Your browser version is no longer supported, so you may experience issues while using this site.
Please upgrade to a current browser to enjoy the best experience.
Life Insurance FAQs
You’ll find many answers to the most common questions about life insurance here. If you can’t find what you’re looking for or have a specific question regarding your own policy, please contact us.
How much cover do I need?
Working out how much Life Insurance cover you’ll need really varies across each person. One approach is to think about how much you can realistically afford to pay for cover each month, taking into consideration your existing expenses. An alternate approach may be to consider your current debts and future expenses like your mortgage or rent, living expenses, child care costs, schooling fees, etc.
Can I reduce the cost of my Life Insurance?
Your premium, i.e. the purchase cost of your Life Insurance, is calculated by a number of factors. These can include:
- Smoking status
- Pre-existing health conditions
- Engagement in hazardous sports such as parachuting, mountaineering and motor sports
Certain lifestyle changes, like quitting smoking, changing jobs, or losing weight may mean your premium is lessened, so it’s important to keep us in the loop as often as you can.
Will I need a medical test to get Life Insurance?
Because of the way premiums are calculated, it’s important we understand the health conditions and needs of every Life Insurance applicant. With AAMI Life Insurance, we don’t need you to go to the doctors or get any medical tests. You will be required to answer a number of Health and Lifestyle questions as part of the application, but this should be a quick and easy process without the need to consult a doctor.
You may be worried about the potential of your Life Insurance application being rejected as a result of the answers you provide us, but it’s important you don’t omit or hide information from us. If you do, you may end up not being able to receive payment for a claim you make down the track, when you might have been fully eligible for cover if you’d been up front in the first place.
Do I need Life Insurance on top of my super?
It’s true that most super funds offer at least a basic level of life insurance, as well as income protection and Total Permanent Disability (TPD) insurance to protect members and their families from the financial hardship of death or a terminal illness.
The level of cover and types of insurance provided through your super are limited. Payments are also sometimes delayed after you’ve made a claim, and coverage ends after you reach a certain age (usually 65 or 70). Read more about the pros and cons about using the life insurance included with your super fund at Money Smart.
You can use our life insurance calculator to better understand your personal needs and identify any gaps in what you’re currently covered for through your super.
How do I cancel my AAMI Life Insurance policy?
I’m a NZ Citizen, can I apply for this insurance policy?
Yes you can - all Australian Citizens, New Zealand Citizens and permanent residents residing in Australia at the time of application are eligible to apply.