Why Choose AIA For Income Protection Insurance?

AIA is a company well attuned to the changing needs of people as they approach different stages in life.

The company has been around for about a century and has a proven track record in the services it offers.

It is wise to consider what would happen if you incurred a sudden illness or injury and needed time to recover. Would you sell off your assets or drain your savings? How would your family cope?

This in essence is why income protection insurance was introduced. Policy holders are able to concentrate on getting better as they receive a percentage of their income.

Benefits Of An AIA Cover

Income protection insurance AIA is tailored to offer relief which comes in form of replacement income. This is in the event that you are unable to earn due to an injury or accident. This cover is also designed for homemakers as well as small business owners. The insurance plan is flexible and can be easily tailored to meet your needs. AIA offers three categories of benefits to its customers:

Income Protection Benefit

Under this category, AIA provides a monthly income replacement for persons that have suffered an injury or illness and are unable to report to work. Eligible candidates for this plan include those employed part-time and on a permanent basis, as well as self-employed persons.

Accident Only Benefit

Under this plan, cover is provided in the event that the policy holder is disabled due to an accident. This is also available for part-time and full time workers. The self-employed can also apply if they work full time.

Essential Benefits

This is a special cover specifically designed for homemakers and those who don’t work on a fulltime basis.

Unique Features Of Income Protection Insurance AIA

One of the most unique features of this plan is its flexibility. Policy holders have the freedom to choose a suitable cover that matches their needs. Another advantage is that you can tailor your cover with features and benefits that are most ideal for your situation.

Death Benefit

Unlike most income insurance policies, AIA pays a death benefit totaling six times the insured amount. It however has a limit of 60,000 dollars.

Severity Benefit

This feature is meant for people who have been disabled to such an extent that they are unable to perform their daily activities. This benefit is only payable for people who have been on the claim for a period of more than 6 consecutive months. It is also provided for those being cared for by another adult. AIA can pay up to 30,000 dollars of severity benefit. Read: How To Improve Credit Rating While Applying For A Mortgage

Premium Waiver

Premiums are waived as long as the policy holder is receiving benefits.

When taking out this cover, it is important to remember that insurance companies do not provide income protection in the event that you are made redundant. The benefit is only payable when unemployment arises as a result of being incapable to work. To ensure that you are sufficiently covered, click here for more info.