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ahm Life Insurance Review
With ahm life insurance, you can take advantage of policy add-ons and a maximum cover level of $1,500,000. This isn’t too far behind some of the bigger brands in the market.
$1,500,000
Maximum Cover
65
Maximum Entry Age
$1,500,000
Terminal Illness Benefit
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Details
| Product Name | ahm Life Insurance |
|---|---|
| Maximum Cover | $1,500,000 |
| Terminal Illness Benefit | $1,500,000 |
| Funeral Benefit | $15,000 |
| Guaranteed Renewability | |
| Cooling-off (days) | 30 |
| Online Quote |
ahm's life insurance may not be as widely known as its health plans, but the insurer has some competitive prices and decent cover options in its 2 core life insurances. Being part of the global insurer Swiss Re, you can rest assured that your policy is in safe hands.
Swiss Re, who owns both Medibank and ahm, notched up a policy cancellation rate for death cover of just 9.3% (against an industry average of 13.3%) according to the latest stats from Moneysmart, the Australian government agency.
Get the latest deal from ahm Life Insurance
Deal
10% off for ahm health members
ahm health members get a 10% premium discount for the life of their policy
Compare life insurance options from ahm
ahm life insurance: Our verdict
- The latest figures from Moneysmart show that ahm's underwriter Swiss Re had a 92.1% claims acceptance rate for death cover. This is above the industry average of 88.9%.
- Additionally, Finder's most recent awards data placed ahm third (out of 20) in 2 categories. The brand's range of policy features and affordability for smokers were highlighted respectively.
- There's no child benefit option available.
- ahm doesn't offer "level premiums" and so as your policy cover amount increases by 5% each year, your premium will also go up. That said, you could opt out of these increases by getting in touch with ahm.
Read a more detailed review on:
Life Insurance
Key points of ahm Life Insurance
- Receive a benefit amount in the event of: death, serious accidental injury (e.g. permanent loss of sight or limbs), permanent inability to work, diagnosis of a terminal illness with a life expectancy of less than 12 months, or suffering from a trauma condition (e.g. severe heart attack or some cancers).
- The most you can be insured for is $1,500,000, depending on your age and income.
- This life insurance product provides greater coverage than Life Express, and you can tailor it to your specific needs with optional covers.
- Enjoy the flexibility to increase your cover in the future if you need to, for example, after having kids, without another health/lifestyle questionnaire.
- If you already have ahm Health Insurance, this policy can give you an opportunity to save 10% on your health insurance policy.
Note: Be sure to check the current Product Disclosure Statement (PDS) for terms and conditions.
Life Insurance Express
Key points of ahm Life Insurance Express
- Receive a benefit amount in the event of: death or diagnosis of a terminal illness with a life expectancy of less than 12 months.
- Available to purchase quickly and online for 18 and under-45 year olds with a cover amount up to a maximum of $250,000 (minimum cover of $50,000).
- Funeral benefit of $15,000 as an advanced payment.
- If you have pre-existing medical conditions, you may be offered Life Insurance Express. This may not cover you if it's a result of your pre-existing medical condition.
- If you already have ahm Health Insurance, this policy can give you an opportunity to save 10% on your policy.
Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.
Applying for cover
Get a quote online or apply over the phone. With ahm Life Insurance, you'll need to answer a series of health questions and buy cover over the phone, whereas an ahm Life Insurance Express policy can be bought online after answering a shorter series of questions.
Who is eligible?
You must be an Australian resident. For ahm Life Insurance Express, you need to be between 18-45 years of age when applying. For ahm Life Insurance, you must be within the following age brackets (and acceptable range of ahm's health and lifestyle requirements during the application process):
- Ages 16-45: Maximum cover level of $1.5 million for Life cover, up to $1.25 million for Permanently Unable to Work Cover, up to $500,000 for Trauma cover (available from age 18).
- Ages 46-55: Maximum cover level of $1 million for Life cover, up to $750,000 for Permanently Unable to Work Cover, up to $200,000 for Trauma cover.
