Income Protection Insurance
If you become sick or injured and unable to work, Income Protection cover can help cover most of your expenses and keep your life on track.
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:
How does AAMI Income Protection work?
AAMI Life provides monthly payments during your benefit period to replace some of your income if you’re unable to work due to illness or injury.
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
What's not covered?
Unfortunately some events will not be covered by your policy
Other exclusions may apply, including other specific exclusions agreed upon with you first and as listed in the policy schedule. Please see the PDS 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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Protect one of your biggest assets -your income
From rent or mortgage repayments to food and regular bills, school fees, day to day expenses, and those unexpected costs we rely on our incomes to cover some of the most important costs in our lives. A vital asset worth protecting, income protection can help you continue to cover these expenses if you’re unable to work due to sickness or injury.
Learn more about how income protection can help you stay on top of your expenses.
If you find yourself unable to work due to injury or illness, income protection can help cover your expenses, so you and your loved ones aren’t left scrambling to pay the bills.
With AAMI Life, you’ll be covered for up to 75% of your income to a maximum of $10,000 per month. We know life is always changing; there’ll be new jobs, new houses and even new family members who rely on your income. So if you need to take time off work due to a physical or mental health condition or injury, AAMI Life can help.
With AAMI Income Protection, you can choose your waiting period, the length of time between injury or illness and making a claim, and your benefit period which is the maximum amount of time that you’ll receive payments, so you can make sure it’s the right policy for you. Usually the longer the waiting period and shorter the benefit period, the lower your premiums are.
Remember, your income is one of your biggest assets, so it’s important to find ways to cover it.
General advice only. You should consider if the advice is right for you and read the PDS available at aami.com.au/policy documen ts before making a decision to buy or continue to hold a product. The Target Market Determination (TMD), where applicable, for the product is available on our website at aami.com.au/policy-documents.
This video is brought to you by TAL Direct Pty Limited 39 084 666 017 AFSL 243260. Products are issued by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life or insurer) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL).TAL Life is not part of the Suncorp Group. TAL Life uses the AAMI brand under licence from the Suncorp Group.
Income Protection Calculator
Find out how much cover you may need and calculate your premiums using the income protection calculator.
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INCOME PROTECTION CALCULATOR
How much is Income Protection
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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.
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.
How do I cancel my policy?
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).
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.
We consider a range of personal and lifestyle attributes when considering your application, including the sports and hazardous activities you participate in, and whether they are performed on a recreational or professional basis.
Certain recreational sports and activities like soccer or football, may be covered without amendment or require you to pay a higher premium rate than normal (known as a ‘premium loading’). Alternatively, we may apply a longer waiting period on your policy for claims from injuries sustained while participating in that sport or activity.
We will advise you of any loadings or amendments before you decide to purchase cover, and the impact these options have on your premium.
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1.Total number of customers who currently hold AAMI brand insurance products (Home, Contents, Motor, Boat, Health, Life excl. CTP and business insurance) as at 24 April 2025.
^The ‘up to 10% discount’ offer is only available to customers who take out a quote and new AAMI Income Protection or Life Insurance policy between 1st of April and 31st of July 2025. All eligible customers will receive a 5% discount automatically applied to their AAMI Income Protection or Life Insurance premium for the life of the policy. Where an eligible customer is also an existing AAMI customer who holds any other AAMI branded insurance policy/ies such as home or car insurance, the 5% discount on premiums for Income Protection or Life Insurance will be automatically applied in addition to the standard 5% Existing Customer discount offered on Income Protection or Life Insurance. The two discounts combined amount to a total of 10% off Income Protection or Life Insurance premiums for the life of the policy.
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. AAMI Life will continue to look for ways to raise the standards of customer service now and over the years to come. Read more
At TAL, we are committed to supporting our customers who may be experiencing vulnerability or have unique needs. Contact us or see how we can help if you are experiencing financial hardship or domestic and family violence.