Income Protection Insurance
Cover for if you become sick or injured and can’t work, to help pay your expenses.
Save up to 10% on premiums every year
Take out a new AAMI Income Protection policy and save 5% for the life of your policy + existing customers save an extra 5%^.
T&Cs apply.
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What is Income Protection Insurance?
AAMI Income Protection insurance provides you with a monthly payment up to 75% of your regular income if you can't work due to an injury or illness. Having Income Protection can help you focus on your recovery and not be left with a financial burden if you're left without an income.
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Up to 75% of your income
If you’re an Australian resident aged 18 – 60, working a minimum of 20 hours per week, you can receive up to 75% of your income, to a maximum of $10,000 per month, with no medical tests required.
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Custom benefit periods
You can decide how long you want your benefit to be paid for based on your circumstances. Choose between 6, 12, 24 months or 5 years. More about custom benefit periods
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Waiting periods that suit you
Choose how long you want to wait before your benefit starts between 14, 28, 60 or 90 days. More about waiting periods
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Inflation Protection included
Your benefit will increase automatically each year to keep up with the rising costs of living, up to $15,000. Your premiums will also be adjusted to reflect the increase. Exclusions apply. More about inflation protection
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Life Insurance Premium Waiver
If you’re receiving Income Protection benefit payments and also have an AAMI Life Insurance policy, we’ll refund up to 3 months of premiums on that Life Insurance policy. The Premium Waiver does not apply if you are receiving the Returning to Work Benefit.
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Cooling off period included
We'll refund any premiums you've paid if you cancel your policy within 30 days of the commencement date and haven’t made a claim.
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Existing Sickness or Injury
Any Sickness or Injury that occurred before the policy commencement date, unless clearly disclosed to and accepted by AAMI Life.
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Claims arising from certain circumstances
Exclusions include - claims that result from participating in unlawful activity, acts of war or whilst in jail or lawfully detained, injury as a result of any self-inflicted act including attempted suicide, the taking of intoxicating liquor or taking drugs other than as prescribed, overseas travel to a country for which the Australian Department of Foreign Affairs and Trade (DFAT) issued a 'Do Not Travel' warning advice.
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Limited benefit period for some conditions
Mental Health-Related Conditions have a 6 month qualifying period from the commencement on your policy. The claim benefit period is limited to 2 years over the life of your Policy or your selected Claim benefit period, whichever is shorter.
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Pregnancy
This policy won’t cover normal and uncomplicated pregnancy, childbirth or miscarriages.
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Cover past your 65th birthday
Your Income Protection Policy will expire on the Policy anniversary after your 65th birthday.
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Combined payments above 75% of your monthly income
If you receive other payments from any source during a period where you’re claiming on your insurance, we may reduce your payment. This is only if the combined amount of your AAMI Income Protection benefit and other income is more than 75% of your monthly income. More about Other payments which may impact your payments
What's not covered
This information is a summary only. For more information on what is and isn’t covered, including terms, conditions and exclusions, read the Product Disclosure Statement (PDS).
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What's optional
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Accident Benefit Option
This optional cover backdates your benefit payment to the start of the waiting period if you are unable to work due to accidental injury. Only available with the 14 or 28-day claim waiting period options.
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Other benefits
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Existing AAMI customer discount
If you’ve already got an existing AAMI policy, like home or car insurance, then you get a 5% discount on your AAMI Income Protection premium for the life of the policy.
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Tax deductible
Typically, Income Protection insurance premiums are tax deductible.
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12 months of cover for the price of 11
By choosing to pay annually instead of fortnightly or monthly, you can get the 12th month free.
Looking for something else?
Life Insurance
Cover for your life, so your loved ones are taken care of.
View Life Insurance
Health Insurance
Cover to help with the cost of medical expenses.
View Health Insurance
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Estimate your level of cover
This calculator can help you work out what level of Income Protection Insurance cover you may need.
Try our Income Protection Insurance Calculator
Frequently Asked Questions
AAMI Income Protection
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AAMI Life’s Commitment to the Life Insurance Code of Practice
AAMI Life Insurance policies are issued by TAL who has 150 years’ experience in life insurance, and they 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.
^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 26 February and 26 August 2026. 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.