- Ages 56-60: Maximum cover level of $500,000 for Life cover, up to $200,000 for Permanently Unable to Work Cover, up to $75,000 for Trauma cover.
- Ages 61-65: Maximum cover level of $500,000 for Life cover, Permanently Unable to Work Cover and Trauma cover not available.
- Optional Permanently Unable to Work Cover requirements: You must be working at least 20 hours per week on a permanent basis or be engaged in domestic duties full time.
Based on the ahm Life Insurance & Life Insurance Express policies. Always consult the current Product Disclosure Statement (PDS).
Still wondering if ahm is right for you? Here are the main pros and cons summarised:
Pros
- Increase your life insurance sum in the future without a reassessment. T&C apply.
- Discounts if you're already an ahm Health Insurance member.
Cons
- Level premiums are not offered.
- Higher maximum cover rates can be found with the likes of NobleOak and Medibank.
How much can I expect to pay with ahm life insurance?
Prices shown in the table below are based on an average weekly premium, taken from the applications for ahm Life Insurance. They are for a non-smoking office worker. These prices should only be taken as a rough guide. Rates last checked in March 2021.
Male non-smoker
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 18 | $5.27 | $11.46 | $21.76 |
| 19 | $5.27 | $11.46 | $21.76 |
| 20 | $5.27 | $11.46 | $21.76 |
| 21 | $5.37 | $11.71 | $22.26 |
| 22 | $5.42 | $11.82 | $22.48 |
| 23 | $5.41 | $11.81 | $22.46 |
| 24 | $5.35 | $11.64 | $22.13 |
| 25 | $5.23 | $11.36 | $21.56 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 26 | $5.13 | $11.09 | $21.04 |
| 27 | $5.04 | $10.88 | $20.60 |
| 28 | $4.93 | $10.60 | $20.05 |
| 29 | $4.84 | $10.36 | $19.57 |
| 30 | $4.77 | $10.21 | $19.26 |
| 31 | $4.75 | $10.14 | $19.13 |
| 32 | $4.73 | $10.10 | $19.04 |
| 33 | $4.75 | $10.14 | $19.13 |
| 34 | $4.81 | $10.31 | $19.92 |
| 35 | $4.91 | $10.54 | $19.92 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 36 | $5.04 | $10.86 | $20.58 |
| 37 | $5.20 | $11.28 | $21.41 |
| 38 | $5.39 | $11.74 | $22.33 |
| 39 | $5.63 | $12.34 | $23.54 |
| 40 | $5.89 | $13.00 | $24.85 |
| 41 | $6.18 | $13.73 | $26.30 |
| 42 | $6.51 | $14.56 | $27.96 |
| 43 | $6.91 | $15.54 | $29.94 |
| 44 | $7.37 | $16.71 | $32.26 |
| 45 | $7.92 | $18.08 | $35.00 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 46 | $8.63 | $19.85 | $38.55 |
| 47 | $9.47 | $21.96 | $42.76 |
| 48 | $10.49 | $24.50 | $47.85 |
| 49 | $11.68 | $27.46 | $53.77 |
| 50 | $13.03 | $30.84 | $60.52 |
| 51 | $14.63 | $34.85 | $68.54 |
| 52 | $16.48 | $39.46 | $77.77 |
| 53 | $18.37 | $44.20 | $87.24 |
| 54 | $20.47 | $49.44 | $97.72 |
| 55 | $22.79 | $55.25 | $109.34 |
| Age | $200,000 coverage | $500,000 coverage |
|---|---|---|
| 56 | $25.44 | $61.87 |
| 57 | $28.44 | $69.37 |
| 58 | $31.84 | $77.87 |
| 59 | $35.83 | $87.85 |
| 60 | $40.46 | $99.43 |
| 61 | $46.09 | $113.51 |
| 62 | $52.63 | $129.84 |
| 63 | $60.15 | $148.65 |
| 64 | $68.80 | $170.28 |
| 65 | $78.69 | $194.99 |
Female non-smoker
