The family discount doesn’t apply to the Optional Illness Covers.
Life Insurance Guide
Life Insurance for empty nesters
Help protect your way of life, even as it changes
Why is it important to get cover?
Just because the kids have grown up and left the family home, it doesn’t mean all the financial concerns go with them. It’s important you help protect everything you treasure from life’s unexpected turns. Because not only do you have assets, but all your day-to-day household expenses to stay on top of as well. Plus, it’s nice to lend a hand every now and then or spoil the grandkids. You may even be helping out your own aging parents financially. These things all add up.
Did you know?
More than three in four Australians
are diagnosed with a serious illness during their working lives.
ABS, January 2013
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Has someone close recently passed?
When this happens, it’s not easy to deal with, especially if you have to work through any unresolved legal issues or outstanding debts they may have had. Life Insurance can help ensure you don’t leave others with more than just grief to deal with.
Just turned a certain age?
When you have a milestone birthday, you may start to think about whether you have everything in place should the worst happen. Questions about what’s included in your superannuation or Life Insurance may arise – will it cover all of the debts you leave behind?
What cover may be right for you?
Consider how the below products could help you and your spouse if life takes an unexpected turn:
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Life Insurance
Help look after your loved ones if you’re not around
Why should I have Life Insurance?
You may think death is a long way from your doorstep, but nobody knows what could happen to you tomorrow. If you did leave your partner or family behind, it would be better to leave them with a legacy rather than personal debts that they’ll have to manage.
Life Insurance helps to cover your final expenses and personal debt. And as a parent, it could help to provide financial support to your kids and grandkids so they can move forward more comfortably.
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 you’re still working, it’s probably because you really love your job — or you still need that pay cheque. Either way, it’s wise to take steps to protect your livelihood from the unexpected.
Receive a monthly benefit if you become sick or injured and are unable to work to help take the financial pressure off you and your spouse. It can help you meet your ongoing expenses, plus medical bills — which may run into the thousands. That way, you can concentrate on your road to recovery.
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.