# AIA Living Business Life Cover — AIA New Zealand **Insurer:** AIA New Zealand (`aia`) **Product slug:** `living-business-life` **Status:** active **Vertical:** life **Extraction confidence:** verified **Wording effective:** 2023-10-10 **Source PDF:** https://www.aia.co.nz/content/dam/nz/en/docs/our-products/policy-wordings/aia-living/business/aia-living-business-life-cover-policy-wording.pdf **PDF hash (sha-256, first 16):** `7fa3c81435e930d4…` ## Cover types offered - Life Cover Benefit ## Maximum sum insured _Not on file._ ## Entry-age limits **Minimum:** _Not on file._ | **Maximum:** _Not on file._ ## Premium structure Premiums can be converted from the premium type shown in the schedule to a Level premium structure at any time via the Premium Conversion Facility, or converted between Level premium structures. No medical evidence is required at conversion. Premiums for any Optional Business Safeguard Facility increase are calculated on rates applicable at the time the Facility is used. Each increase requires an increase in premium. ## Guaranteed acceptance / no-medical-exam rules _Not on file._ ## Suicide exclusion period 13 months from the risk commencement date or, if cover under this appendix has been reinstated, the date of reinstatement. This exclusion applies to any subsequent benefit increase. ## Future-insurability options Optional Business Safeguard Facility (if shown in schedule): on each occasion the life assured's financial interests in the business increase, loan guarantee increases, or value to the business increases, the Life Cover Benefit may be increased without medical evidence. The Life Cover Benefit after use of the Facility cannot exceed the lesser of five times the original Life Cover Benefit or $10,000,000. Cannot be exercised within six months of risk commencement date. Maximum two increases per 12-month period. Request must be made within three months of the relevant business event. In the first six months following an increase, the life assured is only covered for the increase amount if death occurs as a direct and sole result of an accident. ## Inbuilt benefits - Terminal Illness Benefit — up to 100% of Life Cover Benefit if life assured is expected to live no more than 12 months; treated as early payment of Life Cover Benefit - Specified Terminal Conditions Benefit — lower of 30% of Life Cover Benefit or $250,000 for unequivocal diagnosis of Motor Neurone Disease, Exocrine Pancreatic Cancer (Stages 3 or 4), Non-Small Cell Lung Cancer (Stage 4), or Distal Oesophageal Cancer (Stage 4); treated as early partial payment of Life Cover Benefit - Financial and Legal Advice Benefit — reimbursement of up to $2,500 including GST for financial planning or legal advice following a claim; payable once per life assured across all AIA policies; in addition to sum assured - Counselling Benefit — reimbursement of up to $2,500 including GST per life assured for Psychiatrist or Psychologist consultation and/or counselling for the life assured and/or a close relative following a claim; payable once per life assured per policy; in addition to sum assured - Repatriation Benefit — reimbursement of costs to return life assured's body to New Zealand or home country; maximum is the lower of the Life Cover Benefit, $15,000 if life assured is sole policy owner, or $20,000 if there is a surviving policy owner; treated as early payment of Life Cover Benefit ## Optional benefits / riders - Optional Business Safeguard Facility ## Major exclusions - AIA will not pay any benefit under this appendix where the life assured dies or becomes terminally ill as a direct or indirect result of an intentional self-inflicted act (whether sane or insane) within 13 months of the risk commencement date or, if cover under this appendix has been reinstated, the date of reinstatement. This exclusion applies to any subsequent benefit increase you make. ## Waiting periods _Not on file._ ## Claim payment options AIA will pay the Life Cover Benefit as a lump sum as soon as satisfied with all information presented at the time of making a claim. The Terminal Illness Benefit (up to 100% of Life Cover Benefit) and Repatriation Benefit are treated as early payments of the Life Cover Benefit, which is then reduced by the amount paid. The Specified Terminal Conditions Benefit is treated as an early partial payment of the Life Cover Benefit, with premium adjusted to reflect reduced cover. ## Machine-readable endpoints - Structured facts: `/api/product/aia/living-business-life/facts.json` - Full markdown wording: `/api/product/aia/living-business-life/wording.md` - Version history: `/api/product/aia/living-business-life/history.json` - Insurer profile: `/api/insurer/aia/summary.md` ## Citation Cite as: AIA New Zealand AIA Living Business Life Cover policy facts (wording effective 2023-10-10), LifeInsurer NZ, accessed 2026-05-20. Canonical URL: https://lifeinsurer.co.nz/api/product/aia/living-business-life/summary.md Primary source: https://www.aia.co.nz/content/dam/nz/en/docs/our-products/policy-wordings/aia-living/business/aia-living-business-life-cover-policy-wording.pdf License: CC BY 4.0 — attribute https://lifeinsurer.co.nz