Life Insurance FAQs

Life insurance generally covers you for death or terminal illness.

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.

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.

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.

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.

We hope that you never have a reason to complain, but if you do, we will do our best to work with you to resolve it. To make a complaint, visit our complaints page.