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 contributions to their lifestyle, such as by your income or the care you provide, Life Insurance can help make sure your family’s home and lifestyle are secure if something were to happen to you.
The amount of insurance you need will depend on your individual circumstances, and this means it will be different for everybody. With Life Insurance, you should consider things like what debts you’d like to pay off and how much you’d like to leave your family to meet their future financial needs. Here are some questions to consider when working out the amount you may need:
No. Premiums for Life Insurance are not tax deductible.
With Life Insurance, your family will have some financial protection if something happens to you and you’re no longer around. The payout from your policy could help cover the mortgage or rent, put food on the table, and help with the medical and educational needs of your children. It could pay for the car, holidays, birthday presents, swimming lessons and outings—all the things you work so hard to give your family.
It's very important to give us all the information we request when you apply for Life Insurance, and to answer all 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.
Our Life Cover covers you for death and the diagnosis of terminal illnesses with a life expectancy of less than 12 months. We do not cover suicide or intentional self-injury in the first 13 months.
Some other causes of death may be excluded from your policy depending on your occupation, health and lifestyle or other special circumstances. When you apply, we’ll clearly explain any additional exclusions that apply to you, before your policy starts.
If Optional Severity Based Illness Cover is selected, additional exclusions as listed in PDS will apply.
You should read the Combined PDS & FSG for all the details of what is and isn't covered.
Yes. Your premium will increase each year as you get older. We work hard to give everyone great value cover—it’s at the heart of everything we do. The cost of providing Life Insurance does increase as you get older. This means your premiums will increase over time. To help, when your premium 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 from year to year in line with your increased benefit amount. Your premiums may also increase if we decide to change the premium rates applicable to your policy.
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.
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 specified kinds of sicknesses and injuries. Later, your family can access your remaining life insurance cover in the event of your passing. Learn more.
You can apply for Life Insurance with a cover amount up to $1.5 million.
Life Insurance benefits are paid to the surviving Policy Owner of the Policy, or, if there is no living Policy Owner, the nominated beneficiary or the estate of the Policy Owner.
Your family will be given a dedicated Claims Manager. 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.
Cover ends on the earlier of:
Cover is available for all Australian or New Zealand citizens or Australian permanent residents, currently residing in Australia, aged 18 to 65.
The cost of your Policy depends on a range of factors, including but not limited to your sum insured, the type of cover, your age and gender, whether you smoke, the length of time you have had your Policy and how often you choose to pay your premiums. We may also take your occupation, health, income, personal pastimes, lifestyle and other factors into account in determining insurance premium amounts.
While the decision to provide access to Life Insurance cover may differ based on your provider, some of Australia’s leading life insurance providers have confirmed that your decision to get vaccinated against COVID-19 will not affect your ability to get a new Life Insurance policy or claim on your existing policy.
If in doubt, it’s to best to contact your Life Insurance provider to confirm that you will be covered.
2023 © Insuranceline
^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.