The family discount doesn’t apply to the Optional Illness Covers.
Life Insurance Guide
Life Insurance for families
Help protect your family’s financial security
What would happen if you were no longer in the picture?
It’s not a pleasant thought and most of us avoid thinking about it. But when you have a family to provide for, it’s no longer just about you and your partner. There are kids to clothe, feed and educate. Bills to be paid. And a mortgage or rent to be taken care of. Plus, one of you may even have to cut back on work to look after the kids, creating even more financial pressure.
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 a bigger home?
You may want to consider Life Insurance, as it could be one of the ways you could 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 another baby?
As you well know, 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 have support financially if you’re not around.
Putting your kids through school?
Education costs definitely add up. Putting your kids through school, as well as other expenses, such as buying them their first car, are all additional costs that you might need cover for.
What cover could be right for you and your family?
It’s a very difficult thing to think about, but consider how you and your partner would survive if an unfortunate event disrupted your family’s life. You may decide one or both of these options could help provide the peace of mind and financial security you’re after.
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Life Insurance
Help look after your family if you’re not around
Why should I consider Life Insurance?
If you fell critically ill or died unexpectedly, your surviving partner and kids could struggle, not just emotionally, but financially.
Life Insurance could be a solid Plan B to help you care and provide for your family when you can’t. It could help ensure the household still operates, the bills and the mortgage are paid and the kids are clothed, fed and educated.
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?
Getting injured or sick can be really difficult, especially when it means you’re no longer able to work and no longer receiving your regular income.
Receive a monthly benefit if you are injured or sick and unable to work, to help put you and your partner in good stead for the long run. It may be the difference between being able to pay pricey medical bills and the mortgage, and putting your family through financial hardship.
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.