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AAMI Life Insurance Review

Get cover of up to $1,500,000. Plus, up to two chances to save on your AAMI Life premium.

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Our verdict

  • Fairly strong option for those looking for a simple policy from a long-established Australian brand of 50+ years.
  • New customers who pay for their yearly premium upfront get one month free.
  • There's no TPD cover option, which may put off those who're worried about a delibitating accident.
  • 9 providers offered cheaper cover on average, according to our 2023 Finder Awards analysis.

Maximum Cover

$1,500,000

Maximum Age

65

Total & Permanent Disability Cover

Trauma Cover

Compare key features of AAMI life insurance and get a quote today

1 - 1 of 1
Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
AAMI Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
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Deal

Get $100 eGift card

Expires 30 Jun 2024
Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply.
Deal

Get 12 months life insurance cover for the price of 11

New members will get a one month free when paying annually. T&Cs apply.

Key features of AAMI Life Cover

You can apply for any of the AAMI life insurance policies without the need for a blood or medical test. Your application is assessed based on your health, age and occupation, which determines your level of risk and how much you pay for your premiums. When you apply for life insurance with AAMI Life, you're entitled to the following features:

  • Death benefit up to $1,500,000. The death benefit of an AAMI Life insurance policy pays your family a benefit amount if you die.
  • Terminal illness benefit up to $1,500,000. If you are diagnosed with a terminal illness, your beneficiary can make a claim with AAMI Life and receive a lump sum benefit amount to help you finalise your financial affairs and estate.
  • Optional Severity Based Illness Cover. An optional add-on to your life cover. If you are diagnosed with an insured condition or undergoing an insured medical procedure, you'll receive a lump sum benefit up to a maximum of $250,000 from the total life benefit amount. Insured conditions can include cancer of specific critera, skin melanonma and more. See the current PDS on the provider site for the full list.
  • Advanced Payout benefit. When an AAMI Life Insurance claim is approved an advanced payout of up to $10,000 can be made available with the balance of the benefit amount payable once AAMI Life has received all of the claims requirements and documentation. The advance payout can help your family with any immediate costs, such as expense of legal fees.
  • Lifestyle increase benefit. As you move through life, your commitments and obligations change depending which life stage you are in. These life stages range from getting married to having a child, from buying a new home to paying for your children's education. Your AAMI life insurance can take this journey with you. If you are under the age of 60, AAMI Life allows you to increase your benefit amount by $100,000 or 20% of the AAMI Comprehensive Life Cover benefit amount each year following a significant life event and without requiring any new medical information.
  • Automatic indexation of your benefit amount. AAMI Life automatically increases your benefit amount by the CPI or 5%, whichever is greater. This keeps your benefit amount relevant to current costs at the time of the payout.

AAMI Income Protection Insurance

AAMI's income protection insurance product pays a benefit of up to $10,000 per month to help you maintain your household cash-flow if you are unable to work because of illness or injury. You can choose a benefit period up to 5 years. You don't have to have any medical tests, and you can pay your premiums fortnightly, monthly or annually.

Features of AAMI Income Protection Insurance

  • Benefit of up to $10,000. In the event that you are forced to take time out of work as a result of injury or illness, AAMI Life will provide up to 75% of your income to a maximum of $10,000 a month.
  • Choice of four benefit period options. AAMI Life offers either a 6-, 12-, 24-month or 5-year benefit period. One year benefit periods can bring attractive premium discounts.
  • Waiver of premiums during waiting period. Benefit payments will commence after just 30 days and AAMI Life will waive your premium payments during this period.
  • Limited medical underwriting. In comparison to many other insurance policies, AAMI Life does not require applicants to undertake any medical or blood tests to purchase cover.
  • Cooling-off period. All AAMI Life policies offer a 30-day cooling-off period, giving you the opportunity to cancel your policy and receive a full premium refund if you are not satisfied with the cover provided, as long as you haven't made a claim.
  • Guaranteed cover to 65. AAMI Income protection is guaranteed to remain in force until your 65th birthday, regardless of whether or not your health deteriorates, as long as you continue to pay your premiums when due.
  • Benefit indexation. Your AAMI income protection policy increases automatically each year to ensure it remains in line with inflation.

Compare AAMI with the other 2023 Life Insurance award winners

Finder's data and insights experts created a rating algorithm to compare 10 life insurance policies in Australia across pricing and key features. Our 2023 winners are:

AAMI Life Insurance logo

AAMI Life Insurance

Get Quote


Maximum Cover

$1,500,000


TPD Cover

No


Trauma Cover

Yes

TAL Accelerated Protection Life Insurance logo

TAL Accelerated Protection Life Insurance

2nd place in Finder Awards

Get Quote


Maximum Cover

No set limit


TPD Cover

Yes


Trauma Cover

Yes

Medibank Life Insurance logo

Medibank Life Insurance

Get Quote


Maximum Cover

$2,500,000


TPD Cover

Yes


Trauma Cover

Yes

Compare direct life insurance policies below

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
Finder AwardBonus
NobleOak Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.

