AIA Living Life Insurance

AIA Living Life insurance protects your loved ones' future if you pass away or are diagnosed with a terminal illness.

LIFE INSURANCE What is life insurance and why do you need it? Life does not always go to plan. At AIA, we believe insurance can make a positive difference in people’s lives. Having life insurance protects your loved ones’ future by providing them with a lump sum or monthly payment if you pass away. We know that everyone’s journey is different, that’s why we offer a range of personal life insurance options designed to meet your needs and budget. Key benefits of AIA life insurance • Whether you are at home, travelling or living overseas for any period, you remain insured with worldwide cover. • With a variety of different life insurance options available, choose the type of cover to give you peace of mind for your loved ones. • No maximum cover limits apply, find the cover amount that works for your family and budget, with level premiums options available. • As your life changes, so should your insurance. Choose life cover that grows and changes with you, every step of the way. When you add AIA Vitality, our personalised, science backed health and wellbeing programme, you start a journey to better health. You will learn about your health, improve it, and enjoy the rewards for doing so. Add AIA Vitality when you purchase Life insurance to receive: • an initial 10% premium discount* on your first year’s premium • earn up to $560 in vouchers or Airpoints Dollars per membership • exclusive rewards and discounts from our partners Add AIA Vitality to your life insurance for $11.50 per month. *AIA Cover for Life is not eligible for AIA Vitality premium discounts. T&C’s apply. Do you want to enjoy exclusive benefits and rewards?

Our AIA Living life insurance options Life Cover This is one of the most common life insurance types that offers a lump sum when you die or an early payment if you are diagnosed with a terminal illness. The cover includes an early advance payment of up to $25,000 on the sum assured to help with immediate expenses, like funeral costs. If needed, it also offers financial support of up to $20,000 early advance on the sum assured, which can assist with returning your body to New Zealand or your home country. Family Protection This cover is designed to minimise the impact on your family’s lifestyle after you pass away. This works by providing a monthly payment to your family, rather than a lump sum. This includes an early payment of up to $25,000 to help with immediate expenses like funeral costs. Accidental Death Accidental Death is a simpler type of life insurance that provides a lump sum should you die as a result of an accident. AIA 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 chosen payment term ends, your premiums stop, but your cover continues for life.

aia.co.nz/life

What is included with AIA personal life insurance options:

Life Cover

Cover for Life

Family Protection

Accidental Death

Eligible age in years (inclusive)

10 to 70

16 to 70

10 to 70

16 to 60

Cover amount

Unlimited

$500,000

Cover expiry

No Expiry

Age 65

Save up to 15% on your premiums when you buy multiple eligible insurance policies.

Qualifying product for MBD, however

Multi-Benefit Discount Start saving when you take out life insurance and at least one other eligible insurance product. T&Cs apply.

15% discount does not apply

Can be added for $11.50 per month (16+)

Eligibility

Receive a 10% discount in your first year, then you’re in control of the discount you receive.

AIA Vitality Premium Discount Premium Flex rewards you with a discount on your insurance. The more engaged you are, the higher the discount. Conditions apply. Built-in Benefits Bereavement support Provides an early payment to help with immediate like funeral costs. Conditions apply. Terminal Illness P rovides an early payment if you are diagnosed with a terminal illness with a life expectancy of less than 12 months. Specified Terminal Illness Conditions If you suffer one of the specified terminal conditions, you can choose to have the lesser of 30% of your sum assured or up to $250,000 paid in advance. Financial and Legal Advice Financial support up to $2,500 to receive financial and legal advice from an AIA approved financial adviser or legal professional. Parents Grieving If your child passes away, we will pay you $2,000 for a child aged under 10 years and $15,000 for a child between 10 and 20 years of age. Repatriation Provides an early advance payment of up to $20,000 to assist with the costs associated with returning your body back to New Zealand or your home country (the country you were born in, or were a permanent resident of). Conditions apply. Special Events Increase Facility Enables you to increase the sum assured under your cover, without further medical underwriting following a significant event in your life which results in increasing financial responsibilities.

