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Planning • 3 min read

Key benefits of Life Insurance

Are you looking into Life Insurance but not quite sure about its benefits? Find out about how Life Insurance can put your mind at ease and protect the future of your family.

As well as the emotional upheaval of a loss in the family, many people may struggle financially if the main breadwinner or at-home parent were suddenly no longer around. 

Think for a moment about how your dependants would get by if you were no longer there to support them.

  • Could they keep up with the mortgage repayments or would they have to sell the home?
  • Is there enough cash in the bank to pay for a funeral?
  • How would they pay for groceries, utility bills, car registration and school expenses?
  • Would your partner be able to quickly step into your shoes and cover your salary earnings? And if they did, would they need extra support to look after your children?
  • Could your spouse and/or children survive on a government benefit if they needed to?

By taking out a good Life Insurance policy you won’t have to worry about any of these questions: your loved ones’ financial security is assured and you can get on with living your life to the fullest.

Life Insurance will be there if you need it.

An investment in safety and well-being

Life Insurance costs just a few dollars a day, and with Insuranceline you’re covered immediately. No medicals, no waiting periods (13 months exclusion period for suicide and self-injury). As soon as you’ve completed your application and you have been accepted for cover, you can breathe easy, knowing that your family will be looked after should anything happen to you. 

Life Insurance and optional benefits

There are a range of Life Insurance options and additional benefits to provide financial security both for those with dependants and those without:

  • Life Insurance is paid out in a lump sum to your estate or beneficiaries upon your death. Insuranceline offers a tax-free payout of between $100,000 and $1.5 million depending on your chosen level of cover. Our policies cover all causes of death, except for suicide and death as a result of intentional self-harm during the first 13 months of cover.
  • Cancer Cover could pay up to $250,000 if you’re diagnosed with certain types of cancer of specified severity. This payment can be used for anything, including making up lost income, covering medical expenses, required assistance, or even a recuperative holiday.
  • Major Illness Cover, also known as Trauma or Critical Illness Insurance, pays a lump sum if you suffer a major illness such as a heart attack, stroke, and some forms of cancer of specified severity.

For more information on these different insurance types, see the Life Insurance Combined Product Disclosure (PDS) and Financial Services Guide (FSG).

Why should I get Life Insurance?

  • Life Insurance is a safe and secure investment that can provide a source of ongoing income for your financial dependants when they need it most.
  • Life Insurance provides peace of mind, allowing you to get on with living your life to the fullest.
  • Life Insurance will enable your family to keep the assets and lifestyle you work so hard to provide, even after you’re gone. 

As Life Insurance specialists with many years of experience helping people during times of extreme grief and stress, we know how important it is to process claims as quickly and smoothly as possible. Claims are processed by highly trained and experienced managers, making it as easy for your loved ones as possible. 

Get a quick quote online for Life Insurance or talk to one of our friendly staff.

Or you can give us a call on 13 77 87. We’ll talk you through the application and help you choose the ideal cover for your circumstances.


Backed by TAL

^Offer available to Insuranceline customers who complete an application for an Insuranceline branded and distributed Life Insurance, Income Protection or Funeral Insurance policy between 1 October 2023 and 31 March 2024 (inclusive) and are issued with a policy with a commencement date prior to 00.01AM (AEST) 1st of May 2024. To be eligible policy holders must hold the policy for 4 consecutive months and pay 4 months’ premiums in full. One Gift per customer. View full terms and conditions.

**Bonus 10% more cover is calculated on the fifth anniversary from the Policy Commencement Date. Each adult life insured will have an extra 10% of the average Funeral Insurance Cover amount held during the previous five years added to their Funeral Insurance benefit. Terms and conditions apply. Refer to the PDS for more information.

#Claims paid figures relate to all Insuranceline life insurance policies in the 2021 financial reporting year (1 April2021 to 31 March 2022). All claims on Insuranceline policies are assessed against the relevant policy terms and conditions. These terms and conditions, as well an explanation of the claims process, can be found in the applicable Product Disclosure Statement. Claims are administered and settled by the insurer, TAL Life Limited.

***Insuranceline is the longest standing provider of Funeral Insurance in Australia, based on: Strategic Insight, Actuaries & Researchers. Funeral Insurance means a policy with periodic premium payments that provides a lump sum to help pay for funeral and associated expenses when you die and excludes pre-paid Funeral Plans and Funeral Bonds.

The information provided on this website is general advice only which means it does not take into account your individual needs, objectives or financial situation. For this reason, you should consider whether it is appropriate for you, and before you decide to buy or to continue to hold an insurance product, you must read the relevant Combined Product Disclosure Statement (PDS) and the Financial Services Guide (FSG). The PDS/FSG contains important information which will help you understand the product, including what's covered and what's not covered and to decide whether it is appropriate for you. The Target Market Determination (TMD) for the relevant product, where applicable, is also available.

If you are considering cancelling a policy you already hold in order to replace it with a new policy, make sure you read the terms and conditions of both policies before you make a decision. The cover terms may be different, you may lose benefits accrued under your existing policy, and waiting periods may apply to the new policy. Changes in your personal circumstances (such as your age, health, and employment) that have occurred since your existing policy was originally taken out may also affect your new policy. As your application for a new policy may not be accepted, and some policies may be unable to be reinstated after they have been cancelled, you should consider waiting until your new policy is confirmed before you cancel any existing cover.

Promoted by Insuranceline, a trading name of TAL Direct Pty Limited (of Level 16, 363 George Street, Sydney NSW 2000) ABN 39 084 666 017 AFSL 243260. TAL Life Limited ABN 70 050 109 450 AFSL 237848 issues the life insurance benefits. St Andrew's Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649 issues the Involuntary Unemployment Cover.

The ways in which Insuranceline collects, uses, discloses and secures your personal information are set out in the Insuranceline Privacy Policy, which is available free of charge on request.