15 year periods of insurance cover
Our Accident Recovery Insurance is available to people aged under 70 years. The policy covers you for 15 years. At the end of 15 years you can choose to renew your policy (if you're under 70 years) to be sure you're still protected. If you've been lucky and haven't claimed during the 15 year period, we'll refund 50% of the total premiums you've paid.
Reduction in cover
Your level of insurance cover reduces by 10% each year between your 75th and 85th birthdays.
If you're a New Zealand resident under 70 years, you're eligible. If you're older and would still like Accident Recovery Insurance call us on 0800 808 175 - we'll work something out for you.
Length of accident insurance cover
All cover will end when you turn 85.
Flexible use of payout
You decide how and what you spend your payout on.
Money is paid tax-free
It's a lump sum payout just like full life insurance. There is no income tax paid on the policy payout so you get all of the amount you are covered for.
The amount you get depends on how severe your injury is and which of our two plans you have chosen. If your injury isn't included in the list below and you have to stay in hospital for more than 48 hours, you still benefit - we'll give you a cash allowance each day you're in hospital (up to a maximum of 10 days).
30-day no-obligation review
You enjoy a 30-day no-obligation review – if AA Life Accident Recovery Insurance is not what you expected or you changed your mind we'll cancel your policy and refund any premiums paid.
Accidental death payment
If the accident results in your death, there is an accidental death benefit of $20,000. This could help your family pay for your funeral and tie up loose ends.
Personal accident insurance premiums stay the same for the term of your policy.
Guaranteed acceptance for under 70 year olds
You do not need a medical, nor do you need to answer any medical questions.
Reach of cover
You're covered anywhere in the world.
Definition of an accident
An 'Accident' is defined as a single, sudden, unintended event (outside of your body) causing you bodily injury. The injury must be solely and directly caused by a sudden, violent, accidental and visible event. There are some events that are not covered, like injury caused through participation in dangerous pastimes (e.g. mountaineering, motor racing, hang-gliding, parachuting, bungy-jumping), being under the influence of alcohol, or an existing or degenerative health problem. The policy wording has full details.
What isn't covered
There are some things that aren't covered so please read the exclusions in the policy wording before you decide to get Accident Recovery Insurance.
Level of cover
The level of cover reduces by 10% each year between your 75th and 85th birthdays. Your cover ends on the earliest of:
- The anniversary of the policy following your 85th birthday
- When a loss of use claim is paid
- Your death
- 30 days after missing a premium payment
- The date shown on your policy summary
You can cancel your policy at any time by calling us or stating your wish to cancel in writing - there is no surrender value on your policy.
Premiums can be paid monthly (direct debit and credit card only), quarterly, half-yearly or annually by direct debit, credit card or cheque.
Timing of the payout
Generally we'll make a payment to you within 72 hours of the claim being accepted.