Life Insurance
PROTECT YOUR FAMILY YOUR WAY
Every family is unique. So, you should be able to customise your life insurance to match. That’s why at Insuranceline we’re all about doing things your way. You can choose to add Optional Severity Based Illness Cover, which can provide access to part of your life insurance benefit in the event of major illness or cancer.
Life insurance is a way for you to provide for your loved ones, should you die in an accident or from an illness. It protects the people who depend on you to look after them. If your family relies on your income, Life Insurance can help make sure your family’s home and lifestyle are secure if something was to happen to you.
Life Insurance pays a lump sum amount of money if:
Life Insurance pays a lump sum amount of money if:
- the insured person dies; or
- is diagnosed with a terminal illness and is given a life expectancy of less than 12 months.
There are two main types of life insurance products:
- Protection policies provide a lump sum payout (decided when the policy is taken out) in the event of the insured person's death
- Investment policies aim for capital growth, the money you pay in the form of regular premiums plus the interest earned on that money is paid out in full when the policy is claimed
Not all life insurance policies in Australia are the same. Some may also cover other life-changing events such as terminal illness or critical injury.
If you die prematurely, life insurance provides a tax-free payout1 to your dependents. This money can be used to replace income from your salary, or cover expenses such as funeral and legal costs, child-care and housekeeping.
Prices for Life Insurance vary quite a lot, depending on the insurer and what’s included in the cover, so it pays to shop around and weigh up the benefits of various policies as well as the costs.
Getting quotes should take just a few minutes each. The easiest way is to get a quick quote or call us on 13 77 87 and one of our friendly staff will assist you.
Researching and buying the ideal Life Insurance cover will bring you peace of mind, knowing that you’ve done your very best to provide for your family should the worst happen.
Medical Definitions
The medical definitions for our products are regularly reviewed to ensure that the definitions remain current. Minimum standard medical definitions are set out in the Life Insurance Code of Practice and apply to standard trauma/critical illness cover where we issue your Life Insurance Policy on or after 1 July 2017.
Benefits at a Glance
- Tax-free payout to your family from $100,000 up to $1.5 million.
- Get a quote online in minutes. No medical tests needed. Includes a 30 day money back guarantee.
- Family Discounts – Add another adult to your policy and the youngest person will receive a 5% discount.
- Advance payout of $10,000 on approved claims to help with legal and other unexpected costs.
- Enjoy 12 months for the price of 11 when you choose to pay your premiums annually.
- Straightforward claims process - An experienced Claims Manager will make the process as stress free as possible if you or your family needs to make a claim.
- Higher Cover Discount
Get a 10% discount on your premium for Life Cover from $200,001 to $400,000 plus a 15% discount on your premium for cover over $400,000.
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Questions & FAQs
Here you can find answers to the most common questions we're asked about Life Insurance.
For anything else, call us on 13 77 87 or refer to the Life Insurance Combined Product Disclosure Statement (PDS) and Financial Services Guide (FSG).-
Life insurance is a way for you to provide for your loved ones, should you die in an accident or from an illness. It protects the people who depend on you to look after them. If your family relies on your income, Life Insurance can help make sure your family’s home and lifestyle are secure if something was to happen to you.
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What's covered in Insuranceline's Life Insurance and what's not?
Our Life Cover covers you for death and the diagnosis of terminal illnesses with a life expectancy of less than 12 months. This does not include suicide or intentional self-injury in the first 13 months.
Some causes of death may be excluded from your individual policy depending on your occupation, health and lifestyle or other special circumstances. When you apply we’ll clearly explain any exclusions.
You should read the Combined Product Disclosure Statement and Financial Services Guide for all the details of what is and isn't covered.
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What happens if I leave out information when applying for Life Insurance?
It's very important to give us all the information we request when you apply for Life Insurance, and to answer all of our questions honestly and completely. If there’s a claim, we’ll need to check your medical records – and if it turns out you didn’t tell us something important, we may have to refuse the claim.
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Will my Life Insurance premiums go up?
We work hard to give everyone great value cover – it’s at the heart of everything we do. Unfortunately, the cost of providing Life Insurance does increase as you get older. This means your premiums generally increase over time. To help, if anything does change, we’ll always give you at least 30 days’ notice so you can decide what you’d like to do. Adding another person to your policy or increasing your cover amount will also cause your premiums to go up. If you choose our Inflation Protection option, your cover amount will grow over time, protecting the value of your payout against inflation. This means your premiums also rise slightly from year to year in line with your increased benefit amount. Your premiums may increase if we decide to change the premium rates applicable to your policy.
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If I cancel my Life Insurance policy, will I get a refund?
When you take out Life Insurance from Insuranceline, we give you a 30 day money back guarantee - so if you cancel your Life Insurance policy in the first 30 days from when you receive your policy documentation we’ll give you a complete refund. After that, there are no refunds.
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How does Optional Severity Based Illness Cover work?
If eligible, you can choose up to 100% of your life insurance cover amount to a maximum of $250,000 across the following: Major Illness Cover and Cancer Cover. This cover provides a lump sum payment that draws down on your main life insurance cover, to assist with medical and out-of-pocket expenses while you’re recovering from certain sicknesses or injuries. Later, your family can access your remaining life insurance cover in the event of your passing. Learn more >
Want to know more about our Life Insurance? Get a quote online or call 13 77 87 today.
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Most people want enough Life Insurance to pay off any debts, secure the family home, and allow their family to live in comfort for at least a few years. If you have young children, a large mortgage, or school fees to take care of, you might want to choose a higher cover amount.
You can apply for Life Insurance with a cover amount from $100,000 to $1.5 million.
