Frequently Asked Questions - General

What does life insurance cover?

Life insurance generally covers you for death or terminal illness.

How do I get life insurance?

It’s very easy to apply for Seniors Term Life Insurance. All you need to do is answer eight questions about your health, tell us how much you want to be covered for, and we’ll do the rest. Get started today.

Read more about the different ways you can apply for life insurance.

Is a life insurance payout tax deductible?

The good news for older Australians is that your life insurance payout will usually be tax free. This is important as it means that any money you or your family receives will be able to be put towards your general expenses or bills. In most cases if a beneficiary of a life insurance policy receives the death benefit, this payout is not counted as taxable income, and they will not have to pay taxes on it. However, it is important to note that premiums are not tax deductible (in most cases). Read more about life insurance and tax considerations.

Who gets my life insurance when I die?

Your life insurance payout will go to your nominated beneficiaries, or your estate if you haven’t nominated anyone to receive the benefit. You can nominate up to five beneficiaries to receive the benefit when you pass away, and they can be relatives or other people you nominate. Download a Nomination of Beneficiaries Form now to get started.

How does term life insurance work?

There is a set period of time that your insurer will cover you for; and this is what is referred to as the term. Term life insurance covers you during this agreed amount of time. During this stage, if you were to pass away or suffer a terminal illness, you or your nominated beneficiaries will be paid a lump sum payment to assist with any bills, whether they are medical bills, a mortgage, funeral costs or other essential payments that are due. Read more about term life insurance.

What is group universal life insurance?

Group universal life insurance is distinguished from typical life insurance cover as it is given to a group of people rather than a single individual. Usually this group has common factors, such as all being employees of a particular employer. Most group universal life insurance policies will include death cover, terminal illness cover, and at an additional cost Total and Permanent Disability cover (TPD). The characteristics of the group determines the pricing and eligibility of the policy. Read more about group life insurance.

Can I switch life insurance companies?

As an older Australian, it is good to know that you have options to suit your personal needs, as your life progresses. If your circumstances or financial position was to change then you may wish to review your cover. It can be a good idea to review your cover details regularly, to make sure your existing policy suits your current situation and needs. It’s also important that you consider factors before cancelling any cover such as waiting periods or condition exclusions, particularly if you are approaching an older age.

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For total peace of mind for your entire family, call our friendly team now. We’re here 8am to 8pm Monday to Friday and 9am to 2pm Saturdays on 1300 050 510. You can also request a call-back at a time that suits you.