Up to $25,000 Up to $25,000

Up to $25,000

Life Insurance

Life Cover

Cover for Life

Family Protection

Accidental Death

Special Events Total Permanent Disablement / Trauma Facility At the time of a special event, you can apply to add a limited amount of ‘accelerated’ Critical Conditions cover, ‘accelerated’

Progressive Care or ‘accelerated’ Total Permanent Disablement cover to your AIA Living Life Cover.

Premium Conversion Facility Before reaching the age of 65 years, you have the option to convert all or part of your sum assured to a level premium structure without further medical underwriting. Counselling Financial support of up to $2,500 to cover the cost of a Psychiatrist or Psychologist consultation and/or counselling for you and/or your family where the treatment directly relates to a claim. Suspension of Cover AIA provides the flexibility to suspend your cover for up to 12 months, if you meet the conditions outlined in the policy wording. No benefits will be payable for any claim event which occurs during this suspension period. Worldwide Cover Whether you are at home, travelling or living overseas for any period, you remain insured. Enhancement Pass Back At claim time, we’ll compare your purchased product’s policy wording with the latest version of that product’s policy wording and apply the most favourable option for your claim. For more information visit aia.co.nz/passbacks

Optional add-ons

Specified Accidental Injury Cover Short term financial support, helping you continue daily life while recovering from an accident Specialist and Testing Support Covers the cost of private specialist consultations (up to $10,000 annually) and medical diagnostic tests and procedures (up to $100,000 annually) so you can access these services when you need to without worrying about the bills. Future Insurability You can apply to increase your sum assured at every third policy anniversary without providing any further medical information. Limits and conditions apply and every increase in cover will result in an increase in premium. Waiver of Premium Remove the burden of paying premiums when you are unable to work due to total disability.

This is a summary only. For all terms, conditions, limits and exclusions, please read the policy wording.

How is Cover for Life different from traditional Life Cover? Cover for Life is not a replacement for standard Life Cover – it’s an additional way to strengthen your financial plan. Traditional Life cover is designed for peak financial years when your financial responsibilities are the highest and you’re paying a mortgage, raising children, or replacing income. In traditional life cover, you pay premiums for the life of the policy for it to remain active, and premiums generally start lower and 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 end-of-life expenses, such as a funeral

Covering a mortgage

Supporting children and dependants who rely on your income

Leaving an inheritance to your loved ones

Supporting a partner or dependants later in life

Covering day-to-day living costs for your loved ones

Estate or legacy planning

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 need to pay premiums for the life of the policy for it to remain in force, however premiums 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.

Did you know? We plant a native tree in memory of our life insurance customers who have passed away via our partnership with Trees That Count. Since 2022, we have planted 9,932 trees .

Life Insurance

We’re here to make a difference, our claims philosophy Life doesn’t always go to plan; at AIA we want to be there when you need us the most. Our extensive claims data not only provides us with valuable insights into population health, but it signals where further support is needed to reduce the burden on New Zealand’s health system. Our vision is for New Zealand to become one of the healthiest and best protected in the world. We know making a claim is often a result of a difficult time when you need us the most. With one of the largest and most experienced claims teams in New Zealand, nationwide rehabilitation support and a transparent claims review process, we ensure your claims experience is excellent, fair and fast.

AIA latest annual claims by the numbers 1

WE PAID $829.6M IN CLAIMS 2 . WE ACCEPTED 92% OF ALL CLAIMS RECEIVED. 797K OVER KIWIS PROTECTED.

PASSED AWAY SINCE 2022. WE HAVE PLANTED 9,932 TREES. 1 TREE

PLANTED IN MEMORY OF EVERY AIA LIFE INSURANCE CUSTOMER WHO

ONE OF THE LARGEST CLAIMS TEAMS IN NEW ZEALAND.

