AIA streamlines insurance cover on retail super transfers

Yasmine Raso

Senior Journalist

10 April 2026

AIA Australia has announced a new solution designed to “streamline insurance administration” for financial advisers and their clients when it comes to transferring their superannuation over to a retail account.

The insurer’s new Insurance Short Form Underwriting solution will allow clients to retain their insurance cover after their super has been transferred into a new wrap platform structure by completing a “streamlined” four-question Personal Statement.

The solution will see an eligible client’s existing group insurance cover levels transferred over to an AIA Priority Protection for Platform Investors Retail contract, eliminating the need to keep several super accounts or a nominal balance in the former fund to maintain default group insurance cover.

A statement from AIA Australia said the initiative was designed to address the administrative issues encountered by advisers and the risks associated with multiple accounts’ fees eating into superannuation balances, potentially leading to the cancellation of default cover if an account is considered inactive or the balance drops below $6,000.

“At AIA Australia, we have a dream to make Australia the healthiest and best protected nation in the world. In pursuit of this vision, we recognise that innovation is vital to help our industry move into the future,” Chief Retail Distribution and Advice Officer, Pina Sciarrone, said.

“We are privileged to work closely with the financial advice industry and are excited that this new initiative will simplify the transfer process and associated administration between group and retail insurance – allowing advisers to focus on reviewing options that will deliver the desired impact for their clients.”

In order for a client to be deemed eligible to switch to the retail contract, they must be under the age of 55 at the time of the application and have existing Life, TPD and income protection cover.

There are also limits to the total amount clients can be insured for under the initiative, with $350,000 for Life and TPD insurance and $5,000 per month for income protection cover.