Income Protection Insurance

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.

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 and there is more than 6 months between claims, then you will commence a new claim and the benefit period will restart.

Yes, you can typically claim a tax deduction on income protection insurance premiums. If your income protection is part of an insurance bundle, you will only be able to claim on the income protection portion of premiums. If you receive an income protection payout, you should declare this on your tax return. You can confirm your individual tax deductions with your financial accountant by checking the ATO website. 

Sometimes income protection insurance is included as part of your superannuation. Often this is a convenient and good-value option. However, when you sign up to cover as part of your superannuation, you are not always able to tailor your policy to your specific needs and if you change super funds your cover will likely end. It is a good idea to consider all options before settling on which type of insurance best suits your circumstances. 

We’re sorry you’re thinking of cancelling. For policy cancellations or to discuss your situation further, please call us on 13 22 44.  If you do cancel, you may qualify for a refund for the unexpired portion of the premium less our cancellation fee and any non-refundable government charges (if applicable).

The Life Insurance Code of Practice is a series of mandatory customer service standards that all life insurers need to comply with. These standards cover sales and marketing practices, underwriting and claims and are designed to protect you.

AAMI Life Insurance policies are issued by TAL, who played a key role in creating the Life Insurance Code of Practice. AAMI Life is committed to delivering the best possible customer service standards. AAMI Life will continue to look for ways to raise the standards of customer service now and over the years to come. Read more

If you or your loved ones are reliant on your income to pay for regular expenses, like utility bills or a home loan, then income protection insurance could provide you with valuable peace of mind. By providing monthly payments if you are unable to work due to illness or injury, income protection insurance offers financial security, giving you the opportunity to focus on your recovery and rehabilitation. 

People in all kinds of jobs may find income protection a valuable addition to their sense of financial security. If you or your loved ones could not survive without your income, then it is worth considering how income protection insurance could support you. To calculate how much income protection insurance you may need to suit your circumstances, and what your premiums would be, you can use the income protection calculator.