Want to know more about our Life Insurance? Get a quote online or call 13 77 87 today.
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Who will my family deal with during a Life Insurance claim?
Your family will be given a dedicated Claims Manager whose details will be on the accompanying cover letter that we’ll send in the event of a claim. They’ll personally oversee the case and help your family work through the details of the claim.
Your dedicated Claims Manager will explain anything that is not covered or talk through any concerns your family may have.Want to know more about our Life Insurance? Get a quote online or call 13 77 87 today.
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How does it work?
Life Insurance pays a lump sum amount of money if:
- the insured person dies; or
- is diagnosed with a terminal illness and is given a life expectancy of less than 12 months.
If you add our Optional Illness and Injury Cover to your policy you will also be able to draw down on your main life insurance cover amount, to assist with medical and out-of-pocket expenses while you’re recovering from certain sicknesses or injuries. Later, your family can access your remaining life insurance cover in the event of your passing. It can help you in life and your family in death. Learn more >
Where you have nominated a beneficiary, the death benefit will be paid to the person you nominate. If you don’t nominate a beneficiary, we will pay the benefit to your estate.
If a claim is made, as soon as it is approved we’ll make a $10,000 advance payout to help your family through a difficult time.
Want to know more about our Life Insurance Plan? Get a quote online or call 13 77 87 today. -
Is it right for me?
Our Your Way policy allows you to get protection your way. You can nominate beneficiaries, add optional extras, choose your cover amount and even the way you pay: fortnightly, monthly or annually.
It’s your policy. Design it your way.
If your family relies on your income, Life Insurance can help make sure your family’s home and lifestyle are secure if something was to happen to you.
In the event of your passing, Life Insurance can also help your family take care of the cost of childcare, cleaning and other household expenses.
Insuranceline offers Life Insurance to Australian residents aged 18 to 65.
Want to know more about our Life Insurance Plan? Get a quote online or call 13 77 87 today. -
Things to consider
- If you are replacing another insurance policy, you may lose valuable benefits so you should consider the terms and conditions of each insurance policy before deciding to make the change.
- Life insurance is not a savings plan. If you cancel it before an insured passes away, you won’t get anything back (exception applies during the cooling-off period).
- Other risks associated with holding this product can be found in the PDS.
- You may not select the right product and cover amount for your needs – always read the PDS, consider alternatives, and think about an appropriate cover amount. Review your cover regularly to make sure it meets your needs.
- Depending on how long you live, you might hold life insurance for a long time. It is important to consider the long term affordability of the policy, based not only on your current income, but the income you are likely to have in the future.
- Life insurance is not a savings plan. If you cancel it before an insured passes away, you won’t get anything back (exception applies during the cooling-off period).
- If you are replacing another insurance policy, you may lose valuable benefits so you should consider the terms and conditions of each insurance policy before deciding to make the change.
Optional Severity Based Illness Cover
- Major Illness Cover - Protects you from temporary setback due to life threatening sickness such as cancer, stroke, heart attack or accidental injuries. See the Combined PDS/FSG for details on exclusions and conditions covered.
- Cancer Cover - Designed to help protect you from temporary setback due to life-threatening cancer. Cancer Cover can help make sure you and your family are taken care of financially, leaving you to focus on your recovery. See the Combined PDS/FSG for details on exclusions and conditions covered.
Exclusions & Restrictions
- See the combined PDS/FSG for full details of exclusions.
- Life Cover - Suicide and intentional self-injury are not covered during the first 13 months of cover. If any other exclusions are to apply, we’ll discuss them with you first.
Steps to Getting a Life Insurance Quote
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How much money will you need?
Work out how much money your family will need if you aren’t able to provide for them. It’s crucial that you have the right level of cover, so be sure to include all living expenses and any debts such as the mortgage, as well as future costs like education.
If you’re a single parent or a sole-income family, you might need to factor in extra child-care, transport and housekeeping.
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Research what’s on offer
Your superannuation fund is likely to have low-level cover for illness or death. Study this cover carefully – is it enough for your family to comfortably live on now and in the years to come?
Being underinsured puts your family at risk of financial hardship. It is estimated that only 4% of our population with children has enough insurance.
If your current cover falls short, then your safest bet is to buy Life Insurance from a specialist life insurance provider offering a range of policies that can be tailored to fit your needs.
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Get a few different quotes
As with any major life decision, be sure to research and compare prices and inclusions. Once you have a short list of Life Insurance providers find out about additional cover, added benefits, flexibility within policies and discounts for things such as a policy for your partner.
Notice how they treat you: if they’re friendly, expert and efficient in their interaction with you, then that is a good indication they will treat you well should you ever need to make a claim.
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Get the most from your Life Insurance policy
Many insurers offer extra benefits and options. For instance, paying premiums annually instead of monthly might save you money. Some insurers, including Insuranceline, give you a discount if your partner also takes out a policy.
Get a quick quote online now and we will call you back, or give us a call on 13 77 87.
There are many different types of insurance and life stages are a factor in determining your suitability for each type. Check out the life stages and what type of insurance may be more suitable for you.
Read about the other types of insurance that Insuranceline offer: Funeral Insurance or Income Protection Insurance.
Want to know more about this product?
Download our Combined Product Disclosure Statement (PDS) & Financial Services Guide (FSG).
1 Exceptions apply such as when cover is used for some business purposes and for non-financially-dependent beneficiaries of life cover under a superannuation plan. Taxation advice specific to your circumstances is recommended.
Would you like to receive detailed information about Life Insurance?
Request an information package today and have it delivered to your home.
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