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.

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).

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:

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