AAMI Income Protection Insurance

AAMI is a provider of income protection insurance, as well as car insurance, life insurance, business insurance, health insurance, travel insurance and home & contents insurance.

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Considering AAMI income protection insurance? The table below displays a snapshot of AAMI income protection policies on Canstar’s database. These results are based on a 30-39-year-old non-smoking male in a medium blue-collar occupation, such as trades.  

Click here to compare more policies based on your circumstances.

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What income protection does AAMI offer?

At the time of writing AAMI offers one income protection policy which offers cover for a variety of conditions that may prevent you from working.

What features does AAMI income protection offer?

As a provider of income protection, AAMI offers the following features:

  • A maximum benefit period of either 1 or 2 years depending on your choice of cover
  • A maximum monthly benefit of $10,000 with optional involuntary unemployment cover up to $4,000
  • Cover for employment up to 65 years
  • Phone-based support and an online application process
  • Other features, such as no premium payment required while you’re receiving benefits
  • 24-hour worldwide cover

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What does AAMI income protection cost?

The cost of your income protection insurance will vary depending on several different factors such as:

  • Your age and gender
  • Occupation
  • Whether you’re a smoker or a non-smoker
  • Benefit period and waiting period

You can customise your policy to suit your specific needs. Get a quote for AAMI income on its website before applying to see what you might need to pay.

In 2018, Canstar’s research team calculated the average monthly income protection premiums for non-smoking male and female workers aged 27 and 52. Click here to see how the premiums differed.

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AAMI FAQs

The ATO (Australian Taxation Office) states that you can claim the cost of premiums you pay that cover the loss of your income. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.

Generally speaking, premiums for other forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible.

AAMI advises that their Income Protection premiums will generally be tax deductible, depending on “a few individual circumstances”.

Lodging a claim for income protection with AAMI is a straightforward 4-step process.

  1. Contact AAMI: By calling AAMI on 1800 606 689 (Monday to Friday 8.30am – 5.30pm), one of their customer service represent can help you with your claim. Make sure you have your policy number and details of your condition on hand.
  2. Claims Pack: Within 24 hours, you’ll receive a claims pack with all the information and forms you need to fill out to lodge a claim. This can also be found on the AAMI website.
  3. Assessment: AAMI will assess your claim and let you know of the outcome. Usually this process will take a couple of weeks.
  4. Payout: Once the waiting period expires, and your claim has been approved, you’ll receive your benefit within 2 business days.

You can apply for AAMI income protection after comparing your options in Canstar’s comparison tables and generating a quote on AAMI’s website.

AAMI may ask you:

  • Your name, date of birth and gender
  • Your smoker status
  • Your occupation details (salary, how many hours you work etc.)

You may also need to provide a copy of various documents for these points, such as a valid form of ID (driver’s license, passport), recent payslips proving your employment and medical notes if applicable stating any pre-existing conditions you may have.

AAMI’s PDS document states that you must satisfy the following criteria to be eligible for an income protection policy:

  • You must be at least 18 years old and below 60 years old
  • You must be either an Australian or New Zealand citizen or permanent resident and residing in Australia at the time of application
  • You must be currently employed and have worked an average of 20 hours per week over the last 3 months

Founded in 1969, AAMI is one of Australia’s oldest and largest insurance providers. AAMI is the trusted insurer of around 800,000 Australian homes.

At its founding, AAMI pledged to provide a real person to answer every quote or claims phone call, and it still does today. Its customer service team is available 24/7 with no push-button menus or voice recordings. AAMI proudly advertises that it regularly receives customer satisfaction ratings of 90% for its call centre, with 80% of claims customers saying they’d recommend AAMI to their friends and family.

AAMI Income Protection

Canstar Research
Rating:
Award: 3-Star Rating - Income Protection

Trades & Services

Non-Smoker

2018 Star Ratings Report

Written by: Regina Collins | Last updated: June 19, 2018