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These are challenging times for our community and AAMI Life is here to support our customers when they need us most and are facing immediate financial hardship.
We encourage any customers facing financial difficulty to contact the AAMI Life team on 13 22 44.
AAMI Life Customers on Claim
To our ensure our claims managers can provide you with the best possible support while you are on claim, AAMI Life has identified further support where COVID-19 may affect the management of your claim, including:
- Establishing a dedicated team of experts across our Claims and Health Services functions to develop practical claims solutions.
- We understand that some customers may find it difficult to collect certain information required to process or assess their claim, either due to social distancing, self-isolation or other matters, so we will continue to listen, and be flexible and pragmatic in our approach.
- For income protection claims where we know a customer’s medical condition or incapacity is likely to continue in the short term, our team has started to schedule benefit payments up to the next three months. Depending on your claim and circumstances, we may be able to schedule future income protection payments, within the limitations of your policy, to ensure you receive benefits in advance and on time.
- AAMI Life has increased our Grief Support benefit for death benefits payable as a result of COVID-19. The grief counselling support has doubled where customers can be reimbursed for up to six counselling sessions to a maximum of $2,000.
We encourage you to speak with your claims manager who will be able to assist you with any concerns you may have regarding your claim. Our claims managers are here to support you.
Support for Existing AAMI Life Customers
It is important to understand that our Life and Income Protection policies come with a grace period or period of extended cover when customers miss a premium payment. Generally, your insurance cover continues for at least 30 days if you miss a premium payment. So don’t worry if you have missed a premium payment recently, you are still covered for at least 30 days depending on your individual policy.
If you are an existing customer and having difficulty in making premium payments on your policy then AAMI Life can offer a range of options to provide you with support to maintain your policy.
Please note that in some circumstances, some of these options may not be available to all customers.
- Options to reduce or change your level of cover. In these circumstances, you may temporarily reduce your level of cover and premium to make it more affordable. This could include reducing your sum insured, removing inflation indexation, removing some optional benefits, or in the case of AAMI Income Protection benefits adjusting your waiting period or benefit period. If you reduce your sum insured then AAMI Life will allow you to increase your cover amount and optional benefits back to the original sum insured without any medical underwriting assessment, if the cover or benefit reinstatement occurs before 30 September 2020*. Age and cover limits apply. If you choose to reduce your level of cover, AAMI Life will continue to provide term life cover for you for death as a result of COVID-19 for your original policy sum insured, up to a maximum of $750,000. This applies while you continue to pay premiums for the reduced sum insured, up to 30 September 2020.
- Increased flexibility around policy premium payments. AAMI Life has generally increased flexibility around policy payment guidelines. In addition, the reinstatement period for lapsed policies will be increased to provide you with more payment flexibility and options.
These additional measures of support for our customers who are facing difficulty with paying their premiums will be considered where one or more of the following circumstances apply**:
- You experience involuntary unemployment.
- You are eligible to receive the Australian Government “Jobkeeper” or “Jobseeker” payment, youth allowance for jobseekers, parenting payment (including the single and partnered payments), special benefit or farm household allowance.
- You are required to take leave without pay for a minimum period of 3 months.
- Your hours of employment have been significantly decreased due to workplace restrictions as a result of COVID 19.
- You are hospitalised as a result of COVID-19.
*Additional terms and conditions will apply to cover that is reinstated or resumed following a cover pause and these will be explained to you prior to you taking up any of these options. **Policies must have been in place for a minimum period of 6 months to access our full range of premium payment options.
We recognise that each customer has their own individual circumstances and we encourage you to call an AAMI Life Customer Service representative on 13 22 44 to discuss your individual situation.
These additional financial hardship options are available for AAMI Life customers to take up for an initial period up to 30 June 2020, and then will be further reviewed at that time. If increasing your cover amount after reducing it, you will need to do so before 30 September 2020 to take up the offer of no medical underwriting.
These financial hardship measures and options will be reviewed on a regular basis as the COVID-19 situation evolves and therefore these terms may be subject to change.
AAMI Life Insurance products, other than in some circumstances the Redundancy Benefit, are provided by either Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (Asteron) or by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). Both Asteron and TAL Life are part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL companies are not a part of the Suncorp Group. TAL companies use the AAMI brand (a brand of the Suncorp network) under license.
Suncorp is a distributor of products issued by Asteron and TAL Life. The different entities of TAL and the Suncorp group of companies are not responsible for, or liable in respect of, products and services provided by the other.
References to ‘AAMI Life’, ‘we’, ‘our’, ‘us’, in this policy are references to Asteron or TAL Life.
This information is current at 24 March 2020 and may be subject to change.
AAMI Life Insurance products, other than in some circumstances the Redundancy Benefit, are provided by either Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (Asteron) or by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). Both Asteron and TAL Life are part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL companies use the AAMI brand under license.
This advice is general and has not taken into account your individual objectives, financial situation, or needs. You must consider whether this advice is right for you having regard to your individual personal circumstances. You may need financial advice from a qualified adviser. Before you make a decision to acquire or continue to hold an insurance product, you should carefully, and in detail, read the relevant PDS and the policy document (where applicable) for the terms, conditions and any exclusions that apply to that product to ensure that the product is suited to your own individual objectives, financial situation and needs.
The information in this FAQ is not, and is not intended to be used as, personal financial advice, legal advice or medical advice for any of the questions covered, nor is it a substitute for any independent professional advice.
The information is not intended to influence or encourage you to acquire or hold (or not to acquire or hold) an income protection product or to encourage or discourage you from making a claim under your current income protection policy with your insurer.