An AAMI Comprehensive Life Cover benefit is not payable in the event of intentional self-injury or suicide within 13 months of cover commencement.
Life Insurance
Lucky you're with AAMI
Help ensure your loved ones are taken care of by insuring your life.
Special offer
Save up to 10% on premiums every year
Take out a quote and purchase by 2 December 2024 and save 5% for the life of your policy + existing customers save an extra 5%^.
What is Life Insurance?
Life Insurance provides financial protection for your loved ones in case you are no longer around to support them. By receiving a lump sum in the event of your death, or if you are diagnosed with a terminal illness, those closest to you will be supported to pay their bills, continue their education and live their lives to the fullest.
What does AAMI Life Insurance cover?
You can choose to cover yourself up to $1.5 million of Life Insurance cover (subject to eligibility criteria) and up to $250K of optional Critical Illness and/or Cancer Cover (for those between 18-55 years) to tailor a policy that works for you.
There’s no point paying for things you don’t need. That’s why AAMI Life allows you to tailor your policy to your situation, so that you can avoid paying for any unnecessary extras.
AAMI Life Insurance
what's included
what's optional
Intentional self-inflicted acts
Death in a travel-banned country
If you die in a country where the DFAT has issued a ‘Do not travel’ warning.
you're not covered for
Help protect your loved ones from just $14.231 a fortnight.
For a full list of exclusions, refer to the
Your Guide to Life Insurance
How does Life Insurance work in Australia?
In Australia, life insurance (in case of death) is commonly structured as a 'term' policy rather than 'whole life'. This means that generally a policy provides a set amount of cover that lasts for a specific period of time (usually until a certain age). If you pass away during the time specified, the policy is active and all premiums are paid, then a death benefit will be paid to your loved ones.
Why get life insurance?
Life insurance provides financial peace of mind to families all across Australia. With the right cover in place, your dependents may be able to keep up with their expenses like home loans, utilities or education costs if you are no longer there to provide for them. Life insurance can be flexible to suit each stage of life and can be more affordable when purchased earlier in life.
Life insurance can also support you and your family if you are diagnosed with terminal illness and have less than 12 months to live.
Looking after our loved ones is important, which is why it’s a good idea to consider life insurance. Life insurance provides a lump sum benefit to your loved ones if you pass away or are diagnosed with a terminal illness. This can help ease the financial burden on your loved ones at a time that can be emotionally, mentally and financially stressful. The lump sum can help cover expenses such as rent or mortgage, groceries, education, medical and other long term costs.
When you take out a life insurance policy, you can choose who the lump sum will be paid to. This person is your beneficiary. Naming a beneficiary means your benefit will be paid directly to the person you nominate, rather than going into your estate. Just like us all, life insurance isn’t a one size fits all situation, so you might want to look for a policy that can help cover your family through life’s changes.
Help cover your family. Get a quote today.
General advice only. You should consider if the advice is right for you and read the PDS available at aami.com.au/policy-documents before making a decision to buy or continue to hold a product. The Target Market Determination (TMD), where applicable, for the product is available on our website at aami.com.au/policy-documents.
This video is brought to you by TAL Direct Pty Limited 39 084 666 017 AFSL 243260. Products are issued by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life or insurer) which is part of the TAL Dai ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL Life is not part of the Suncorp Group. TAL Life uses the AAMI brand under licence from the Suncorp Group.
How much Life Insurance do I need?
The amount of Life Insurance cover you need will depend on your circumstances, for example how many dependents you have, what your current income is and your level of debt. Use the Life Insurance Calculator to get an indication of how much cover you may need. You can choose certain features to make sure your policy works for your circumstances. Find out more about some of the different types of Australian life insurance.
How much does life insurance cost?
The cost of life insurance in Australia is determined by a range of factors that include your age, gender, lifestyle choices (like smoking), and the amount of insurance you're getting.
To maintain current life insurance cover, you need to pay regular premiums. To find out an estimate of your premiums, get a quick quote.
Use the Life Insurance Calculator to get an indication of how much cover you wish to consider.
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LIFE INSURANCE CALCULATOR
Estimate your level of cover
This calculator can help you work out what level of Life Insurance cover you may need.
COVER BY LIFE STAGE
Find cover to suit your circumstances
Whether you’re married, starting a family or taking out a mortgage, Life Insurance can provide valuable peace of mind at every stage.