⭐ Current offer: Get two months free on all cover types apply by 14 June 2024. T&Cs apply.
Medibank Life Insurance
$2,500,000
70
$2,500,000
Data not available
Data not available
Data not available
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 1 July 2024. T&Cs apply.
TAL Accelerated Protection Life Insurance
No set limit
73
Not stated
Data not available
1 months
$249,285 million
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
RACWA Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance. RAC is also WA-based but services all of Australia.

⭐ Current offer: Get two months free when you apply for two or more RAC Life Insurance covers by 30 June 2024. T&Cs apply.
ahm Life Insurance
$1,500,000
55
$1,500,000
Data not available
Data not available
Data not available
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests needed.

⭐ Current offer: Get 10% off your first year of ahm Life Insurance when you apply by 1 July 2024. T&Cs apply.
AAMI Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Suncorp Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Real Family Life Cover
$1,000,000
64
$1,000,000
88.90%
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
HCF Life Protect Insurance
$1,500,000
65
$1,500,000
Data not available
Data not available
Data not available
Our verdict: Similar cover to other insurers ($1.5 million). A good discount for HCF members of 10% and an easy initial quote process.

⭐ Current offer: Eligible HCF Members receive 10% premium discount and HCF Thank You rewards.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
98%
3 months
$24,495 million
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
Insuranceline Life Cover
$1,500,000
65
$1,500,000
90.10%
3.1 months
$37,768 million
Our verdict: Insuranceline pays a lump sum of up to $1.5 million. Once your cover’s in place, you can increase it after a big life event, such as having a baby, without further medical assessment.

⭐ Current offer: Protect your family with an Insuranceline policy and you can go into the draw for a chance to win a $1,000 gift card. New Customers only, T&Cs apply. Competition entries close on 31 July 2024.
Guardian Life Insurance
$1,500,000
64
$1,500,000
88.90%
2.4 months
$53,238 million
Our verdict: Competitive cover limit of $1.5 million. You can add children’s cover of up to $50,000 – most policies don’t include this option.
RACQ Life Insurance
$1,000,000
65
$1,000,000
97%
Data not available
Data not available
One of just 4 insurers to offer children’s insurance. Get cover of up to $50,000 for 7 serious illnesses. RACQ offers 3 ways to save on life insurance: RACQ members get 10% off when buying online. There’s a 5% joint policy saving. Plus you could score 10% off your premiums if you achieve Silver status with AIA Vitality. You can apply for cover online or over the phone.
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Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We've done 100+ hours of policy research to help you understand what you're comparing.

Who is eligible for AAMI Life Insurance?

You will need to satisfy the following criteria to be eligible for AAMI Life Insurance:

  • You must be between 18 and 65 years of age. For Optional Severity Based Illness Cover, you will need to be 18 to 55 years old.
  • You must be an Australian resident.

Provided all the policy conditions continue to be met and you continue to pay your premiums when due, your cover is guaranteed until your 99th birthday.

How do I make a claim for AAMI Life Insurance?

To make a claim under an AAMI Life Insurance policy:

  • Your nominated beneficiary or your legal representative will need to contact AAMI Life as soon as possible after the event that causes the claim.
  • AAMI Life will then send out a claims pack detailing what information and documentation your beneficiary will need to provide in order for the claim to be processed.
  • A completed claim form and a death certificate for the claim to be processed, while in some cases a report from your medical practitioner may also be required.
  • If any requested information isn't provided within a suitable time frame, a claim could be reduced or refused altogether.

Interested in applying for Life Insurance from AAMI Life?

With AAMI life insurance providing cover to you and your family, you can feel free to get on with your life knowing that you're covered, should something happen to you. You can receive a preliminary quote and purchase cover entirely online through their user friendly online application portal.

See how AAMI's claim acceptance rate stacks up against other life insurers

This is the percentage of claims a life insurer pays out. It's based on data from Australian Prudential Regulation Authority (APRA) covering the 12-month period from 1 July 2021 to 30 June 2022. Taken from 18 Australian life insurance underwriters (of direct policies).

About the insurer

AAMI Life Insurance products are provided by TAL Life Limited, which is part of the TAL Dai-ichi Life Australia Pty Limited group of companies (TAL). TAL companies are not part of the Suncorp Group, and use the AAMI brand under license. TAL is one of Australia's leading life insurers with over 150 years experience. Information is current as of 27 November,2020 and may be subject to change from time to time without notice.

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