AIA Cover for Life is designed to provide lifelong protection by paying a lump sum to your loved ones when you pass away. You choose upfront how much cover you want and how long you’d like to pay guaranteed level premiums. Once your payment term ends, your premiums stop, but your covercontinues for life.
What is Cover for Life? AIA Cover for Life is designed to provide lifelong protection by paying a lump sum to your loved ones when you pass away. You choose upfront how much cover you want and how long you’d like to pay guaranteed level premiums. Once your payment term ends, your premiums stop, but your cover continues for life. Unlike traditional Life Cover, which is designed to provide affordable protection during the years when financial commitments are often highest, Cover for Life is designed to be held for your entire lifetime. It provides certainty through clear premiums and a fixed payment term. Once you’ve paid at least 50% of your payment term, you can choose to stop paying premiums and keep a reduced level of cover, which will still be paid out when you pass away. Flexibility on your terms When you take out your cover, you can select a payment term that best suits your plans, such as finishing payments while you’re still working, so your premiums stop when you retire, giving you long-term clarity and control. If your circumstances change, any time after paying at least 50% of the premium term, you can choose to keep your policy going with a reduced sum assured and no further payments. It’s a simple way to maintain protection without financial pressure. And with no minimum cover amount, you can shape your protection to fit what feels right for you. COVER FOR LIFE Lifelong security, designed your way.
Key benefits of Cover for Life • Level premiums for your chosen payment term. • Payments stop at the end of your chosen payment term, but cover continues for life. • Flexibility if your plans change, to stop premiums any time after you’ve paid at least 50% of the premium payment term and still guarantee cover for life for a reduced amount. • Control to only pay premiums during your working years - with protection for life.
aia.co.nz/life
How is Cover for Life different from traditional Life Cover? Cover for Life is not designed to be a replacement for standard Life Cover, rather it’s an additional way to strengthen your financial plan. Traditional Life Cover is designed to protect you and your loved ones if you were to pass away unexpectedly in your peak financial years when you’re paying a mortgage, raising children, or supporting people who rely on your income, but you pay premiums for the life of the policy for it to remain active, and premiums generally increase the older you get. Cover for Life is different because it’s designed to last your entire lifetime, offering level premiums for a fixed premium payment term, after which premiums stop but cover continues, Cover for Life helps you to leave a legacy or support end of life costs. Here are some key differences when considering which life cover is right for you.
Life Cover can be useful for:
Cover for Life can be useful for:
Covering expenses following the death of a loved one, such as funerals
Covering a mortgage
Supporting children and dependants who rely on your income
Leaving an inheritance to your loved ones
Covering day-to-day living costs for your loved ones
Supporting a partner or dependants
Estate or legacy planning
You can choose both Life Cover and Cover for Life
Life Cover Cover for Life
Whereas Cover for Life is designed to guarantee a payout on death, even if you stopped paying premiums after 50% of the premium term, helping with end-of-life costs or leaving a legacy.
Combining both types of cover gives you protection that adapts to match your changing needs.
Life Cover offers protection when financial responsibilities are at their highest in life and when others are reliant on your income.
Cover for Life
AIA Cover for Life Insurance benefits ^
Cover for Life
Minimum: 16 years Maximum: 70 (individual consideration after age 70)
Eligible age in years (inclusive)
Cover amount
Unlimited
Cover expiry
No Expiry
Eligible to be added for $11.50 per month (16+) but not eligible to receive the AIA Vitality premium discount.
Eligibility
Built-in Benefits
Premiums stay level for the payment term you choose when you take out cover, so it won’t increase each year or as you age. It may change if you alter your policy or if relevant taxation or laws change. Lump sum payment on your death. Cover continues even after premiums stop: If premiums are paid until the premium payment term, full sum assured is paid. If premiums have stopped any time after paying 50% of the payment term, a reduced sum assured is paid. Option to pay until age 65, 70 or 80. Premiums stop being charged at the anniversary date following the selected age, with policy remaining in force. Must be a minimum of 10 years from start age. Once you’ve paid for at least 50% of your payment term, you can choose to stop paying premiums. Your policy won’t end. Instead, it becomes paid‑up, and continues with a lower cover amount.
