New Zealand

REAL Life Cover

REAL Life Cover

What is it?
REAL Life Cover provides a one off payment in the event of your death. If you are diagnosed with a terminal illness you may choose to have your benefit paid out early, allowing you to spend quality time with your loved ones.

Why do I need it?
An unexpected death can have a devastating effect on those left behind. REAL Life Cover will continue to support your loved ones financially despite your absence in their lives.

Find an AIA Insurance Adviser near you

0800 800 242

nz.service@aia.com

AIA Insurance Adviser

REAL Life Cover

  • REAL Life Cover

Ideal for people who are:

Concerned about providing for their loved ones future in the event of death.

Key Features

  • Special Events Increase Option - you may be able to increase your cover without any additional medical underwriting if one of these special events occur before you turn 69:
    • Marriage or civil union.
    • Divorce or legal separation.
    • Death of a spouse or partner.
    • Birth or adoption of a child.
    • Salary increase or a career change.
    • Taking full-time care of a dependant.
    • Secondary education of a child.
    • Tertiary education of a child.
    • Taking out or increasing a mortgage on your own home.
    • Purchase of a residential investment property.
  • Optional Terminal Illness Booster - we will pay an additional 50% of the life cover amount to a maximum of $250,000 upon the diagnosis of a terminal illness where death is likely within 12 months.
  • Funeral Benefit - we will pay an advance payment of $12,500 to help with any funeral expenses.

A policy fee applies.

Please refer to the relevant policy document for full details of the insurance contract and the terms, conditions, limitations and exclusions that may apply.

Main Benefits

Choose from two types of cover:

  • REAL Life Cover Yearly Renewable Term (YRT)

    Gives you the flexibility to pay for cover you need now. Premiums are based on your current age, with increases each year.

  • REAL Life Cover Level 15 to age 80

    Gives you certainty and long term affordability with a structure that provides level premiums for 15 year periods. Premium increases of 25% occur every 15 years on the policy’s anniversary date. At age 80, the premiums will revert to Yearly Renewable Term.

Terminal Illness Benefit

If you are diagnosed with a terminal illness and death is likely within 12 months, you can have up to 100% of your life cover amount paid in advance, allowing you to spend quality time with your loved ones.

REAL Life Cover
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Choose from two types of cover:

  • REAL Life Cover Yearly Renewable Term (YRT)

    Gives you the flexibility to pay for cover you need now. Premiums are based on your current age, with increases each year.

  • REAL Life Cover Level 15 to age 80

    Gives you certainty and long term affordability with a structure that provides level premiums for 15 year periods. Premium increases of 25% occur every 15 years on the policy’s anniversary date. At age 80, the premiums will revert to Yearly Renewable Term.

Interim Accidental Death Benefit

Up to $500,000 of cover in case of accidental death while your REAL Life Cover application is being processed.

Financial Planning Benefit

We will pay an additional $750 after your death to help your family seek professional financial planning advice.

Conversion Option (Optional feature)

Convert all or part of your Life Cover YRT benefit to a Level 15 to age 80 premium structure (prior to reaching age 65 years), without further medical underwriting.

To see a full list of all benefits view the brochure

Qualifying age* 16 - 69 years (REAL Life Cover YRT)
16 - 64 years (REAL Life Cover Level 15 to age 80)
Expiry Age Renewable to age 99 years
Benefit Type Lump sum payment
Cover Amounts Min - $50,000
Max - $16,000,000
Premium Options Yearly Renewable Term (YRT)
Level 15 to age 80
Wait Period 4, 8, 13, 26, 52 or 104 weeks
Inflation Adjusted (CPI) Optional (Life Cover YRT only)
Worldwide Cover Yes

*Individual consideration will be given to ages outside this range.

Lisa was a mum of two children and opted to take out AIA REAL Life Cover. As it turned out, she made a wise choice because a year later she was unfortunately diagnosed with breast cancer and required a double mastectomy. Tragically, the cancer returned and she was diagnosed with terminal cancer.

By claiming the terminal illness benefit from her AIA REAL Life Cover, Lisa was able to enjoy her final months with her family without the pressure of financial worries and even took her family on a memorable holiday. She died at age 32, knowing their future was financially secure.