Risk Product Updates

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Existing Product Updates

AIA Priority Protection updates

AIA Australia has made some changes to its Priority Protection range, applicable as of 10 October 2020, as follows:

  • Crisis Recovery premium rate increases, with under 40s seeing significant increases to both stepped and level premiums (44 per cent and 59 per cent respectively), while over 40s have increases of 21 per cent for both stepped and level

  • Introduction of a 7.5 per cent Lump Sum Bundled discount

  • AIA Vitaly memberships attached to Priority Protection now require a minimum premium per year of $540, excluding all discounts, loadings, stamp duty and policy fees

  • New Crisis Extension benefit

  • Updates to Crisis Reinstatement

  • Updates to Crisis Recovery Buy Back

  • Updates to TPD Buy Back

  • Updated Income Protection Offsets

  • Updates to Claims Escalation benefit in Income Protection

  • Updated medical definitions for chronic lung disease

  • New ‘Year 1 only’ commission plan

 BT make minor changes to Protection Plans

Policy fees are increasing as per the consumer price index (CPI) at BT, with the new fees applicable from 1 October 2020. Annual fees are increasing by $2. Other updates include:

  • Updating Duty of Disclosure after government legislation

  • Updates made to work test rules for superannuation contributions as per government legislation

  • Advice service fees have been discontinued for new business

Zurich make minor update to Smart Value discounts

Zurich has amended the eligibility rules when determining when Smart Value discounts apply to a policy when there is a mixture of stepped and level cover. The amount of stepped cover on the policy must be greater than or equal to the product minimum sum insured, effective 24 October 2020.