Risk Product Updates
/New Product Updates
AIA Australia launches trauma cover option, flags IP product launch
AIA Priority Protection has a new trauma product option, Crisis Extension, which is an optional rider benefit for those with AIA Crisis Recovery Insurance. Clients can choose extra, separate cover with AIA Crisis Recovery. Additional cover can be nominated for a range of events under Crisis Extension for a payout in case of a worsening of the condition. Sum insureds can be chosen independently for Crisis Recovery and Crisis Extension benefits to offer flexibility.
AIA Australia is set to launch a new ‘sustainable’ disability insurance product after an overhaul was demanded by the Australian Prudential Regulation Authority (APRA) on product design.
Existing Product Updates
CommInsure updates medical definitions
CommInsure’s product range has had its medical definitions reviewed and updated by AIA Australia, including older CommInsure products. The updates don’t apply to claimable medical conditions suffered from or diagnosed with prior to 23 August 2020.
Products updated with effect as of August 23 include:
Colonial Vital Care Extra
Colonial Vital Care Alternative
Colonial Vital Care Alternative Plus
Colonial Income Cover Plus
Prudential Critical Illness Value
Prudential Critical Illness Essential
Prudential Critical Illness Executive
Prudential Executive Income Protection
Prudential Value Income Protection
Prudential Strategic Income Replacement
Legal and General Recuperator
Legal and General Income Protection Plan
Legal and General Income Care Plus
SGIC Trauma SGIC Crisis Care
SGIC Enhanced Crisis Care
St Andrews Trauma
