to policy owners as a rewards incentive for making healthy choices. They offer their members several options when it comes to life insurance, including death cover, trauma insurance, income protection and TPD cover.

Types of Cover from this insurer

About AIA Insurance 

AIA Australia is one company under the AIA Group, the largest specialist  publicly listed pan-Asian life insurance group. The AIA Group has a presence in 18 markets across Asia-Pacific, providing top-quality life insurance services. AIA Australia has 50 years of Specialist life insurance experience and offers a range of products to protect and improve the lives of more than 3.8 million Australians.

In addition to offering a wide variety of life insurance products, they also provide members with the option to join the AIA Vitality program. AIA Vitality is a personalised program that helps you make healthier choices based on scientific research. The rewards program not only tells you how healthy you are but also provides the means to improve your health and offers a selection of incentives to keep you invested in bettering yourself. Some benefits of this program include a healthier lifestyle, more affordable everyday expenses and discounts on life insurance premiums.

Financial ratings and customer satisfaction

According to the Plan For Life Actuaries & Researchers report in August 2022, AIA life insurance is the second largest insurer in Australia, with an 18.3% market share. In 2021, the insurer paid an average of $40 million per week in claims across their Retail, Group and Direct insurance policies- totalling over $2.1 billion.

AIA has consistently proven its financial strength and stability. However, it is still a good idea to compare life insurers even if the insurer you’re interested in has a good market share because different insurers offer different levels of coverage, have different policy features and exclusions. Finding an insurer that meets your specific needs and budget is important.

AIA has acquired CommInsure

On 1 April 2021, CommInsure’s life insurance business, including The Colonial Mutual Life Assurance Society Ltd (CMLA), was transferred to AIA Australia (AIAA). As a result, CommInsure and AIA Australia now operate as one entity.

From 31 March 2020, CommInsure Protection products were removed from the market. However, current CommInsure Protection policies will typically remain as they are. Customers with older CommInsure policies will generally still be able to contact AIA for increases, decreases, changes to beneficiaries or policy ownership.

Priority Protection Reviewed

AIA offers a range of life insurance products, including term life insurance, income protection insurance, and TPD cover, to name a few. We reviewed the Product Disclosure Statement version 27, prepared in August 2022, to explore the products and features available.

Pros and Cons of AIA life insurance



Is AIA the best life insurer?

The best insurer for you is typically one which offers you the features and benefits which meet your requirements and budget. AIA is a large and well-known life insurer in Australia, with a wide range of products available. It’s generally a good idea to compare life insurance policies before you decide on the best life insurer for you.

Policy options

Comparing life insurance policies is important to ensure you get the best coverage for your needs. This insurer offers a range of cover options, including life insurance, trauma insurance, income protection, crisis recovery and business expenses insurance.

Life Cover

A death benefit typically pays a lump sum amount to your beneficiaries when you pass away or get diagnosed with a terminal illness. This benefit provides your family with financial support and can help your loved ones meet financial obligations or settle any outstanding debts.

Entry Age: Between 10 and 74 years old, depending on your choice of premium structure.
Expiry Age:
Your policy ends when you pass away or on your policy anniversary before turning 100.
Plans available:
Life cover, Accidental death, Term Cover.
Minimum Cover:
No minimum amount
Maximum Cover:
No limit, except for the occupation of Home Duties. For Home Duties, the maximum life cover is $2 million.

Total and Permanent Disablement (TPD) Insurance

With this type of cover, a lump sum benefit is paid to you when you’re totally and permanently disabled and unable to work in your Own or Any occupation due to a severe injury or sickness. You can use the payout to adapt to your new lifestyle, for example, making modifications in your home or helping you pay the bills so you can continue to support your family.

Entry Age: Generally between the ages of 15 and 63, depending on your premium type.
Expiry Age: Your policy might end at age 55, 65 or on your 70th birthday, depending on your occupation.
Plans available: TPD, Accidental TPD or Universal TPD.
Definitions available: own occupation, any occupation, or home duties definitions.
Minimum Cover: No minimum amount.
Maximum Cover: Generally, $5 million when purchased as a stand-alone policy. However, your occupation could influence your sum insured limits.

Income Protection

Income protection insurance typically provides you with a monthly benefit if you cannot work for longer than your waiting period due to sickness or injury. You can use these monthly benefits to pay your bills, medical treatments and other unexpected expenses.

Entry age: Between the ages of 15 and 59 years old. However, it depends on your occupational category.
Expiry age: Age 55, 65 or 70th birthday, depending on your occupation.
Maximum cover: $10,000 to $60,000, depending on your occupation and benefit period.

Crisis Recovery

Also known as Trauma insurance, this policy type pays you a lump sum benefit should you suffer one of the critical illnesses listed in your product disclosure statement (PDS). You could use your benefit to make loan repayments and pay your mortgage and medical expenses.

Entry Age: Aged between 15 and 63.
Expiry Age:
Your policy will generally expire on your policy anniversary before your 70th birthday.
Maximum Cover:
Your sum insured will be limited to $2 million. However, a maximum limit of $1 million applies for the occupational category of Home Duties.

Business Expenses

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.

Entry Age: 15 to 59 years old.
Expiry Age: Generally, your business expenses policy expires on your policy anniversary before your 65th birthday.
Maximum cover: $15,000 to $90,000 per month, depending on your occupational benefit.

General Features and Benefits

AIA Vitality

AIA Vitality is a science-backed health and wellness program that offers discounts to eligible AIA clients who actively work toward knowing and improving their health. The program further inspires healthier living by giving members points when reaching and logging milestones, for example walking 12, 500 steps.

Benefits of AIA Vitality include:

How to apply for an AIA insurance policy

You can apply for a Priority Protection policy through a comparison site, like ours, or through a financial adviser. You’ll generally need to complete an application form when applying for a policy. These forms contain important questions regarding your health and personal details. Your completed forms are then sent to the insurer for underwriting.

It’s important to note that your eligibility will depend on the specific insurance policy you’re applying for and the information you provided at application time.

We make it easy for you to compare policies online with our powerful comparison engine.

Buy with confidence today for peace of mind tomorrow.

How to lodge an AIA claim

Frequently asked questions and answers

  • Who is AIA owned by?

    AIA Australia is a subsidiary of the AIA Group, the largest independent publicly listed pan-Asian life insurance group. With policyholders in 18 markets across the Asia-Pacific region, they’re generally committed to providing world-class service in the life insurance market.
  • What does AIA stand for in insurance?

    AIA stands for American International Assurance when it was part of AIG. In 2008, the company was renamed AIA. AIA is a leading life insurance company which offers a range of life insurance products, including death cover, income protection and TPD insurance.
  • What premium types are available on AIA policies?

    This insurer generally provides you with the choice of stepped, level, term level and optimum premiums, depending on your chosen policy and whether it’s taken inside or outside of Super. Stepped premiums generally start more affordable but increase each year as you age. Level premiums usually start more expensive but stay the same because of your age.
  • How do I check my AIA policy?

    You’ll typically need to log in to your MY AIA account and click on My Statements & Letters to check your policy. Then you’ll be able to navigate to the View Statement page, where you can click on Policy Statements. Once you’ve selected the Name and Year of the premium/contribution statement, you’ll be able to view your statement.
  • Does AIA own CommInsure?

    Yes, AIA Australia Limited owns CommInsure, which was transferred to the group on 1 April 2021. AIA Australia bought CommInsure Life to enhance its competitive advantage in the Australian market to modernise life insurance in Australia and provide customers with more benefits.

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