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All Life Insurance Articles

Planning • 2 min read

What do Life Insurance policies cover?

Wondering what different types of life insurance cover? We've broken down the basics for you.

You may have noticed there’s a wide range of Life Insurance policies available these days. Do your research and you’ll find the level of cover, conditions, exclusions and costs can vary quite a bit from insurer to insurer.

At Insuranceline, we've made Life Insurance simple and straightforward. No jargon and no tricky wording.

Levels of cover and benefits will vary, depending on the type of Life Insurance you take out and how much you pay in premiums.

Our different types of Life Insurance:

Life insurance helps to ensure your loved ones are taken care of financially, if you die. It’s paid out in a lump sum to your beneficiaries. Insuranceline offers a payout of your choice between $100,000 and $1.5 million. 

Insuranceline Life Insurance 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

Cancer Cover can pay up to $250,000 if you’re diagnosed with cancer (of a specified criteria). This payment can be used for anything—lost income, medical expenses, required assistance, or even a recuperative holiday.

Major Illness Cover

Major Illness Cover, also known as Trauma or Critical Illness Insurance, pays a lump sum if you suffer a major illness such as heart attacks (of a specified severity), stroke (resulting in neurological deficit), and some forms of cancer (of a specified criteria).

For more information on these, including the types and criteria of the Cancers and Major Illnesses covered, see the Life Insurance Combined Product Disclosure Statement and Financial Services Guide.

How does it work?

Once you worked out how much cover you require get a quote for Life Insurance, or call us directly on 13 77 87. 

If you are an Australian resident, aged between 18 and 65, you can be covered in minutes with no medical tests, and you can choose from a range of flexible premium payment options.


 
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^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.