AAMI Life Insurance

Key Information - AAMI Life Insurance

• Underwriter: TAL Life Limited
• Maximum Sum Insured: Up to $1.5 million
• Types of Cover Generally Offered:
  • Term Life Insurance (pays a lump sum on death or terminal illness)
  • (If applicable through AAMI) Total and Permanent Disability (TPD) Insurance (pays a lump sum if you become totally and permanently disabled)
  • (If applicable through AAMI) Critical Illness Insurance (pays a lump sum if you are diagnosed with certain specified critical illnesses)
  • (If applicable through AAMI) Income Protection Insurance (provides a regular income stream if you are unable to work due to illness or injury)
• Advance Payout Option: May offer an advance payment for funeral expenses upon death.
• Inflation Protection: Generally included to help the sum insured keep pace with the rising cost of living.
• Family & Multi-Policy Discounts: Potential discounts may be available for families or existing AAMI customers with other policies.
• Waiting Periods: Standard waiting periods may apply (e.g., for suicide exclusion, typically 13 months).
• Medical Requirements: Medical assessments or questionnaires are typically part of the application process, depending on age and sum insured.
• Application Process: Generally can be done online or via phone.
• Cooling-Off Period: A standard cooling-off period (usually 30 days) allows you to cancel the policy after purchase and receive a full refund if you change your mind.
• Life Insurance Code of Practice: AAMI Life Insurance is committed to the Life Insurance Code of Practice, which sets standards for the industry.

AAMI is one of Australia's most reputable and trusted brands. Some of the key strengths include;

• Strong Brand Recognition and Trust: AAMI is a well-established and widely recognized brand in Australia, known for its extensive advertising and long history in the insurance market. This familiarity can instill a sense of trust and reliability in consumers.
  
• Established Underwriting Partnership with TAL Life: The fact that AAMI's life insurance products are underwritten by TAL Life Limited, a large and reputable specialist life insurer, provides financial security and expertise in life risk assessment and claims management.
• Commitment to Customer Service: AAMI has a general reputation for customer service, and their multiple Reader's Digest Trusted Brand awards for Life Insurance suggest a positive customer experience.
• Accessible and Straightforward Approach: AAMI often positions itself as providing easy-to-understand insurance solutions, which can be appealing to consumers who find life insurance complex.
• Potential for Discounts: Offering family and multi-policy discounts can provide added value to certain customer segments.
• Inclusion of Inflation Protection: This feature in their policies demonstrates a consideration for the long-term value of the coverage.
• Adherence to the Life Insurance Code of Practice: This commitment provides an added layer of consumer protection and assurance of ethical conduct.
• Multiple Access Channels: The ability to apply and manage policies online or via phone offers convenience to customers.

AAMI - Awards and Recognitions

AMI Life Insurance has received the following notable awards and recognitions:

• Reader's Digest Trusted Brand - Life Insurance: Awarded in multiple years, including 2020, 2021, 2022, and 2024. This reflects the high level of trust Australian consumers place in the AAMI Life Insurance brand.
• Commitment to the Life Insurance Code of Practice: AAMI is a signatory to the Life Insurance Code of Practice, demonstrating their dedication to high standards of service and consumer protection within the life insurance industry.

These accolades underscore AAMI Life Insurance's strong brand reputation and the recognition it has received from reputable financial comparison and rating agencies for delivering valuable life insurance solutions.

AAMI Life Insurance - Cover Amount Ranges

AAMI Life Insurance provides a range of cover amounts to help you secure your financial future and protect your loved ones. The typical cover amounts available are:

• Minimum Cover Amount: While the specific minimum can vary, it generally starts from $[Confirm Minimum Amount] (e.g., $50,000 or $100,000). Please check AAMI's official documentation for the precise minimum.
  
• Maximum Cover Amount: The maximum lump sum benefit available under AAMI Life Insurance is generally $1.5 million.

Key points for consideration when comparing - The amount of life insurance cover you can obtain through AAMI will depend on individual factors such as your age, health, income, and overall financial situation.

