What is life insurance?
Life insurance is a financial product that, depending on the type and level of cover, can provide you or your chosen beneficiaries a lump sum amount if you pass away or are diagnosed with a terminal illness and have 12 months or less to live.
This benefit can be used to help with things like mortgage payments, household bills, school fees or maintaining your family’s lifestyle.
With ahm life insurance, you can also choose to add the following:
- Permanently Unable to Work cover – a lump sum benefit if you’re involved in an accident or suffer an illness where you’ve been continuously unable to work for at least 3 months and you’ll be unable to ever work in any occupation.
- Trauma cover – a lump sum benefit if you’re diagnosed with one of the following specified conditions: cancer (excluding specified early stage cancers), heart attack, stroke, open heart coronary artery bypass surgery and loss of independent living.
Read the Product Disclosure Statement to find out more.
Who is the insurer?
ahm life insurance products are issued by Swiss Re Life & Health Australia Limited ABN 74 000 218 306, Australian Financial Services Licence No. 324908, Level 36, Tower Two, International Towers Sydney, 200 Barangaroo Avenue, Sydney, NSW 2000.
ahm life insurance products are promoted by ahm health insurance, a business of Medibank Private Limited, ABN 47 080 890 259, Authorised Representative No. 286089, 720 Bourke Street, Docklands VIC 3008.
Medibank Private Limited is acting as the authorised representative of Greenstone Financial Services Pty Ltd (GFS), ABN 53 128 692 884, Australian Financial Services Licence No. 343079, 58 Norwest Boulevard, Norwest NSW 2153.
ahm life insurance products are distributed by GFS.
How much does life insurance cost?
The premium you pay for life insurance products depends on the level and type of cover you have and whether you have any optional benefits added in.
For ahm life insurance, the premium you pay is also based on your answers to a series of health and lifestyle questions that we ask you during the application process.
For ahm life insurance express, the premium you pay is based on your choice of statement that best describes your health and lifestyle. You may be eligible for a lower premium amount by providing your height and weight details.
Who can apply for ahm life insurance products?
You need to be a permanent Australian resident to apply for ahm life insurance products. An Australian resident means a person who lives in Australia full time and holds:
- Australian or New Zealand citizenship, or
- holds an Australian permanent residency visa; or
- is eligible to apply for an Australian permanent residency visa and will submit an application within the next 12 months
You're deemed to reside in Australia full time if you live in Australia permanently and travel for no more than 3 months of the year.
You don’t need a medical examination to apply for ahm life insurance as insurability is determined by your answers to the health and lifestyle questions (for ahm life insurance) or your choice of the health and lifestyle statement (for ahm life insurance express). You need to be within a certain age range to be eligible to apply for ahm life insurance products. See below for details.
ahm life insurance
|
Cover type |
Age of policy holder at time of application |
|
ahm life insurance |
16 – 65 years |
|
Permanently Unable to Work |
16 – 60 years |
|
Trauma |
18 – 60 years |
For our optional covers, Permanently Unable to Work and Trauma benefits will continue until the Policy Anniversary after your 65th birthday, unless a claim has been paid, you stop paying premiums when due or you cancel the benefit.
ahm life insurance express
| Cover type | Age of policy holder at the time of application |
| ahm life insurance express | 18-45 years |
Will my life insurance premiums increase?
Your life insurance premium is calculated on a stepped basis, which means it will generally increase each year as you age and risk increases. Premium changes happen on the next anniversary date on 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.
In addition, 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.
ahm may, from time to time, review its premium schedule, which may result in changes to the premiums charged for all ahm life insurance policies. We’ll let you know about any changes that may affect you before they happen.
Can I increase my cover?
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.
Do I need more life insurance if I'm already covered through my super?
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 family if something happened to you. If you’re not sure how much cover you need, it’s best to speak to a financial adviser.
Home much life insurance cover do I need?
To work out the right level of cover, you should consider all of your expenses, including your mortgage or rent, school fees, other debts and living expenses. The right level of cover could help your family or other dependents manage mortgage payments, household bills, school fees or maintaining their current lifestyle if something were to happen to you.
You might want to chat to your financial adviser about your circumstances to consider how much life insurance you might need.
Will I get a refund if I cancel my policy?
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.
Things you should know
Any advice provided is general only and does not consider your objectives, financial situation or needs.
You should carefully read the relevant Product Disclosure Statement to ensure the product is right for you. The PDS contains the terms and conditions, exclusions and other important information to help you make an informed decision.
ahm life insurance products are issued by the insurer, Swiss Re Life & Health Australia Limited ABN 74 000 218 306, Australian Financial Services Licence No. (AFSL) 324908, Level 36, Tower Two, International Towers Sydney, 200 Barangaroo Avenue, Sydney NSW 2000.
ahm life insurance products are distributed by Greenstone Financial Services Pty Ltd (GFS) ABN 53 128 692 884, AFSL 343079, 58 Norwest Boulevard, Norwest NSW 2153 and promoted by ahm health insurance, a business of Medibank Private Limited ABN 47 080 890 259 Authorised Representative No. 286089, 720 Bourke Street, Docklands VIC 3008.
Medibank Private Limited is an authorised representative of GFS. The Financial Services Guide tells you more about the services provided for ahm life insurance products.
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