Suspension of cover
The following are examples of circumstances when AIA may wish to change the terms of this policy across all policy owners :
You may request a suspension of cover for a life assured under this policy: for up to 24 months if they travel overseas for a period of up to twenty-four months; or
To increase the level of benefits under the policy or to add new benefits. To move all lives assured to a refreshed policy document with a new drafting style/layout and similar levels of benefits.
for up to 12 months if the policy owner :
-
becomes involuntarily unemployed;
To take account of changes in the laws in New Zealand.
-
goes on leave without pay for any reason;
-
experiences at least a 20% reduction in pay (comparing the most recent payslip against a previous payslip from the same year); or if self-employed, experiences a 30% reduction in revenue (by comparing one month’s revenue against the same month for the previous year),
To allow for an unexpected increase in the type or level of claims that will not be sustainable long term based on the current schedule of premium rates or at any premium rates (uninsurable).
-
To take account of a significantly escalated or new public health threat e.g. a pandemic.
provided that:
AIA will give you at least 30 days’ prior notice of any change to the terms of the policy (unless the changes are given effect as a result of the Enhancement Pass Back Benefit). The notice will include an updated policy document and highlight any change to the premium and/or to your entitlements under it. You always retain the right to cancel this policy at any time.
you notify AIA within three months of one of the above
listed suspension events occurring and provide evidence to AIA of the suspension event; and
AIA acknowledges in writing receipt of that notification.
Where cover is suspended in one of the circumstances described above, no premium for the particular life assured , or for all lives assured , is payable during the period of suspension and no cover will be provided for any claim event for that life assured or lives assured during the period of suspension. Cover for that life assured or the lives assured under this policy will be reinstated provided the premium is paid when the nominated period of suspension ends or within the maximum time periods described, whichever comes first.
G. General terms and conditions Your obligations
You and every life assured agrees to:
Provide complete and accurate information to AIA and comply with your duty of disclosure.
Provide all information reasonably required by AIA in relation to the policy, any claims and the policy owner and/or life assured .
Transfer of ownership
Attend, at AIA’s request, an examination or consultation with a registered medical practitioner or specialist of AIA’s choosing and at AIA’s cost. The registered medical practitioner or specialist will advise AIA of the results of the examination or consultation in order to assist AIA to determine the nature and extent of any medical condition and the cover available under the policy. Pay premiums as and when they fall due to ensure that the policy is not cancelled. Notify us as soon as possible of any change that might affect the policy. If in doubt, please call us to discuss. Notify us if you change your contact details. All notices from AIA to you will be deemed delivered if we have sent them to you using the contact details you last provided us with.
You may transfer the ownership of your policy at any time. To be valid the transfer must be on a transfer of ownership form and registered with us. If ownership of your policy has been transferred, references in this policy document to you, your and the policy owner(s) are references to the most recent transferee(s). A trust cannot be the policy owner of this policy. No charge is payable for a transfer of ownership of the policy.
When can AIA change the terms of this policy?
It is AIA’s business practice to review this policy over its lifetime. This is to ensure it continues to provide cover for current medical treatments for common medical conditions at the time. It is also to ensure the insurance product remains commercially viable for AIA . Any changes to the terms of this policy will apply across all lives assured with the same policy. AIA will not make any changes to the terms of an individual policy owner’s policy (except for age related premium increases based on the existing schedule of premium rates) without the policy owner’s consent.
1304 ACC – UMB version 4 Effective 08 March 2024
Page 7 of 21
Powered by FlippingBook