ahm Life Insurance

While it may be best known as a health insurance provider, ahm also offers life, travel and pet insurance. Here we take a closer look at its life insurance products.

What life insurance products does ahm offer?

ahm provides two life insurance products: ahm life insurance and ahm life insurance express.

ahm life insurance offers a higher amount of cover and is available for Australian residents aged 16 to 65 years old. Benefits include:

  • Cover for up to $1.5 million, depending on age and income
  • An early lump sum payment upon the diagnosis of a terminal illness, if life expectancy is less than 12 months
  • An early lump sum payment or partial payment for specified accidental injuries, such as permanent paralysis
  • An advanced payment of $15,000 to help with funeral and associated costs
  • Optional trauma cover and permanently unable to work cover

ahm life insurance express is available for Australian residents between 18 to 45 years old. Benefits include:

  • Cover from $50,000 up to $250,000
  • An early lump sum payment upon the diagnosis of a terminal illness, if life expectancy is less than 12 months
  • An advanced payment of $15,000 to help with funeral and associated costs

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How much does ahm life insurance cost?

ahm says the cost of its life insurance products depends on the level and type of cover you have and whether you have any optional benefits added. ahm says the cost of ahm life insurance will also be based on your health and lifestyle.

You can get a quote for ahm life insurance by comparing direct life insurance on our website. You can also apply directly through ahm.

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Eligibility to apply for ahm life insurance

To apply for its life insurance, ahm says you must be:

  • A permanent Australian resident
  • Between 16 and 65 years old for ahm life insurance or between 18 and 45 years old for ahm life insurance express

To apply for optional trauma cover, you must be between 18 and 60 years old. To apply for optional permanently unable to work cover, you must be between 16 and 60 years old.

Upon application, you’ll be asked some questions about your health and lifestyle or a statement to determine what level of cover ahm is willing to offer you.

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How to apply for a ahm life insurance policy

If you fit the eligibility criteria, you can get a quote for ahm life insurance on its website. To apply for the ahm life insurance product, ahm says you will need to call ahm and answer a series of health questions. You can apply for ahm life insurance express over the phone or online and you will need to answer some health questions.

Before taking out a life insurance policy, it may be beneficial to first compare various providers to help ensure you’re applying for a policy that suits your needs.

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ahm Life Insurance FAQs

You, your beneficiary or legal personal representative can claim by calling or writing to ahm. ahm says it will send a form to be completed, signed and returned. It may also require your treating doctor or specialist to complete a form.

Before a claim can be assessed, ahm says it will need proof that an insured event has happened. This may include any test, examination or laboratory results.

If your insurance claim is approved, ahm will arrange the payment of your benefit.

Generally speaking, premiums for forms of life insurance such as term life insurance, total and permanent disability (TPD) insurance or trauma insurance may not be tax deductible, according to the Australian Taxation Office (ATO).

The ATO, however, states that you can claim the cost of premiums you pay that cover the loss of your income, such as income protection insurance. 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.

ahm charges stepped premiums, which means your premiums will generally increase each year as you age and your risk increases. Additionally, ahm says your life benefit amount will be increased by 5% each year (with a final increase on the policy anniversary after your 75th birthday). This means your premium will also be increased each year to reflect this higher level of cover. You can opt out of these increases by contacting ahm.

At the time of writing, medical tests are not required when applying for ahm life insurance. ahm says your insurability will be determined by your answer to health and lifestyle questions (for ahm life insurance) or your choice of health and lifestyle statement (for ahm life insurance express). However, in the event of a claim, ahm may require additional evidence or do a full review of your medical records.

After buying a ahm life insurance policy, you may be eligible to increase the amount of your cover. Your application to increase your cover will be subject to eligibility criteria such as age requirements and an underwriting assessment.

You should be able to change your level of cover by adding or removing features or coverage, and by increasing or decreasing your sum insured for each type of cover included in your life insurance policy. If you wish to change your policy inclusions, contact ahm to discuss your options.

Keep in mind that increasing your level of cover or adding your spouse or children to your policy is likely to result in you having to pay a higher insurance premium.

This may depend on the condition and policy you decide to take out. When applying for ahm life insurance, you must disclose (tell ahm about) any pre-existing medical conditions you have now or had in the past, as well as current medications and health issues.

ahm was established over 40 years ago and is best known as being a provider of health insurance. ahm is also a provider of life, travel and pet insurance. ahm life insurance is underwritten by Swiss Re.

Written by: Tamika Seeto | Last updated: May 18, 2020