1. As reported by the AIA Business Insights team. 2. Including GST, maturities and surrenders.

Life Insurance

Total life claims paid in 2024 $298.1M

CANCER 54%

HEART 19%

NEUROLOGICAL 9%

RESPIRATORY 4%

CLAIMS BY AGE GROUP

20-29 $1.39M CLAIMS PAID

30-39 $16.13M CLAIMS PAID

40-49 $44.07M CLAIMS PAID

50-59 $91.77M CLAIMS PAID

60-69 $86.69M CLAIMS PAID

70+ $56.97M CLAIMS PAID

Neurological

$4.5M Cancer

$25.2M Cancer

$45.11M Cancer

$38.2M Cancer

$17.70M Cancer

$184K

Cancer

$1.4M Heart

$3.4M Heart

$20.7M Heart

$16.23M Heart

$9.81M Heart

$129K

$7.79M Respiratory

$940K Neurological

$1.3M Neurological

$3.5M Respiratory

$6.96M Neurological

$282K Respiratory

$3.10M Neurological

$4.14M Respiratory

$6.12M Neurological

Save on your insurance with Multi-Benefit Discount Insurance is an important part of setting yourself up financially, protecting you and your family’s health, wealth, and wellbeing. We know you have everyday expenses to manage, so we’ll do what we can to help you out. How Multi-Benefit Discount works Start saving when you insure yourself with life cover and at least one other benefit from the optional categories below. At least one of your benefits must be from the AIA Living range and these will be the only benefits that receive the discount. Minimum cover amounts apply. Minimum cover amounts Benefits that count towards eligibility

AIA Living Life Cover Family Protection* Accidental Death Cover for Life** Critical Conditions Progressive Care Severe Trauma

Life Insurance

$100,000

Compulsory category

Trauma Insurance

$75,000

Total Permanent Disablement Optional TPD Condition Start-Up Income Protection Income Protection Mortgage, Income or Rent Cover Business Continuity Rural Continuity Business Income Support

Total Permanent Disablement Insurance

$75,000

Optional categories (excludes Health Insurance)

Income Protection Insurance

$2,000 per month

* Converted to a lump sum amount taking into account the entire benefit term **Cover for Life counts towards MBD eligibility but does not receive the MBD discount

Discount tiers If you are eligible for Multi-Benefit Discount, the discount will be calculated based on the different optional categories you have benefits from, as follows:

Discount received

10%

One optional category

Life Insurance (compulsory category) Choose from Life Cover, Family Protection, Accidental Death Cover or Cover for Life*.

12.5%

Two optional categories

Three optional categories or more

15%

*Cover for Life counts towards MBD eligibility but does not receive the MBD discount

Already have existing policies with us? When you take out new cover with AIA, we’ll take into consideration any existing cover you already have with us, to see if you qualify for Multi-Benefit Discount. If you’re eligible for a discount, this will only be applied to your benefits from the AIA Living range.

Life Insurance

How Multi-Benefit Discount applies to specific Optional Benefits The below AIA Living optional benefits do not count towards your eligibility to trigger Multi-Benefit Discount. However, once you qualify for Multi-Benefit Discount you will also receive the discount on these optional benefits.

• Waiver of Premium

• Early Cancer Upgrade

• Income Protection Premier Cover

• Specified Accidental Injury Cover

• Redundancy Cover

• Children’s and Maternity

• Retirement Protection

• Future Insurability

• Critical Conditions Buyback

• Life Buyback

• Business Safeguard

• Specialist and Testing Support

Multi-Benefit Discount examples

Example 1 Phil has $200K of TotalCareMax (TCM) Life cover and $100K of TCM Critical Conditions cover. Phil does not qualify for Multi-Benefit Discount (MBD) as he does not have any benefits from the AIA Living range. Phil takes out AIA Living Income Protection Cover (IP) of $3,000 per month. Phil now qualifies for a 12.5% discount as he has Life + 2 optional categories. However, MBD will only apply to his IP benefit as that is the only benefit from the AIA Living range.

Does Phil have a benefit from any of the optional categories that count towards MBD eligibility?

Which of Phil’s benefits will receive the MBD?

Does Phil have life cover?

