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A guide to buying income protection insurance
1. Do your research
There’s no one-size-fits-all policy when it comes to Income Protection. And not all income protection policies are the same. It’s important to read up on various providers and products to see which will suit you the most based on your individual circumstances. From comparing providers, to determining how you would like to purchase the insurance.
2. Get in touch
Once you’ve chosen a provider, get a quote. Consider getting a couple of quotes to compare. Getting a quote is simple with AAMI - either hop online for a quick quote or call 1300 407 322 to be guided through any questions you may have.
3. Ask questions
The AAMI Life team is always available to answer questions to help you make the right decision for you, with FAQs available online and friendly team members on the other end of the phone should you want to chat.
4. Review your budget
While you wait for the quote, review your budget. This way, you’ll have an understanding of what you can and can’t afford. Get in touch with your AAMI Life representative to talk things through, as there are some options to tailor your cover, which can adjust your premiums.
5. Get assessed
Income protection insurance premiums are based on a number of factors. AAMI Life will assess everything required by answering some simple health and lifestyle questions, you’ll be able to tailor a policy suited to your specific needs, such as deciding on your waiting and benefit periods. Once this has been assessed, AAMI Life will determine whether any conditions need to be applied, and whether to accept your policy.
6. Your policy
If you’re approved, congratulations. You’re now covered for up to 75% of your income to a maximum of $10,000 a month. After a successful claim is made and any waiting periods are served, you’ll be paid monthly so you can keep on top of your bills and expenses, providing peace of mind for you and your loved ones.
- What is Income Protection Insurance?
- What’s the difference between income protection through super and a standalone policy?
- What is indexation in insurance?
AAMI Life Insurance products, other than in some circumstances the Redundancy Benefit, is provided by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL is not part of the Suncorp Group. TAL uses the AAMI brand under licence from the Suncorp Group. Any advice on this page in connection with the Life products is general in nature and is provided by Platform Ventures Pty Ltd ABN 35 626 745 177 AFS Representative Number 001266101 (PV). PV is part of the Suncorp Group and an authorised representative of TAL Direct Pty Limited ABN 39 084 666 017 AFSL 243260 (TAL Direct). General advice does not take into account your individual needs, objectives or financial situation. Before you decide to buy or to continue to hold a Life Products you must read the relevant Product Disclosure Statement. The Target Market Determination (TMD) for the product is available on our website.