How AIA Australia covered Mark and his family*
Mark is an accountant, husband and father to three children. After their first child was born, Mark and his wife took out MaxLife Life Protect cover of $800,000 (main benefit) with additional Trauma cover of $250,000 (additional cover) so that his family would be financially protected if he was to suffer serious illness or injury.
Eight years after taking out life insurance, Mark was diagnosed with bowel cancer. He underwent surgery and chemotherapy as recommended by his Medical Specialist. He was able to claim a lump sum benefit payment of $250,000 Trauma cover. This benefit allowed Mark to receive top medical treatment and not have to worry about how his family’s living expenses were going to be paid while he was on prolonged leave from work.
As Mark took out MaxLife Life Protect cover with additional Trauma cover, once his Trauma claim was paid, his MaxLife Life Protect cover (main benefit) was reduced by the equivalent amount ($250,000 paid out for Trauma) and his Trauma cover ended. As a result, he still has $550,000 remaining on his MaxLife Life Protect cover.
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* This is an example only to illustrate the potential benefit of taking out Trauma cover and should not be relied upon as indicative of benefits payable under the Trauma cover benefit. This provides general information only, without taking into account the objectives, financial situation, needs or personal circumstances of any individual and is not intended to be financial, legal, tax, medical or other advice. The scenarios provided are for illustrative purposes only. You should consider the appropriateness of this information in the context of such factors and the MaxLife product disclosure statement.
The MaxLife suite of products are issued by AIA Australia Limited ABN 79 004 837 861 AFSL 230043 (AIAA) trading as MaxLife. You should consider factors like your objectives, financial situation and needs and read the relevant MaxLife Life Protect PDS and MaxLife Income Protect PDS before deciding to acquire or continue to hold a financial product.
AIA Australia has prepared a Target Market Determination which describes the class of consumers that comprise the target market for this product. The Target Market Determination can be sourced at aia.com.au/tmds.
AIA Australia has adopted the Life Insurance Code of Practice, which contains minimum standards of service that customers can expect from insurers. The Code can be found at www.fsc.org.au.