AAMI Bill Protection Insurance

We've got the benefits of AAMI Bill Protect Cover all spelled out for you here in our review.

As much as we dislike having to take so much out of our income to pay our bills, we are always very grateful for the things they allow us to do and provide. From heating our home in winter, keeping us cool in summer, making it easy for us to get around thanks to the car in the driveway, and of course allowing us to share time, love and meals with our family thanks to the food we put on the table.

While having a steady stream of income makes our lives easier to keep on top our financial commitments, consider what would happen if you suffer from a disability and were unable to work. Would you be able to meet these commitments, relying only on your savings and sick leave pay? What if your recovery took longer than anticipated?

AAMI Bill Protect insurance is designed to provide a monthly benefit if you are ill or injured and unable to work, so you can continue to provide for your family, and maintain a normal stress-free environment at home while you recover.

The team of advisers that finder.com.au refers its enquiries to are not currently able to provide quotes for AAMI life insurance products. You may like to consider our primary providers instead.

What does the policy cover?

It is easy to apply for AAMI Bill Protect and tailor the insurance to your needs and budget, so that you can enjoy peace of mind knowing you and your family will be financially protected if you become unable to work. AAMI Bill Protect features:

  • Monthly benefit of up to $4,000: You can choose a monthly benefit amount from $1,000 up to $4,000 which is paid directly to you each month, so you can use the money as you need it. The premium is then calculated based on the premium amount you choose, as well as your age, occupational duties, height and weight.
  • Choose your premium payment frequency:
    You can pay your premiums monthly or annually to suit your budget and cash flow.
  • Choose your benefit period: The benefit period is the length of time you will receive your chosen benefit amount, and you can choose a six month, 12 month or 24 month benefit period. The longer the benefit period you choose, the higher your premiums will be, however, you also want to make sure you choose a benefit period which will give you sufficient time to recover before returning to work.
  • No premiums during a claim: If you have made a claim on your AAMI Bill Protect insurance, you won’t be required to pay your premiums on the policy during this time.
  • Automatic indexation: This means that AAMI will automatically increase your benefit amount each year to keep up with inflation, so that regardless of when you make a claim, your benefit amount remains relevant to the costs of the day.
  • 30-day cooling off period: You have 30 days from the commencement of your policy to consider the options and your situation and decide if AAMI Bill Protect is right for you. If you change your mind about the policy after taking out insurance, you can cancel your Bill Protect cover within 30 days and receive a full refund of any premiums you’ve already paid, as long as you haven’t made a claim.
  • Disability benefit: Your monthly benefit under the Bill Protect insurance policy will be paid at the end of the waiting period, if you are disabled due solely to illness or injury. The benefit payments will then continue until the end of your benefit period, until you are no longer disabled, or until you die. To be defined as disabled and make a claim on your policy you must not be working in any occupation whether for payment or not, and you must be under the care, treatment and advice of a registered doctor.
  • 30-day waiting period: The waiting period is the amount of time you have to wait between making a claim on your Bill Protect insurance, and receiving your first benefit payment. With AAMI Bill Protect policy, your waiting period is 30 days and starts on the date you first consult a registered doctor about the illness or injury for which you are making the claim. The benefit payments are then made monthly in arrears, once you have served the waiting period, so your first payment will be made 60 days after the waiting period has ended.

Who can apply?

If you are an Australian citizen or permanent resident, between 18 and 60 years old, you can apply for AAMI Bill Protect Insurance online or over the phone and be approved in just a few minutes.

You are not required to take any medical or blood tests to apply and you will be receive automatic acceptance. You can then continue your AAMI Bill Protect insurance until you are 75 years old as the policy is guaranteed renewable each year, and you remain covered 24 hours a day, 356 days a year.

William Eve

Will is a personal finance writer for finder.com.au specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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