ahm Life Insurance Review April 2021 | Pros & Cons Revealed

ahm Life Insurance Review

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With ahm life insurance, you can take advantage of policy add-ons and a maxiumum cover level of $1,500,000. This isn’t too far behind some of the bigger brands in the market.

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 two categories. The brand’s range of policy features and affordability for smokers were highlighted respectively.
  • 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.

Review by our life insurance senior writer James Martin

$1,500,000

Maximum Cover

65

Maximum Entry Age

$1,500,000

Terminal Illness Benefit

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Details

Product Nameahm Life Insurance
Maximum Cover $1,500,000
Funeral Benefit $15,000
Guaranteed Renewability Continous Cover
Online application
Cooling-off (days)30

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 two core life insurances. Being part of the global insurer Swiss Re, you can rest assured that your policy's 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

Compare life insurance options from ahm

Name Product Maximum Cover Maximum Entry Age Fully Underwritten? Terminal Illness Benefit Optional Extras
ahm Life Insurance
$1,500,000
65
$1,500,000
TPD cover, Trauma cover
ahm Health members can save 10% off premiums.
ahm Life Insurance Express
$250,000
45
$250,000
No optional
Get life cover up to $250,000. Plus, ahm health members can save 10% off premiums.
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Compare up to 4 providers

Maximum sum insuredUp to $1.5 million, depending on your age and income
Age of entry16 to 65
How do I apply?Online quote. Apply over the phone
ProsCons
  • Increase your life insurance sum in the future without a reassessment*
  • Level premiums are not offered
  • Discounts if you're already an ahm Health Insurance member
  • Underwritten by Swiss Re, a worldwide reinsurer

Note: Conditions apply, always consult the Product Disclosure Statement (PDS)

This cover might be suitable if:

  • You want the flexibility to increase your cover in the future if you need to (e.g. after having kids), without another health / lifestyle questionnaire.
  • If you are already have an ahm Health Insurance, this policy can give you an opportunity to save.

Apply carefully if:

  • You have pre-existing medical conditions. You may be offered Life Insurance Express which may not cover you if it's a result of your pre-existing medical condition.

Don't get this cover if:

  • You want 'level premiums' that don't increase based on your age.
  • You are over 65 years of age

Based on the ahm life insurance policy. Information last checked on March 2021. Always consult the Product Disclosure Statement (PDS).

How does ahm Life Insurance work?

When you choose ahm for your life insurance policy, you will get to pick the option that is best for your needs. You will be able to choose from the following options:

  • ahm Life Insurance Express. Available to purchase quickly and online for 18 and under 45 year olds with a cover amount up to a maximum of $250,000.
  • ahm Life Insurance. This life insurance product provides greater coverage than Life Express, and you can tailor it to your specific needs with optional covers.

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 on 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 benefits?

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 will a policy be paid?

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.

As one of Australia's most experienced life insurance companies, ahm is ready to make sure you and your family are protected!

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