Frequently Asked Questions – Seniors Term Life Insurance

Does term life insurance cover accidental death?

Yes, Seniors Term Life Insurance covers you for death caused by accidents, and your policy will cover you for a set period of time. The cover period (term) for Seniors Term Life Insurance is 20 years, or until your 85th birthday, whichever comes first. In the event of an accidental death, your family’s payout will be tripled (up to a maximum of $300,000).

Depending on your personal circumstance, this may be a smart way to make sure your loved ones are financially protected if the worst was to happen. This can be even more important to offer you peace of mind as you get older. For more information head to our page on direct term life insurance.

Do life insurance policies cover funeral costs?

There are no restrictions on how you or your family can use a life insurance payout, so the money can go towards a funeral, estate legal fees, ongoing living costs, and more. With Seniors Term Life Insurance, your family will get 20% of the benefit amount in advance when a claim is made, so they can cover immediate funeral expenses while the rest of the claim is being assessed.

Does life insurance require a blood test?

No, you don’t need to have any blood tests or medical exams to take out Seniors Term Life Insurance.

Does my life insurance policy expire?

Seniors Term Life Insurance provides cover for a specified period of time (meaning it has an expiration date). Seniors Term Life Insurance is specially designed with Australian seniors in mind, you can get cover later in life; from age 45 all the way up to age 79, and you can keep your policy for 20 years or until you are 85, whichever comes first.

Do my life insurance premiums go up?

The good news is, your annual premium increase won’t be based on your age which will help with budgeting later in life. Plus, we offer lower starting premiums for non-smokers.

Are there exclusions to Seniors Term Life Insurance?

Seniors Term Life Insurance immediately covers death by any cause, and terminal illness, however suicide is excluded for the first 13 months. It’s important to read your Product Disclosure Statement so you can familiarise yourself with your policy’s benefits, and to make sure you are appropriately covered for your personal circumstances.

How do I apply for Seniors Term Life Insurance?

Applying for Seniors Term Life Insurance is easy, and can be done in just a few minutes, without any complicated paperwork. All you have to do is call our Australia-based team on 1300 050 510 and speak to one of our friendly team members who can answer any questions you might have. Another benefit for seniors is that there are no medicals or blood tests required to apply.

How much cover can I get?

The choice is up to you. You can choose a cover amount that suits you, and your family’s needs, from $10,000 up to $100,000 in increments of $5,000. This means that you’ll have the peace of mind knowing that an agreed amount of money will be paid to you, or your nominated beneficiaries when you (or they) need it the most. This could give you an added feeling of security if you have left the workforce, or are on limited savings as you get older.

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