AAMI Life Insurance - Sustainability and Corporate Responsibility

AAMI, as part of the Suncorp Group, is committed to making a positive impact beyond providing insurance. Their approach to sustainability and corporate responsibility focuses on building resilient communities and operating ethically. While specific detailed reports on AAMI Life Insurance's direct sustainability initiatives may be integrated within the broader Suncorp Group framework, AAMI actively participates in and supports several key areas:

AAMI Corporate Responsibility -

• Community engagement -AAMI supports various community initiatives, including partnerships with the State Emergency Service (SES) and Vision Australia, as well as sponsorships like Driver Reviver. (see below)
• Code of practice: AAMI adheres to the General Insurance Code of Practice, which sets standards for various aspects of insurance service, including claims handling and dispute resolution.
• Ethical Business Practices: AAMI emphasizes integrity and ethical decision-making, adhering to a Code of Conduct that guides employee behavior and ensures responsible business practices.
• Responsible Investment:AAMI, through its parent company, Suncorp, considers Environmental, Social, and Governance (ESG) factors in its investment decisions. 

• Road Safety Initiatives: Recognizing their role in the automotive industry, AAMI actively promotes road safety through various campaigns and partnerships, aiming to reduce accidents and create safer communities for all Australians.

Environmental Sustainability -

• Ethical Business Practices: AAMI adheres to a Code of Business Conduct that emphasizes ethical behavior, legal compliance, and fair practices in all aspects of their operations, ensuring they operate with integrity and transparency.

Community Resilience: AAMI has a long-standing commitment to supporting Australian communities, particularly in times of natural disasters. This is evident through their significant partnerships, such as their 20-year major partnership with the Victoria State Emergency Service (VICSES), providing substantial financial support and resources to help communities prepare for and respond to emergencies.

AAMI Life Insurance - Technology and Innovation

While AAMI is widely recognized for its technology and innovation in general insurance, it also utilizes technology to improve the customer experience for its life insurance products. As part of Suncorp's Insurance (Australia), AAMI participates in the Group's broader technology and innovation initiatives under the FY21-23 strategic plan, aimed at enhancing customer experience, efficiency, and growth.

Key initiatives that benefit AAMI life insurance customers include:

• Digital Platforms for Policy Management: AAMI provides online portals and a mobile app (AAMI App) for convenient management of insurance policies, including life insurance. Customers can access policy details, update information, and access documents online.
  
• Streamlined Claims Processes: AAMI aims to simplify the claims process through digital channels. While the annual report highlights this for general insurance, the ability to lodge and track claims online likely extends to life insurance, focusing on efficiency and transparency.
  
• Customer Communication and Support: AAMI uses digital communication methods, potentially including in-app messaging, to support and update customers on their life insurance policies and claims.
  
• Integration with Broader Suncorp Technology: AAMI benefits from Suncorp Group's technological infrastructure, including advancements in data analytics, security, and customer relationship management, which indirectly enhance the life insurance customer experience.
  
• Digital First Customer Experiences: The focus on increasing digital transactions across Home, Motor and CTP products has led to a rise in digital sales, which indicates AAMI’s commitment to digital accessibility which is also relevant to life insurance.
  
• AI Chatbot Capabilities: The expansion of AI chatbot capabilities improves customer interactions, offering more efficient support for inquiries which can include life insurance.

AAMI's commitment to customer experience through technology, demonstrated by user-friendly online and mobile platforms and digital communication, extends to its life insurance offerings, aiming for smooth and hassle-free interactions.

AAMI Life Insurance PDS

Effective Date: 31 March 2025

Issuer: TAL Life Limited (ABN 70 050 109 450 AFSL 237848)

About the AAMI Life Insurance PDS

The AAMI Life Insurance Product Disclosure Statement (PDS) explains how AAMI’s life insurance products work, what is covered, and what isn’t. It provides important details to help you decide if AAMI Life Insurance policies are suitable for your needs before you apply. If your policy is issued, this PDS becomes part of your policy conditions.

Products Covered Under This PDS

• Life Cover: Covering death and terminal illness
• Optional Severity Based Illness Covers:
  • Major Illness Cover: Protection in the event of a specified critical illness or injury.
  • Cancer Cover: Protection in the event of life-threatening Cancer (of a specified criteria).

