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Why is Income Protection important?
Income Protection is designed to help you get back on your feet. If you’re unable to work due to sickness or injury, AAMI Income Protection is here to help. With our Comprehensive Income Cover, you can receive up to 75% of your average income (less business expenses) over the previous 12 months, up to $10,000 a month. That way, you can keep on top of bills while you stay focused on recovering.
It’s up to you how you use your monthly benefits:
What's included?
Features and Benefits
This is just a summary. For details about what is and isn’t covered, view the Combined Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for eligibility, limits and exclusions.
Additional benefits
To stay on top of your policy, it’s good to know the little perks:
Applying is quick and easy
Life Insurance Guide
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What's not covered?
Unfortunately some events will not be covered by your policy
Other exclusions may apply, please see the PDS and Policy Schedule for further details.
If you’re having any issues paying your premium payments, no need to worry, we have options that can assist. Please give us a call so we can work out the best way to help you.
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How to claim in 3 easy steps
In the unfortunate event that you need to make a claim, we're here to help.
1. Call us
Call us on 13 22 44 as soon as possible after the event
2. Receive a claims pack
We'll send you a claims pack to fill in
3. Complete form
Send us the completed claim form and requested information
Income Protection
Frequently asked questions
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.
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.
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 customer service standards that all life insurers who are members of the Financial Services Council (FSC) 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 and support the Financial Services Council in promoting and monitoring the Code of Practice. AAMI Life will continue to look for ways to raise the standards of customer service now and over the years to come. Read more
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Call 13 22 44 if you have any questions
1. Customers of TAL Life Limited (TAL Life) which hold AAMI branded products. TAL Life is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL Life is authorised to use the AAMI brand under licence from the Suncorp Group. The Suncorp Group is a distributor of life insurance provided by TAL.
2. Eligibility criteria and policy terms apply.
TAL Life supports 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.
AAMI Life’s Commitment to the Life Insurance Code of Practice
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 and support the Financial Services Council in promoting and monitoring the Code of Practice. AAMI Life will continue to look for ways to raise the standards of customer service now and over the years to come. Read more