Understanding insurance underwriting
When you apply for a policy we undertake a process called underwriting. This means that we assess whether to accept a policy and what conditions/pricing will be applied to the policy based on medical and lifestyle information provided by you. This may result in standard premium rates being applied, higher rates, some medical conditions being excluded from cover, or denying the cover due to unacceptably high risk. You can find out more about underwriting in our blog.
How to
Apply for Life Insurance
Set up your Life Insurance or Income Protection today with AAMI Life. Applying is quick and easy, there are no medical tests and you can get a quote online in minutes.
Multi-Award-Winning Insurance
Recognised by Reader’s Digest as the Trusted Brand for Life Insurance in 2020, 2021, 2022 and 2024.
Life insurance isn’t always the easiest subject, but wouldn’t it feel good to know you’ve got a multi-award-winning insurer by your side? With AAMI Life, you can trust us to be there when you need us most. Explore our range of policies and enjoy peace of mind knowing your loved ones are in safe hands.
Discounts
Just for you
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Get a 5% family discount for the youngest life insured on an AAMI Multi-life policy
Take out a multi-life policy for two adults and receive a 5% family discount on your life cover for the youngest life insured. The family discount doesn’t apply to the Optional Illness Covers.
Get 12 months of cover for the price of 11
If you choose to pay annually, you'll get the 12th month for free.
Existing AAMI Customer Discount
5% discount for existing AAMI customers, such as home or car insurance.
Change your policy to suit your lifestyle
If your lifestyle changes because you got married, had children, purchased a home, your children started school, or a loved one died, then you can simply apply to change your level of cover by up to $100,000 without going through the underwriting process again or providing us with new medical information.
What am I covered for?
AAMI Life Cover: Explore key features & benefits
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Up to $1.5 million cover for death or terminal illness
subject to eligbility criteria
The payout is generally tax-free1 and there are no restrictions on how your family spends it.
Up to $10,000 advanced payout
for death claims
Advance payout arrives after an approved claim and can help your family with any immediate expenses, such as legal fees.
Major Illness and/or Cancer Cover
A lump sum of up to $250k can be paid out of your total Life benefit if you're diagnosed witha defined critical illness of specified severity such as cancer (of a specified severity), a stroke (resulting in neurological deficit), or a heart attack (of a specified severity).
Stay covered until your 99th birthday
If you’re an Australian citizen or resident, you can apply for AAMI Comprehensive Life Insurance between the age of 18-65 and still be covered up until your 99th birthday. You can apply for optional Major Illness and/or Cancer Cover if you are aged between 18 to 55.
Inflation Protection included
The costs your family will be covered for today may well have increased in the future. Inflation Protection means your policy won’t decrease in value with the rising cost of inflation.
AAMI Answers
Learn more about Life Insurance
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Life insurance helps minimise the financial burden on your loved ones. There’s a difference between a policy through your superfund and directly through a provider.
Knowing how much Life Insurance you need doesn’t have to be hard. Follow these few tips to get started on working your Life Insurance out.
Choosing life insurance is an important decision, so it’s best to understand all your options. Term life insurance covers you for a fixed period and there are a number of different types available.
Why AAMI Life Insurance?
When it comes to protecting your loved ones, it’s reassuring to know you’re with an award-winning insurer. AAMI Life won the Reader’s Digest Trusted Brand award for Life Insurance in 2020, 2021, 2022 and 2024.
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 Insurance
Frequently asked questions
Each individual can tailor a life insurance policy to suit their needs. For an insurer to accept your application for cover, they must be satisfied that your health and lifestyle fit within acceptable boundaries.
As such, an insurer will generally take into account a range of personal and lifestyle attributes when considering your application, including your age, height, weight, medical history, occupation, family health history and smoking status.
If you have pre-existing health issues when you apply for cover, you may need to pay a higher premium rate than normal (known as a ‘premium loading’). The life insurance company may need to charge this loading in order to cover the additional risk. Alternatively, the life company may apply an exclusion on your policy in relation to that pre-existing health issue.
In addition, some lifestyle choices may affect your life insurance cover, including:
- High risk occupations such as working in the oil or gas, transport or fishing industries.
- Engaging in hazardous sports such as parachuting, mountaineering and motor sports.
For more information, you should review the relevant Product Disclosure Statement (PDS).
However, life insurance is not limited to healthy, risk-averse people. Even those who have survived a serious illness, such as cancer or a heart attack, may still be eligible for life insurance cover.
