Question 1

Why do I need life insurance

Accepted Answer

Life's unpredictable at the best of times. Life insurance is designed to protect your loved ones with financial security just in case you're no longer able to help them with everyday living expenses like groceries, household bills, mortgage repayments or school fees.

Question 2

How much cover do I need?

Accepted Answer

The amount of cover you need depends on your individual circumstances. For example, your expenses, including your mortgage or rent, school fees, other debts and living expenses.
If you’re not sure how much cover you’ll need, you can use the Money Smart calculator to help you work it out, or speak to a financial adviser.

Question 3

Can I increase my cover?

Accepted Answer

Yes. Once your insurance policy starts, you may be eligible to increase the amount of your cover. Any application you make to increase your cover will be subject to eligibility criteria, including age requirements, and underwriting assessment. In some circumstances, depending in your policy, you may be entitled to an increase without the need for medical underwriting assessment. Your Product Disclosure Statement sets out the full details on how to increase your cover.

Question 4

Do I need more life insurance if I'm already covered through my super?

Accepted Answer

It’s worth checking exactly how much cover you have in your super. You may find that you don’t have enough cover to provide for your loved ones if something happened to you. If you’re not sure how much cover you need, it’s best to speak to a financial adviser.

Question 5

Will I get a refund if I cancel my policy?

Accepted Answer

You can cancel your insurance policy within 30 days of the first premium due date and, provided you haven’t made a claim, we’ll cancel the insurance policy and refund any premiums you may have paid. This is known as the ‘cooling-off period’.
You can also cancel your insurance at any time after the cooling-off period by calling us on 1300 867 125. If you pay your premium fortnightly or monthly, your insurance will end on the next date we would have debited your premium if your insurance had not been cancelled. If you pay your premium yearly, your insurance will end when we receive your request to cancel your insurance. Any premium paid by you for coverage after that date will be refunded to you.

Question 6

Can I get life insurance if I have an existing health condition?

Accepted Answer

Having a pre-existing health condition doesn’t automatically prevent you from being eligible for life insurance. During the application process, we’ll ask about your health, and based on the information you provide, if we’re able to offer you life insurance, your policy may include certain conditions (such as waiting periods) or exclusions.³

Question 7

What does life insurance not cover?

Accepted Answer

While life insurance can help protect what matters most, there are some situations it doesn’t cover. Make sure to check the specific conditions and exclusions included in your policy and the ahm Life Insurance PDS for full terms and conditions, so you know exactly what your policy covers. Contact us if you’re unsure.

Question 8

Does life insurance cover funeral costs?

Accepted Answer

Some life insurance covers can advance a lump sum to help with the costs of a funeral.² For eligible claims, ahm Life Insurance’s Death Advancement Benefit will advance $15,000 of the Life Cover sum insured to help with funeral costs or other similar expenses, after receiving the insured person’s death certificate. Your Life Cover sum insured and if applicable, any TPD Cover and/or Critical Illness Cover sum insured will then be reduced by the amount paid under this benefit. Make sure to check the ahm Life Insurance PDS for full terms and conditions.

Question 9

How does life insurance work?

Accepted Answer

ahm Life Insurance offers flexible payment options and you can pick a payment option which works best for you - fortnightly, monthly or yearly. If you take out ahm Life Insurance, and you pass away or are diagnosed with a terminal illness, we may pay a lump sum to your nominated beneficiaries to help with life’s expenses.¹ You can choose the amount of cover that suits your situation, whether you want to help towards your family’s living expenses, pay off a mortgage, or cover other important costs your loved ones may face if something unexpected happens.

Question 10

What are the different types of life insurance?

Accepted Answer

There’s a variety of life insurance options available, each offering protection for different events:

Income Protection Cover: your backup plan in case you become unable to work due to injury or illness.^

Life Cover: provides a lump sum payment if you pass away or are diagnosed with a terminal illness.^

At ahm, we also offer the following optional add-on covers to your Life Cover:

TPD (Total and Permanent Disability) Cover: if, due to illness or injury, you're assessed to be permanently unlikely to work in any occupation you're suited for.^

Critical Illness Cover: if you suffer from a specified critical illness condition listed in the PDS such as cancer (excluding early-stage cancer), heart attack (with evidence of heart muscle damage), loss of independence (total and permanent) and open-heart surgery.^

Child Cover: for your child aged between 2-19 years old if they were to suffer from a critical or terminal illness or pass away.^

Question 11

Can I apply for ahm Life Insurance if I have HIV/AIDS?

Accepted Answer

ahm cannot offer Life Insurance cover or Income Protection Insurance cover to individuals with a diagnosis of HIV or AIDS at the time of application. That’s because we don’t use medical examinations as part of the application process, and so we are unable to assess the severity of the condition. However, you will not be excluded if you contract HIV or AIDS after you have purchased a policy. That means you may retain your policy, and we shall pay claims related to a HIV or AIDS illness, provided the claim meets the appropriate definitions of the policy.

Life insurance

Features and Benefits

What’s included

Cover for up to $1.5 million

Included benefits

Early lump sum payments

Easy claiming

ahm health member discount

Flexible payment options

Add ons

Critical illness

Total and Permanent Disability (TPD)

Child Cover

Income Protection

Handy links

Stuff you might actually want to read

Life insurance vs income protection – what's the difference?

Life insurance through super (your handy guide)

What is life insurance?

Things you should know