Help & Support

ahm life insurance products are issued by Hannover Life Re of Australasia Ltd ABN 37 062 395 484, AFSL 530811 Tower 1, Level 33, 100 Barangaroo Avenue, Sydney NSW 2000, Australia (Hannover). Medibank Private Limited ABN 74 000 218 306, AR 286089 (Medibank Private), promoted the insurance as the authorised representative of Greenstone Financial Services PTY Ltd, ABN 53 128 692 884, Australian Financial Services Licence No. 343079 (GFS), 58 Norwest Boulevard, Norwest NSW 2153. These ahm life insurance products are administered by GFS.

Premiums are a regular payment to cover the cost of your insurance policy. The cost of your cover is calculated based on personal risk factors such age, gender, and lifestyle habits such as smoking. The amount of cover you have and any optional extras influence the amount you need to pay.

Yes. Your life insurance premium is calculated on a stepped basis, where premiums are recalculated each year based on your increase in age. This means your premium will increase each year as you get older to reflect your increased insurance risk.

In addition, ahm products include an automatic increase benefit to ensure your policy keeps up with the rising cost of living. Your life benefit amount will be increased by 5% each year on your policy anniversary. This means your premium will also increase to reflect the higher level of cover. You can opt out of these automatic increases by contacting us. Please refer to your Product Disclosure Statement for full details.

ahm may, from time to time, review its premium base rates. Base rates are the starting point for calculating premiums. Each customers personal risk circumstances such as gender, health and lifestyles factors are added on top of the base premium. Base premiums can be influenced by factors impacting the individual insurer or the industry as a whole such as changing mortality rates, inflation or interest rates, which can affect the cost of providing insurance. Insurers may increase base rates to maintain their ability to cover future claims. Insurers may also decrease their insurance premiums in some circumstances where it’s possible to do so.

Premium changes happen on the next anniversary date of your insurance policy. We’ll get in touch with you before your policy anniversary to let you know your new premium for the following year.

For more information, please refer to your Product Disclosure Statement.

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 the normal manner.

In some circumstances, depending on your insurance policy, you may be entitled to an increase without the need for underwriting assessment. Your Product Disclosure Statement sets out the full details on how to increase your cover.

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’.

If you cancel your insurance policy after the 30-day cooling-off period, you won’t get a refund of the premiums you’ve paid. If you paid your premium annually, a refund of premiums for any complete months remaining on your Insurance Policy will be made.