Discount

TotalCareMax Life Cover

Life + 2 eligible optional benefit categories = 12.5% off AIA Living IP Policy

TotalCareMax Critical Conditions

TotalCareMax Life Cover

AIA Living Income Protection

Example 2 Jane has $500K of AIA Living Life cover and $5,000 per month of Specified Accidental Injury Cover (SAIC). She does not qualify for MBD as SAIC is not an eligible optional benefit that qualifies for MBD discount. She subsequently takes out $100K of AIA Living Critical Conditions cover. Jane now qualifies for a 10% MBD discount (Life + Critical Conditions cover). Jane will also get the 10% discount on her AIA Living SAIC, as while it does not count towards eligibility for MBD, it still receives MBD.

Does Jane have a benefit from any of the optional categories that count towards MBD eligibility?

Which of Jane’s benefits will receive the MBD?

Does Jane have life cover?

Discount

Life + 1 eligible optional benefit category = 10% off AIA Living Life Cover, AIA Living SAIC & AIA Living Critical Conditions

AIA Living Life Cover

AIA Living Specified Accidental Injury Cover AIA Living Critical Conditions

AIA Living Specified Accidental Injury Cover

AIA Living Life Cover

AIA Living Critical Conditions

Example 3 Dave has $100K of AIA Living Severe Trauma insurance. He does not qualify for MBD as does not have the compulsory Life benefit. He then takes out $200K of AIA Cover for Life (CFL), which counts towards MBD eligibility. Dave now qualifies for a 10% discount as he has Life + Trauma cover. MBD discount only applies to his AIA Living Severe Trauma cover as CFL is not eligible for MBD discount.

Does Dave have a benefit from any of the optional categories that count towards the MBD eligibility?

Which of Dave’s benefits will receive MBD?

Does Dave have Life Cover?

Discount

Life + 1 eligible benefit optional benefit 10% off AIA Living Severe Trauma

AIA Cover for Life

AIA Living Severe Trauma

For full terms and conditions visit aia.co.nz/mbd

How to save on insurance with

and get up to $560 in rewards

When you become an AIA Vitality member you get a 10% premium discount on eligible insurance products in your first year. Your savings don’t end there, now you’re in control of the premium discount you can continue to receive through ongoing engagement with the AIA Vitality programme. Your premium discount will increase, decrease, or stay the same annually based on the AIA Vitality Status you have achieved at policy anniversary*. Plus, as soon as you’ve activated AIA Vitality you can start accessing tools and discounts through our partners to begin your health and wellbeing journey. When you make healthy choices, like tracking your sleep or reaching your weekly physical activity targets, you earn AIA Vitality Points. As you earn more points you’ll move from Bronze to Silver, Gold and finally to Platinum Status. Improve your AIA Vitality Status to earn up to $300 in Status Rewards.

Example of how your AIA Vitality Status impacts your premium flex and rewards you can earn:

GOLD 20,000 POINTS

BRONZE 0 POINTS

SILVER 10,000 POINTS

PLATINUM

30,000 POINTS

35,000 POINTS

-2.0% per annum to a minimum of 0%

-1.0% per annum to a minimum of 0%

+2.0% per annum up to a maximum of 20%

Retain current discount

PREMIUM FLEX

Example: Your AIA Vitality year 1 discount is 10% (the initial discount)

If you retain Bronze, your year 2 DISCOUNT WILL BE 8%

If you reach Silver, your year 2 DISCOUNT WILL BE 9%

+50 Airpoints Dollars™ If you reach Gold, your year 2 DISCOUNT WILL BE 10%

If you reach Platinum, your year 2 DISCOUNT WILL BE 12%

+100 Airpoints Dollars™

+125 Airpoints Dollars™

+25 Airpoints Dollars™

+$25 Woolworths Gift Card

+$50 Woolworths Gift Card

+$100 Woolworths Gift Card

+$125 Woolworths Gift Card

20% discount Gift Card

30% discount Gift Card

40% discount Gift Card

50% discount Gift Card

*More details on Premium Flex, refer to aia.co.nz/premium-flex. The table above is for illustrative purposes only.

Scan the QR code to experience a year with AIA Vitality using our interactive simulator.

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. 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.

0800 500 108 Monday - Friday, 8.30am - 5.30pm

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