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 18 | $4.61 | $9.80 | $18.45 |
| 19 | $4.61 | $9.80 | $18.45 |
| 20 | $4.61 | $9.80 | $18.45 |
| 21 | $4.34 | $9.12 | $17.09 |
| 22 | $4.12 | $8.56 | $15.97 |
| 23 | $3.90 | $8.03 | $14.90 |
| 24 | $3.75 | $7.64 | $14.13 |
| 25 | $3.71 | $7.54 | $13.93 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 26 | $3.72 | $7.57 | $13.98 |
| 27 | $3.72 | $7.57 | $13.98 |
| 28 | $3.76 | $7.67 | $14.20 |
| 29 | $3.80 | $7.76 | $14.37 |
| 30 | $3.81 | $7.81 | $14.46 |
| 31 | $3.87 | $7.95 | $14.74 |
| 32 | $3.91 | $8.06 | $14.96 |
| 33 | $3.98 | $8.21 | $15.27 |
| 34 | $4.09 | $8.51 | $15.86 |
| 35 | $4.22 | $8.83 | $16.50 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 36 | $4.30 | $9.02 | $16.89 |
| 37 | $4.38 | $9.23 | $17.31 |
| 38 | $4.49 | $9.51 | $17.86 |
| 39 | $4.63 | $9.84 | $18.54 |
| 40 | $4.73 | $10.10 | $19.04 |
| 41 | $4.90 | $10.52 | $19.90 |
| 42 | $5.23 | $11.34 | $21.52 |
| 43 | $5.54 | $12.11 | $23.08 |
| 44 | $5.89 | $12.99 | $24.83 |
| 45 | $6.25 | $13.90 | $26.65 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 46 | $6.83 | $15.34 | $29.52 |
| 47 | $7.44 | $16.88 | $32.61 |
| 48 | $8.10 | $18.53 | $35.90 |
| 49 | $8.83 | $20.34 | $39.52 |
| 50 | $9.58 | $22.23 | $43.31 |
| 51 | $10.43 | $24.36 | $47.56 |
| 52 | $11.39 | $26.75 | $52.34 |
| 53 | $12.51 | $29.55 | $57.95 |
| 54 | $13.86 | $32.92 | $64.69 |
| 55 | $15.44 | $36.88 | $72.60 |
| Age | $200,000 coverage | $500,000 coverage |
|---|---|---|
| 56 | $17.38 | $41.71 |
| 57 | $19.15 | $46.15 |
| 58 | $21.19 | $51.24 |
| 59 | $23.50 | $57.02 |
| 60 | $26.09 | $63.49 |
| 61 | $28.88 | $70.47 |
| 62 | $31.98 | $78.22 |
| 63 | $35.35 | $86.64 |
| 64 | $39.00 | $95.76 |
| 65 | $42.94 | $105.63 |
What are the key benefits of ahm life insurance?
To summarise, ahm Life Insurance will cover you in the event of death, diagnosis of terminal illness with life expectancy of less than 12 months, or accidental injury, assuming the plan was active at the time of the incident.
What about future increases?
It is no secret that life gets more expensive as time goes on due to inflation. Your ahm Life Insurance policy cover amount will increase 5% each year to make sure you and your family are taken care of in the event of an incident.
While your premium will also increase accordingly, the automatic increases will continue even if you are at the maximum benefit of your policy.
When won't a policy pay out?
In the event of a death or diagnosis of a terminal illness (directly or indirectly as a result of an intention or deliberate self-inflicted injury), a policy will not be paid if it occurs less than 13 months after the policy issue date, increase date or reactivation date.
Accidental injury claims will not be paid if the event is the result of intentional self-inflicted injury. For trauma coverage, the benefit will not be paid if the incident is within 90 days of the policy start date, increase date or reinstatement date.
For a full list of policy exclusions, refer to ahm's latest Product Disclosure Statement (PDS) on their website.
