About Life Insurance

What it means

  • Protect your business against the unexpected death or serious injury of a principal
  • Ensures you have cash to repay a loan on the death or disablement of a business partner
  • Or purchase the remaining share of the business if a business partner were to die

It includes:

  • Life – pays for a lump sum in the event of death or terminal illness
  • Trauma– pays a lump sum when a specified medical condition, as defined by the insurers PDS occurs
  • Total and Permanent Disability – pays a lump sum on total and permanent disablement as defined by the insurer’s PDS

Protect your business

Business loan protection

  • A business can struggle to service loans if a person responsible for its success and profitability dies or suffers a major illness
  • Lump sum benefit paid out can be used to clear debts

Loan account protection

  • If a company owes money to a shareholder/director and that person dies, the business is liable for repaying the loan to the deceased estate
  • A lump sum benefit paid out can be used to repay loan

Key person protection

  • Many companies have one or two people who are key to its success
  • If one dies or become disabled, it could result in a substantial loss of profits
  • A lump sum benefit paid out provides a cash cushion to offset profit loss until that person is replaced  

Business succession protection

  • If a partner in a business dies, their interest may be left to their beneficiaries, who may not have the skills or desire to contribute to the business
  • A lump sum benefit paid out can be used to purchase the deceased’s shareholding

Customise your insurance

Customise your business life insurance

Talk to your financial planner to ensure your insurance meets all your needs and discuss customising your insurance to suit you. This solution may suit more complex business structures, and could include 'Key person', 'Buy sell agreements' or 'Debt insurance'.

Protect yourself with a consumer product

Protect the things in life that truly matter. Find out more about life cover which you can purchase directly. A once-off benefit up to a maximum of $1,000,000 to help with a variety of expenses. You are not required to apply through a financial adviser if you prefer this option, individual owners can apply directly for cover.

Find out more

Related products

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Income protection

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Important information

Please refer to the relevant Product Disclosure Statement for full details of these benefits and when they are payable.

As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on it, consider its appropriateness to your circumstances Income ProtectionLifeBusiness OverheadsTotal and Permanent Disability (TPD) and Trauma are components of of AIA Australia Tailored Protection policy.  AIA Australia Tailored Protection policy is issued by AIA Australia Limited ABN 79 004 837 861 AFSL 230043 (AIA Australia).  AIA Australia is not part of the Commonwealth Bank of Australia (CBA) Group of companies. CBA and its subsidiaries do not guarantee the obligations or performance of AIA Australia or the products it offers.

A Product Disclosure Statements (PDS) describing AIA Australia Tailored Protection policy is available from your Financial Adviser, online  by downloading them from this website or by calling 13 10 56 (from overseas call +61 13 10 56) and should be considered in making any decision about these products.

Commonwealth Financial Planners are representatives or authorised representatives of Commonwealth Financial Planning Limited ABN 65 003 900 169 AFSL 231139, a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.