AIA NZ is launching AIA Living Severe Trauma, which the company said is a simplified, cost-effective insurance solution designed to support New Zealanders through the most serious medical diagnoses "without the high premiums of traditional comprehensive trauma cover".
The insurer said Severe Trauma provides focused protection for severe medical conditions that have a lasting impact on a customer’s life and includes conditions such as cancer, heart attack and stroke, the three most common causes of trauma claims.
Mr Alex Kühnast, AIA NZ Chief Product & Marketing Officer, said the company is committed to keeping protection accessible and relevant for New Zealanders.
With cost-of-living pressures and growing awareness of serious health conditions, Severe Trauma is a timely and targeted solution that helps customers manage the financial impact of major diagnoses.
The company says Severe Trauma can be purchased as a standalone or accelerated product or can be added to an existing Trauma policy for layered protection. It complements AIA NZ’s existing trauma range – Critical Conditions (comprehensive cover) and Progressive Care (severity-based cover) – by offering a more affordable entry point.
“The severity threshold and criteria to meet a claim is the same or in most cases higher than comprehensive trauma, which means it is available at a significantly lower premium. While the discount reduces at older ages, for most demographics it offers a 60-70% lower premium than AIA’s Critical Conditions cover, making it a compelling option for cost-conscious customers,” said AIA NZ.
The new option is particularly relevant “for younger adults entering the insurance market, older customers who may be reconsidering their cover due to affordability, and existing policyholders looking to adjust or retain protection without undergoing new underwriting”, the company said, reported RiskInfoNZ.