Key Highlights of AAMI Life Insurance

• Convenient: No complicated application process or medical exams required for Australian residents aged 18 to 65. AAMI Life Insurance is designed to provide you with a quick decision on the outcome of your application, based on the information provided by you in a short application and you are not required to undergo any medical tests or exams to apply for this product.
• Comprehensive: You can choose to cover yourself and one additional adult for up to $1,500,000 for death or terminal illness and up to $250,000 for Optional Severity Based Illness Covers.
• Flexible: Insurance that you can tailor and adjust to your requirements. Under Comprehensive Life Cover, you can increase your life cover benefit amount without any evidence of your health or pastimes following a significant life changing event, such as having a baby or taking out a new mortgage. You can apply to increase or decrease your cover at any time, however, increases outside of a significant life changing event will be subject to you satisfying income, health and lifestyle criteria.
• Advanced Payout: When a Comprehensive Life Cover claim payout is approved, an advance payout of up to $10,000 can be provided, with the balance of the benefit amount payable once all claims requirements and documentation are received. The advance payout can help your family with immediate costs, such as legal fees.
• Premiums: Premiums are based on your age and generally increase each year as you get older.
• Existing AAMI Customer Discount: If you hold other AAMI-branded insurance policies such as home or car insurance, a 5% discount will apply to your AAMI Life Insurance premium for the life of the policy.
• Family Discount: Add another adult to your policy and the youngest life insured will receive a 5% discount. This discount doesn't apply to any Optional Severity Based Illness Covers.

Important things to know:

• Claims and Exclusions: Each policy type has its own specific claims process and exclusions. It's important to read the PDS carefully to understand how claims work.
• Financial Risks: Like all insurance, if you do not maintain your premiums or select insufficient cover, your financial needs may not be fully protected.
  

IMPORTANT NOTE: This information is general information only, which means it doesn't consider your individual objectives, financial situation or needs. Therefore, you should consider how appropriate AAMI Life Insurance is for you by carefully reading this PDS and comparing your options before making a decision.

AAMI Life Insurance TMD

AAMI Life Insurance Death Cover TMD (Life Insurance)

Effective Date: 31 March 2025

Issuer: TAL Life Limited (ABN 70 050 109 450 AFSL 237848)

Who this cover is designed for:

• The target market comprises consumers who are:
  • Aged 18-65;
  • An Australian or New Zealand citizen or Australian permanent resident, currently residing in Australia and who has received the PDS in Australia.
  • If consumers are currently residing in Australia, received the PDS/FSG in Australia and are waiting for the outcome of their Australian citizenship or permanent residency application, they will be considered an eligible Australian Resident but only as a Life Insured under the Policy; and
  • Meet TAL Life's Underwriting assessment, including relating to health and medical history, occupation, income, lifestyle, pastimes and current and past insurance.
• The target market comprises consumers who are looking for cover that provides a lump sum Benefit in the event the Life Insured dies or is diagnosed as Terminally Ill.
• The target market comprises consumers who have a need, or may in the future have a need, to pay for outstanding financial commitments in the event the Life Insured dies or is diagnosed as Terminally III.
• This product is designed for consumers who prefer an easier process to obtain an insurance policy.
• It is designed to provide consumers with a quick decision on the outcome of their application, based on information provided by the consumer in a short application and consumers are not required to undergo any medical tests or exams to apply for this product.

Key Features:

• Provides a lump sum Benefit in the event the Life Insured dies or is diagnosed as Terminally Ill and has a life expectancy of less than 12 months.
• Optional Severity Based Illness Covers are attached to the Life Insured's Life Cover and any payment under the Optional Severity Based Illness Covers will reduce the Life Cover by the amount of the payment. Consumers can apply for either or both:
  • Major Illness Cover: Provides a lump sum Benefit in the event the Life Insured is diagnosed with an Insured Condition (such as Cancer (of a specified criteria), Stroke (resulting in a neurological deficit), Heart Attack (with specified evidence of severe heart muscle damage) - full payment, Heart Attack (of a specified evidence) - partial payment, Coronary Artery Bypass Disease, Major Organ Transplant (of specified organs), Major Organ Failure (of specified organs) and specified serious injuries sustained in an accident) of specified severity.
  • Cancer Cover: Provides a lump sum Benefit in the event the Life Insured is diagnosed with life-threatening Cancer (of a specified criteria).
• In order for a Benefit to be paid, the Insured Condition must meet the full criteria and specified severity requirements for that condition.
• Maximum Benefit Amount: Up to $1,500,000 for Life Cover.
• Maximum Benefit Amount: Up to $250,000 for Optional Severity Based Illness Covers.
• Where your Major Illness Cover Benefit amount is $10,000 or more, the benefit payable for Heart Attack (of specified evidence) - partial payment is the greater of $10,000 or 10% of your Major Illness Cover Benefit Amount.
• Where your Major Illness Cover Benefit Amount is less than $10,000, the benefit payable is your total Major Illness Cover Benefit Amount.
• Premiums are based on the Life Insured's age at each Policy Anniversary and the length of time you have had your Policy.
• Premiums generally increase as you age and with the length of time you hold your cover. The increases will generally be more significant as you get older. This means the Life Insured's premium will generally increase at each Policy Anniversary.

