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 maintain 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 that means you’ll be unable to ever work in an occupation you’re suited for.
- Trauma cover – lump sum benefit if you’re diagnosed with a specified condition.
- Children’s Insurance cover – lump sum benefit if your child suffers a specified illness or passes away.
Read the Product Disclosure Statement to find out more.
Who is the insurer?
ahm life insurance is 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 is 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, Bella Vista NSW 2153.
ahm life insurance is distributed by GFS.
How much does life insurance cost?
The amount you pay for life insurance depends on the level and type of cover you have and whether you have any optional benefits added in.
For ahm life insurance products, the premium you pay is based on your answers to the health and lifestyle questions we ask during the application process.
Who can apply for ahm life insurance?
You need to be a permanent Australian resident to apply for ahm life insurance. 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 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. You need to be within a certain age range to be eligible to apply for ahm life insurance and to add other types of cover. See below for details.
Except where permitted by law, your life insurance policy only ends if you stop paying the premiums when due, you decide to cancel or we pay a claim (in case of death or terminal illness).
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.
For our optional covers, Permanently Unable to Work and Trauma benefits will continue until the Policy Anniversary after your 65th birthday and Children’s insurance until the Policy Anniversary after the child insured turns 21, unless a claim has been paid, you stop paying premiums when due or you cancel the benefit.
Age of policy holder at time of application
16 – 65 years
Permanently Unable to Work
16 – 60 years
18 – 60 years
Insured Child must be aged from 2 to 18 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. Premium changes happen on the next anniversary date on your 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 life insurance 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 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 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 and how much you’re paying in premiums. 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 with the mortgage payments, household bills, school fees or maintain 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 insurance you might need.
Will I get a refund if I cancel my policy?
You can cancel your ahm life insurance policy within 30 days of the first premium due date and provided you haven’t made a claim, we’ll cancel the policy and refund any premiums you may have paid. This is known as the ‘cooling-off period’.
If you cancel your policy after the 30-day cooling-off period, you won’t get a refund of the premiums you’ve paid.
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. It 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, Bella Vista 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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