If you're already an ahm customer, there's a chance to lower your insurance costs. ahm health members get 10% off their income protection premiums each year.
You won't need to undergo a medical or blood tests during your application.
A monthly benefit limit of $10,000 is competitive, but some providers – such as TAL, NobleOak and Aspect – offer higher caps.
These products offer great value, with a good score across both features and price.
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These are competitive products, though they didn't quite get top scores.
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These products might offer less value or command a higher premium than others in the market.
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These products might only offer a basic set of features or aren't very competitive on price.
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Finder Score - Income Protection
Income Protection is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 12 products and gave each one a score between 1 and 10.
But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.
Income benefit. ahm pays a monthly benefit if you get too sick or injured to work. An ongoing payout can replace up to 70% of your pre-tax income – capped at $10,000 monthly.
Waiting period. This is how long you'll have to hold your policy before benefits can kick in. ahm income protection has 2 waiting periods: 30 days and 90 days. Keep in mind, by choosing a 90-day waiting period, you might need enough savings to sustain yourself for 3 months.
Benefit period. You can also choose the maximum amount of time you'd like to receive a benefit. With ahm, this can be 2 or 5 years.
Rehabilitation benefit. In addition to the monthly income benefit, if you suffer a disability then ahm income protection can pay a third party provider for rehab, re-training, or equipment to help you return to work. This is in addition to, and up to 12x the monthly benefit amount.
Total and partial disability benefits. ahm income protection customers are eligible for their monthly income benefit if totally disabled or partially disabled and unable to work in any occupation that they are suited for.
Death benefit. If you die while the income protection is in place, ahm would pay a lump sum payment of $10,000 to your beneficiaries.
ahm member bonus. Furthermore, ahm Health members who take out an ahm income protection policy can enjoy a 10% discount on their insurance premiums.
Am I eligible for ahm income protection?
You'll need to be an Australian resident aged between 18 and 55 years of age and meet other criteria set by the insurer.
For example, you must work a minimum of 20 hours per week – either in permanent paid employment or self-employment.
Keep in mind that your income protection cover expires on the policy anniversary following your 65th birthday.
What exclusions should I be aware of?
Your ahm income protection claim won't be paid owing to:
An intentional or deliberate self-inflicted act, including attempted suicide, within 13 months
War
You taking part in a riot or civil commotion
Normal and uncomplicated pregnancy, childbirth or miscarriage
Cosmetic surgery, unless you are disabled for more than three months
Any event or condition specifically excluded as stated on your policy
It's important to read ahm's product disclosure statement (PDS) with care to get a more complete understanding of what's excluded by your policy.
What else should I know about my ahm policy?
Insurer. ahm income protection insurance is underwritten by Zurich Australia Limited.
Worldwide cover. It provides cover 24/7 anywhere in the world.
Easy application. It's quick and easy to apply for cover, with no medical or blood tests required.
Premiums. The cost of your ahm income protection premiums in influenced by a range of factors, including your age, the monthly amount insured, the benefit period, the waiting period, your gender, your smoking status, your overall health, your family's medical history, your employment status and any hazardous activities you participate in.
Premium payments. Choose to pay for your premiums either fortnightly, monthly or annually. You can pay by automatic debit from your bank account or credit card.
Premium waiver. There are no premiums payable while you are on claim.
Cover ends. Cover under your ahm income protection policy ends when the first of the following occurs:
The policy anniversary following your 65th birthday
James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, WIN News, Insurance News, 7NEWS and The Guardian. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146). See full bio
James's expertise
James has written 204 Finder guides across topics including:
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