AIA NZ has made enhancements to its Optional Critical Conditions Buyback and Life Buyback benefits for existing and future customers.
In an Adviser Connect the insurer says these new enhancements provide customers the choice to reinstate their Life and/or Critical Conditions Cover within 60 days of a full Critical Conditions claim payment, or within 60 days of the 12-month anniversary of the claim payment.
It says this flexibility allows customers the opportunity to choose what is right for them based on their unique circumstances, subject to the policy terms and conditions.
The insurer says it enhanced the Buyback options within AIA Living Critical Conditions Benefit from May 21, 2025.
“We’re innovating in the New Zealand market to give customers the option to reinstate their Life Cover immediately following a Critical Conditions claim (under our Life Buyback option enhancement).”
AIA NZ says it’s also enhancing its Out of Hospital Cardiac arrest definition “…to maintain its relevance to changing medical practice.”
The insurer has published a FAQ document for advisers which details the changes.