Life’s pretty sweet when you’re 18 to 30 and single. You’re healthy, carefree, upbeat and at your prime with minimal responsibility. Since you’ve got a long and exciting future ahead of you, the end isn’t a concern for now – which means travel and the fun stuff are on the cards and insurance is probably simmering on the back burner with marriage and babies. But isn’t your financial independence worth protecting?
Do I need insurance if I’m single?
What cover could be right for you?
Income Protection Insurance
Helps protect your lifestyle if you’re sick or injured
Existing AAMI customers
receive a 5% discount
You’re young, healthy and probably feeling invincible - but the reality is young people do still have a chance of getting critically injured or ill.
What would happen if you did run into trouble and your pay cheque was paused?
With Income Protection Insurance, you can receive a monthly benefit to help ensure ongoing expenses are looked after. That way, you can carry on with your current way of life and focus on more important things like recovering.
Policy document downloads
Too young or a smart move?
Did you know?
Life insurance is significantly cheaper
for young adults, as you are often considered to be healthy and low risk.
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.
We’re sorry you’re thinking of cancelling. For policy cancellations or to discuss your situation further and to consider your options, please call the AAMI Life Team 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).
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.