Before accepting cover, the insurer will usually consider the type of illness or disease and its stage of development. For example, some cancers are considered more aggressive – or more treatable – than others, so an insurer would typically request a full medical report and examination to determine how far the cancer has progressed and whether it’s likely to return.
Often, the insurance company will want to wait at least a couple of years after the applicant has been given the ‘all clear’ before accepting the policy, and it may attract a premium loading due to the higher risk.
The real question is - can you afford not to have life insurance?
If you were to die now, could your family continue to live in the family home, maintain their lifestyle and achieve their financial goals? Ultimately, not having life insurance could cost you and your family more than you think.
Fortunately, most people are surprised to learn that life insurance can be cheaper than they think.
And the benefits of life insurance far outweigh the cost, as you or your family can use the proceeds of an insurance payout to help:
- Pay off the mortgage
- Meet ongoing household expenses
- Fund medical treatment or rehabilitation costs
- Pay for school and university fees
- Pay for extra child care or home services
- Cover the cost of funeral expenses.
If cost is an issue for you, it’s good to know that heightened competition means there is now a range of affordable life insurance options, many of which you can apply for and purchase online.
Get started with an online Life Insurance quote. This is usually a simple process that involves entering a few personal details, such as your age, gender, occupation and smoking status, and then submitting your request to the insurer.
With little fuss, you’ll soon find a level of life insurance that will help meet your needs and protect your family’s future.
Most super funds offer at least a basic level of life insurance, as well as income protection and Total Permanent Disability (TPD) insurance to protect members and their families from the financial hardship of death or a terminal illness.
The level of cover and types of insurance provided through your super are limited. Payments are also sometimes delayed after you’ve made a claim, and coverage ends after you reach a certain age (usually 65 or 70). Read more about the pros and cons about using the life insurance included with your super fund at Money Smart.
Life insurance in case of death is not generally tax deductible.
Because of the way premiums are calculated, it’s important we understand the health conditions and needs of every Life Insurance applicant. With AAMI Life Insurance, you are not required to go to the doctors or get any medical tests. You will be required to answer a number of Health and Lifestyle questions as part of the application, but this should be a quick and easy process without the need to consult a doctor.
You may be worried about the potential of your Life Insurance application being rejected as a result of the answers you provide, but it’s important you don’t omit or hide information. If you do, you may end up not being able to receive payment for a claim you make down the track, when you might have been fully eligible for cover if you’d been up front in the first place.
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).
The Life Insurance Code of Practice is a series of mandatory customer service standards that all life insurers need to comply with. These standards cover sales and marketing practices, underwriting and claims and are designed to protect you.
AAMI Life Insurance policies are issued by TAL, who played a key role in creating the Life Insurance Code of Practice. AAMI Life is committed to delivering the best possible customer service standards. AAMI Life will continue to look for ways to raise the standards of customer service now and over the years to come. Read more
- Exceptions apply such as when cover is used for some business purposes and for non-financially-dependent beneficiaries of life cover under a superannuation plan. Taxation advice specific to your circumstances is recommended.
^ The ‘up to 10% discount’ offer is only available to customers who take out a quote and purchase a new AAMI Income Protection or Life Insurance policy between 1 July and 2 December 2024. All eligible customers will receive a 5% discount automatically applied to their AAMI Income Protection or Life Insurance premium for the life of the policy. Where an eligible customer is also an existing AAMI customer who holds any other AAMI branded insurance policy/ies such as home or car insurance, the 5% discount on premiums for Income Protection or Life Insurance will be automatically applied in addition to the 5% Existing AAMI Customer discount offered on Income Protection or Life Insurance. The two discounts combined amount to a total of 10% off Income Protection or Life Insurance premiums for the life of the new policy.
AAMI Life’s Commitment to the Life Insurance Code of Practice
AAMI Life Insurance policies are issued by TAL, who played a key role in creating the Life Insurance Code of Practice. AAMI Life is committed to delivering the best possible customer service standards. AAMI Life will continue to look for ways to raise the standards of customer service now and over the years to come. Read more
At TAL, we are committed to supporting our customers who may be experiencing vulnerability or have unique needs. Contact us or see how we can help if you are experiencing financial hardship or domestic and family violence.
Intentional self-inflicted acts
An AAMI Comprehensive Life Cover benefit is not payable in the event of intentional self-injury or suicide within 13 months of cover commencement.
Death in a travel-banned country
If you die in a country where the DFAT has issued a ‘Do not travel’ warning.