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Compare life insurance products
There’s no one-size-fits-all policy when it comes to life insurance options. That’s why AAMI Life has different choices available for you and your family to consider. To help you work out the best option for you, here are some of the main features for the different types of cover:
Life Insurance
Pays a lump sum benefit
Help look after your family
Up to $1.5m cover
Up to $10,000 advance payment
Upon death
Why should I consider Life Insurance?
Life insurance can help minimise the financial burden on loved ones in the unfortunate event of your death, or diagnosis of a terminal illness.
benefits
savings & rewards
Policy document downloads
Income Protection Insurance
Pays a monthly benefit
Helps protect your lifestyle
Up to 75% of income
75% of the average of the last 12 months’ pay at time of claim
Monthly benefit payments
From the end of the waiting period, after a successful claim has been made
Pre-existing conditions
If you meet health assessment criteria
Eligibility criteria applies
Must be aged 18-60 inclusive
Do I need Income Protection Insurance?
Income protection insurance can help cover the income you may lose due to injury or sickness and not being able to work, and can help pay for your day-to-day living expenses.
benefits
savings & rewards
Policy document downloads
Waiting and no claim periods, payout limits, benefit periods and exclusions apply. Please see the PDS for more information.
Not sure how much cover you may need?
Unsure which insurance is right for you?
How to
Apply for life insurance and income protection
Set up your Life Insurance or Income Protection today with AAMI Life. Applying is quick and easy, there are no medical tests and you can get a quote online in minutes.
Life Insurance
What's right for you?
Why AAMI Life Insurance?
When it comes to protecting the ones you love, you can rest easy knowing that AAMI Life was the winner of the Reader’s Digest Trusted Brand award for Life in 2019 and 2020.
Life & Income Protection Insurance
Frequently asked questions
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.
The Life Insurance calculator may help you work out how much cover you and your family may want to consider. You can then use that information to get a more accurate Life Insurance quote.
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.
Yes, if you hold other AAMI branded Insurance policies such as car insurance, we will apply a 5% discount on your AAMI Life Insurance premium for the life of the policy.
In addition, if you add another adult to your policy, the youngest person will receive a 5% discount.
For the Sickness and Injury cover, it depends on the benefit period you have chosen. Each time you make a claim that’s accepted, you can be paid for up to 5 years, as long as you’re still unable to work due to the sickness or injury during that time.
You can claim as many times as you need over the life of the policy. The payment of benefits is subject to the relevant terms that apply to your policy, including any exclusions or limitations – check out the Combined Product Disclosure Statement (PDS) and Financial Services Guide (FSG) to find out more.
Most of the time, income protection premiums are tax deductible if you’re working (depending on a few individual circumstances). That means at tax time you may be able to claim your premium as a deduction and potentially save money.
Depending on your earnings and tax bracket, the table below can be used as a guide to see what you could potentially save. The examples used here are based on a payment of AAMI Income Protection premiums of $1,000 per year:
Your Annual Earnings |
AAMI Income Protection Annual Premium |
Marginal Tax Rate* |
Value of tax deduction** |
Cost of cover after tax |
Over $180,001 |
$1,000 |
45% |
$450 |
$550 |
Between $87,001 - $180,000 |
$1,000 |
37% |
$370 |
$630 |
Between $37,001 - $87,000 |
$1,000 |
32.5% |
$325 |
$675 |
Between $18,201 - $37,000 |
$1,000 |
19% |
$190 |
$810 |
Between $0 - $18,200 |
$1,000 |
0% |
$0 |
$1,000 |
*For the 2017/18 financial year. The above marginal tax rates do not include the:
- Medicare levy of 2%;
- Temporary Budget Repair Levy payable at a rate of 2% for taxable income over $180,000.
**The value of this tax deduction noted above will depend on a taxpayer’s individual circumstances. For the purposes of this table it is assumed that the taxpayer has only a single deduction (the annual premium for AAMI Income Protection cover) allowing the deduction to be applied at the highest marginal tax rate applicable to the taxpayer.
If you suffer from the same or related sickness or injury that you have previously claimed for within 6 months of your last benefit being payable, we will recommence benefit payments without applying a new waiting period. These benefits will be added to the remaining benefit period to ensure the maximum payment under the benefit period is not exceeded. If you’ve made a full recovery in between claims then you will commence a new claim and the benefit period will restart.
1. Includes customers of Asteron Life & Superannuation Limited (Asteron) and TAL Life Limited (TAL Life) which hold AAMI branded products. Both Asteron and TAL Life are part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL companies are not part of the Suncorp Group. TAL companies use the AAMI brand (brand of the Suncorp network) under licence. Asteron and TAL Life support and adhere to the Life Insurance Code of Practice (Code). The Code has been developed voluntarily by the Life Insurance industry through the Financial Services Council to promote high standards of service to consumers, provide a benchmark of consistency within the industry, and establish a framework for professional behaviour and responsibilities. Download the Code here. For more information contact the Financial Services Council on (02) 9299 3022 (local call cost), email info@fsc.org.au or visit www.fsc.org.au.
Accidental Injury
Accidental injuries include fractures, dislocations, severe burns, and loss of limbs or sight. For a full list and conditions, please refer to the PDS.
Monthly payments
Under Income Protection, you may be able to receive up to $10,000 each month. Under Redundancy Cover, you may be able to receive up to $4,000 each month.
Income Protection
Regular expenses could mean rent or mortgage repayments, bills and credit card repayments, childcare and schools, groceries, petrol, or something else.
Lump Sum
The total lump sum you or your beneficiaries are entitled to depends on your cover amount.
Initial Advancement Benefit
The initial advancement benefit is usually provided within 24 hours of an approved claim, and can be used to help meet immediate costs.
Life Insurance
Life Insurance can help with debt payments and your loved ones’ expenses through a tax-free lump sum payout.
Up to $1.5m cover
Up to $10,000 advance payment
Upon death
Up to 75% of income
75% of the average of the last 12 months’ pay at time of claim
Monthly benefit payments
From the end of the waiting period, after a successful claim has been made
Pre-existing conditions
If you meet health assessment criteria
Eligibility criteria applies
Must be aged 18-60 inclusive