Premium options:

• Premiums are based on the Life Insured's age at each Policy Anniversary and the length of time you have had your Policy.
• Premiums generally increase as you age and with the length of time you hold your cover. The increases will generally be more significant as you get older. This means the Life Insured's premium will generally increase at each Policy Anniversary.
• Premiums are not guaranteed to remain the same each year. The amount consumers pay will change when any of the following events occur:
  • The Life Insured's premium will increase each year in accordance with their age and any increase to the Benefits, such as Inflation Protection increases in Cover amounts;
  • The Life Insured makes changes to the Policy;
  • The Life Insured's Benefit Amount is increased or decreased;
  • The Life Insured adds or removes a Cover or option;
  • A discount no longer applies or changes because the Life Insured makes changes to the Policy;
  • There are any changes in government duty or taxes and TAL Life chooses to pass on these additional costs; or
  • TAL Life chooses to increase the underlying premium rates on the AAMI Life Insurance portfolio.
• If premiums are not paid when due, the Policy will end (provided we give you any notice required by law) and the Life Insured will no longer be covered and cannot claim for events occurring after the Policy ends.

Important Exclusions:

• No Benefit is payable in the event of intentional self-injury or suicide within 13 months of:
  • the Cover Commencement Date; or
  • the date of any Benefit Amount increase applied by the Life Insured, but only in respect to that increase.
• No payments will be made under AAMI Life Insurance if the event giving rise to the claim is caused by you being in a country for which the Australian Department of Foreign Affairs and Trade (DFAT) or any successor government department or agency issued a 'Do Not Travel' warning advice prior to your travel to that country, and which continues to be in force during the time of your stay in that country;
• Special conditions determined and agreed to during Underwriting. If applicable, the special condition will be shown in the Policy Schedule.
• No Benefit is payable in any of the following circumstances for Optional Severity Based Illness Cover:
  • An Accidental Injury which occurred prior to the Cover Commencement Date.
  • Any intentionally self-inflicted act (including attempted suicide).
  • The Life Insured's participation in any criminal or unlawful activity.
  • Any Cancer, Heart Attack (of specified evidence of severe heart muscle damage) - full payment, Heart Attack (of a specified evidence) - partial payment, Stroke or Coronary Artery Bypass Surgery arising during the 90 days following:
    • the Cover Commencement Date;
    • an increase in the benefit amount applied for by you (for the increased portion only); or
    • the date of any reinstatement of cover.

When it might not suit:

• The target market excludes consumers who:
  • are under 18 years of age;
  • are over 65 years of age for Life Cover;
  • are over 55 years of age for Optional Severity Based Illness Cover;
  • are not an Australian or New Zealand citizen or Australian permanent resident, currently residing in Australia and have not received the PDS in Australia;
  • do not meet TAL Life's Underwriting assessment,
  • do not have the financial capacity to fund the costs of cover, in accordance with the premium structure, over the period they intend to hold the cover, or
  • have the capacity to, and are willing to pay for outstanding financial commitments without the cover under this product.

NOTE: This product is not to be distributed through personal advice.

Company Name: AAMI (part of Suncorp Group)
General phone support: 13 22 44Specific
Customer Relations phoner: 1800 689 762
International Phone Number:
Claims Phone Number: 1800 068 336
Other inquires:
Postal Address: Suncorp Customer Relations – RE058 Reply Paid 1453 BRISBANE QLD 4001O
perating Hours: Monday - Friday 9am - 5pm (AEST)