22.
What is the Waiting Period Reduction Benefit?
only one reduction in waiting period under this benefit is allowed without evidence of health; any loadings, exclusions or special terms on the cancelled policy will be applied to the reduced waiting period benefit.
If this Loss of Earnings Benefit has a waiting period of 26, 52 or 104 weeks the life assured can reduce this waiting period , without providing any further medical evidence, if the life assured’s Business Overheads, Business Continuity, Rural Continuity or Locum Cover is cancelled due to: the life assured no longer being actively engaged in the business,
23.
What is the Concurrent Waiting Period Benefit?
If the life assured is disabled and able to receive a Loss of Earnings Benefit under this policy, and they also hold a Business Overheads, Business Continuity, Rural Continuity or Locum Cover policy, then the waiting periods applicable to the life assured under each policy will be served concurrently from the disablement date . If during the waiting period under this policy, the life assured is able to claim the Recurrent Disablement under a Business Overheads, Business Continuity, Rural Continuity or Locum Cover policy, the portion of their waiting period for their Loss of Earnings under this policy will be considered to have been continuous and only the remaining period will apply.
the business being sold; or
the business no longer actively trading .
The waiting period for this Loss of Earnings Benefit will reduce to align with the waiting period on the cancelled Benefit. The reduced waiting period on this Loss of Earnings will apply to the lesser of: the monthly benefit for the Business Overheads, Business Continuity, Rural Continuity or Locum Cover at the time it was cancelled; or
the monthly benefit for this Loss of Earnings Benefit.
24.
What is the Optional Mental Health Limitation?
For example:
A life assured has the following:
The Optional Mental Health Limitation applies only if it is shown in the schedule and if no mental health exclusion applies for this appendix . If the Optional Mental Health Limitation applies, AIA will only pay a claim due to a mental health disorder for a maximum of two years throughout the life of this appendix . The Optional Mental Health Limitation payment period will commence if, in AIA’s opinion, after considering the advice of a registered medical practitioner and other relevant information, the life assured is deemed to be totally disabled or partially disabled as a result of a mental health disorder .
Loss of Earnings with a $2,500 per month benefit and a 52 week waiting period ; and Business Continuity with a $1,000 per month benefit with a 13 week waiting period . When Business Continuity is cancelled the Loss of Earnings Benefit waiting period would be reduced to a: 13 week waiting period with a $1,000 per month benefit; and
52 week waiting period with a $1,500 per month benefit.
The following conditions apply:
25.
Extra Benefits for the Premier Cover Option
within 60 days of the cancellation of cover the life assured must notify AIA in writing with supporting evidence that the life assured is no longer actively engaged in the business or the business has been sold or the business is no longer actively trading ; the life assured is no longer actively engaged in the business due to reasons other than retirement, redundancy, ill health or incapacity;
If you have chosen the Premier Cover Option, then the following extra benefits also apply:
a) Extra Cash Benefit
The Extra Cash Benefit will be paid monthly in advance and in addition to the Total Disability Income Benefit, for the first three months after the waiting period while the Total Disability Income Benefit is being paid. The Extra Cash Benefit is equivalent to 1/3 rd (33.3%) of the Total Disability Income Benefit for each month. Where applicable and only in respect of the period for which the Extra Cash Benefit is payable, the Extra Cash Benefit will be included together with the Total Disability Income Benefit in the calculation of the lump sum payment AIA may choose to make in lieu of up to 3 monthly benefit payments, as set out in Section 1.
the life assured must be under the age of 60;
if the life assured has had a claim paid or be entitled to be paid a claim under any policy with us or any other insurance company the request will be referred to an AIA underwriter and full underwriting terms and conditions may apply; the payment of premiums must be up to date and are not being waived for any reason. If AIA agrees to reduce the waiting period , the following applies: premiums will increase with any reduction in waiting period ;
This benefit is only payable once for a life assured .
1109 AL-LOE version 5 Effective 12 May 2026
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