The family discount doesn’t apply to the Optional Illness Covers.
Life Insurance Guide
Life insurance for couples
Help protect the ones you love from financial burden
Should I get Life Insurance if I’m living with my partner?
Just because you don’t have children to worry about, doesn’t mean you and your partner aren’t without financial obligations. So what would happen if your happily ever after took an unexpected turn? While the bills might be less now, things may be a lot harder if you or your partner were suddenly forced to live off one salary.
Did you know?
40% of Australians
say they’d struggle to survive financially after just three months without a job.
ABS, January 2014
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Just bought your first home?
You may want to consider Life Insurance as it could be one of the ways you cover your mortgage repayments and other family expenses, should something happen to you. With the average Australian mortgage sitting at around $500k (ABS, Feb 2020), you need to make sure it’s well and truly covered.
Expecting a baby?
It’s no secret that kids are expensive. In fact, the average weekly cost of raising a child is around $170 a week (AIFS, April 2018). So you need to make sure they’ll be taken care of financially if you’re not around.
Just got married?
Would you like to make sure your new partner is covered should the unfortunate happen? It’s important they’ll be able to manage any joint-debts or after-dealth expenses that one salary might not cover.
Which cover might be right for couples?
It’s a very difficult thing to think about, but try imagining how you can help protect you and your partner’s finances and whether the following products could help:
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Life Insurance
Help look after your partner if you’re not around
Why should I consider Life Insurance?
The end isn’t something young lovebirds think about, but it is a part of life. If something did happen and you were no longer around, what would it mean for your partner and the financial obligations you leave behind?
Life Insurance is one way of looking out for your partner and minimising any financial burdens. It could help with your share of the mortgage and any other debts, so your partner won’t be held back.
Policy document downloads
Income Protection Insurance
Helps protect your lifestyle if you’re sick or injured
Existing AAMI customers
receive a 5% discount
for AAMI Income Protection Insurance
Do I need Income Protection Insurance?
If your health took a major turn and you could no longer work, life might be very different living on only your partner’s income. You may find it difficult to manage your financial obligations and maintain your lifestyle while you can no longer contribute to these expenses.
Receive a monthly benefit if you are sick or injured and unable to work to help keep you afloat while taking the burden off your partner. It can help take care of your ongoing expenses, so you can both maintain your standard of living while you focus on recovering.
Policy document downloads
Not sure how much cover you may need?
Savings hack!
Common Life Insurance Misconceptions
All long-term insurance should allow you to select Inflation Protection cover, to help protect against the rising cost of living.
You don’t always have to, but your policy will probably have more exclusions if you don’t provide it.
Unfortunately, you're not usually covered if you’re visiting a country that Australian Foreign Affairs have listed as dangerous.
Life cover included in your super may only cover you up until the age of 70.
Life & Income Protection Insurance
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.
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.
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.
5% family discount
The family discount doesn’t apply to the Optional Illness Covers.