ahm life insurance lets you take advantage of policy add-ons such as critical illness, TPD and child cover. Plus, its maximum cover level of $1,500,000 isn’t too far behind the biggest brands in the market.
These products offer great value, with a good score across both features and price.
7+
Great
These are competitive products, though they didn't quite get top scores.
5+
Standard
These products might offer less value or command a higher premium than others in the market.
0+
Basic
These products might only offer a basic set of features or aren't very competitive on price.
Our verdict
ahm offers a competitive cover limit of $1.5 million for death or terminal illness. The most you can be paid out for TPD insurance – an optional cover – is $1 million. This is decent but isn’t as generous as TAL, NobleOak or RAC.
You can increase your life insurance coverage after a major life event without needing to be reassessed.
Higher maximum cover rates can be found with the likes of NobleOak and Medibank. In NobleOak's case, this can go up to $25 million.
ahm doesn't offer "level premiums" and so as your policy cover amount increases by 3% each year, your premium will also go up. That said, you can opt out of automatic increases by contacting ahm.
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Finder Score - Life Insurance
Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 30 products and gave each one a score out of 10.
But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.
Receive a lump-sum payout in the event of death or if you’re diagnosed with an incurable illness and have less than 12 months to live.
A number of optional covers can be added on to a policy for extra peace of mind. Depending on which you choose, you could get a payout out after the following: serious accidental injury (e.g. permanent loss of sight or limbs), permanent inability to work, or suffering from a trauma condition (e.g. severe heart attack or some cancers).
The most you can be insured for is Yes, depending on your income.
This life insurance product provides a strong level of coverage, and you can tailor it to your specific needs with optional covers such as critical illness cover (of up to $500,000) and child cover (up to $200,000). Plus, up to $1m in TPD cover.
Enjoy the flexibility to increase your cover in the future if you need to, for example, after having kids, without another health/lifestyle questionnaire.
Note: Be sure to check the current Product Disclosure Statement (PDS) for terms and conditions.
Applying for cover
With ahm, you can get a quote online or apply over the phone depending on your preference. There's no medical exam, which could lead to a smoother application process for those with straightforward needs.
Who is eligible?
You must be an Australian resident. For ahm Life Insurance, you must be aged between 18 and 55. That applies for its death cover, TPD cover and critical illness insurance.
For ahm's child coverage, your dependant must be at least 2 years of age; there's a maximum entry age of 15 and the benefit expiries at 19 years old.
In addition to age eligibility requirements, you must fall within the acceptable range of ahm's health and lifestyle requirements during the application process.
Based on the ahm Life Insurance policy. Always consult the current Product Disclosure Statement (PDS).
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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, 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 3% each year to make sure you and your family are taken care after a claimable event.
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.
To apply for ahm life insurance, you can visit ahm's website and apply online. Alternatively, you can apply over the phone. According to ahm, you don't need a medical examination to apply for life insurance.
You need to be aged between 18 and 55 and must be a permanent Australian resident to apply. Other eligibility requirements apply.
Yes, it's offered as an optional cover. This means you need to pay a fee to add it to your life insurance policy. The benefit for TPD is capped at $1 million. You must be between 18 and 55 to apply.
ahm provides up to $1.5 million in cover while your application is being processed. As its name suggests, interim accidental death cover offers protection in case you die from an accident. This benefit stops on the date ahm notifies you about whether or not it has accepted your application.
ahm sets a policy expiry age for its main life insurance product of 99. This means you can keep your policy so long as premiums are paid.
Yes, ahm offers income protection as a standalone policy that can cover up to 70% of your pre-tax income. The maximum payout is $10,000 per month.
Yes – in 2 ways. ahm offers a stepped premium structure, which means your payments will go up each year. This is done to reflect your added risk of making a claim on your policy as you age. Your premium will also increase on annually in line with a 3% increase in your benefit amount. This accounts for inflation.
ahm life insurance policies are underwritten by Zurich Australia Limited.
James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, Insurance News, 7NEWS and The Guardian. An experienced journalist, James' work has featured in publications including The Irish Times, Companies100 and In Business. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146).
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