Guaranteed level premiums
Guaranteed payout on death
Choice of payment term
Paid-up option with reduced cover
Receive an upfront payment to help with immediate expenses like funeral costs. Conditions apply.
Bereavement support
Financial support up to $20,000 to assist with costs associated with returning your body back to New Zealand or to your home country (the country you were born in, or were a permanent resident of). Enables you to increase the sum assured under your cover, without further medical underwriting following specified significant events in your life which result in increased financial responsibilities. Each special events increase will be issued on a new policy and will require an additional premium until the same age selected for the original cover. Remain covered wherever you are. Whether you’re at home, traveling or living overseas for any period, you remain insured.
Repatriation
Special events increase facility
Worldwide cover
^ The information available in this publication is designed to provide a general overview only of AIA Cover for Life and does not replace policy wording. Your cover will be based on the information you give us when you apply or change your policy. If important information is missing or incorrect, AIA may need to change your cover or cancel the policy under New Zealand law. For all terms, conditions, limits and exclusions, please refer to the relevant policy wordings which can be found on aia.co.nz or speak to your adviser.
How Cover for Life can create value over time
The chart compares different premium structures: rate‑for‑age premiums rise each year, life level premiums stay constant until the chosen age then increase sharply, while Cover for Life premiums stay level until the chosen age and then stop altogether while cover continues.
Premiums stop, cover continues.
Cover for Life to 65
Life Level to 65
Rate for age
0
65
Age
Cover for Life
How Life Cover and Cover for Life can work together
Emma, 40, is a parent with a $400,000 mortgage and young children. She chooses: $500,000 Life Cover, to give her family strong financial protection during the years they rely on her income the most. This type of cover is designed to help her family cover big expenses, like paying off the mortgage, school fees and everyday living, if she were to pass away while still paying for these. She will pay premiums for the life of the policy, which commonly increase over time as she ages and her financial debt decreases. After speaking to her insurance adviser, Emma also takes out a smaller $100,000 Cover for Life policy. She chooses a premium payment term to age 65. This means her premiums will remain the same from age 40 to age 65, after which she will stop paying Cover for Life premiums entirely. The cover itself will remain in force for the rest of her life and will payout $100,000 when she dies. The money may be used to help with her funeral costs or leaving a financial legacy behind for her family. Together, these two types of cover give Emma different protection: Life Cover gives a more affordable option now whilst she has big expenses to cover, and with Cover for Life – a guaranteed lump sum support for her family in the future.
Examples of how Cover for Life can help customers
When Xiam and Wei (55) moved to New Zealand from China, their priority was building long‑term security for their children. They viewed insurance not as an investment but as a moral responsibility to ensure their family would receive an inheritance when they pass away. By choosing Cover for Life, they gained confidence that their family will receive a legacy for the future. After their children moved out and they began approaching retirement, Mark and Helen (60) started thinking more seriously about how to manage their end‑of‑life plans. Living on a fixed income, they wanted to make sure when they passed away their family wouldn’t face unexpected costs or financial stress, during an already difficult time. Certainty and stability were their top priorities. With Cover for Life, they found a solution that matched their needs: cover that will continue until they pass away, predictable premiums, and assurance that their final expenses wouldn’t fall on their loved ones. As their family grew, Sarah and James (37) wanted reassurance that their children would be protected no matter what the future held. They valued the certainty of fixed premiums and knowing their cover would stay in place for life, as well as the comfort of having a clear end point to paying premiums. This sense of long‑term stability was especially important to them as a rural family focused on protecting the assets they hope to pass on to the next generation. Choosing Cover for Life gave them a simple, dependable way to safeguard their family’s future. With stable costs and cover that continues even after premiums stop, they feel confident that their children and the legacy they’re building will always be supported.
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Disclaimer
Other things you should know: the availability of insurance cover is subject to your application being approved. All applications are subject to individual consideration. Special conditions, exclusions and premium loadings may apply. This insurance is underwritten by AIA New Zealand Limited (‘AIA’). For full details of the products and benefits offered by AIA, please refer to the policy document(s) which are available from AIA. The information contained in this publication is general in nature and is not intended as advice. It may not be relevant to individual circumstances and before making any insurance decision, you should consult a professional Adviser. Copyright © 2025, AIA New Zealand Limited (352806). All rights reserved. The information contained in this document is current at the time of publication and is subject to change at any time.
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