Receive up to $1.5 million in life cover with American Express
With American Express Term Life Insurance you can help keep your loved one's financial future secure with up to $1.5 million in life cover if you were to pass away. The policy offers a range of benefits including a $15,000 advance cash benefit and Guaranteed Future Insurability benefit so you can increase your cover in the future.
This review will outline what exactly is covered, who is eligible to apply and when you won't be covered.
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What does the policy cover?
- Death and Terminal Illness Benefits. If you die or are diagnosed with a terminal illness, American Express Ezicover Life Insurance pays a lump sum benefit of up to $1.5 million. This benefit can be used by your loved ones to minimise the financial impact of your death and maintain their current lifestyle.
- Cash Advance Benefit. While your Death Benefit claim is being settled, Zurich (the insurer) will pay an advance benefit of $15,000 to your loved ones. This amount can be used to cover funeral costs and other immediate financial needs.
- Inflation Protection Benefit. Your American Express Ezicover Life Insurance policy contains in-built protection against the effects of inflation. The benefit amount increases each year on the policy anniversary by 5 per cent or the Consumer Price Index, whichever is greater.
- Future Insurability Benefit. You can increase the Death Benefit on your American Express Ezicover Life Insurance policy by up to $100,000 each year, up to the policy anniversary following your 54th birthday, without having your personal circumstances reassessed when any of the following occurs:
- You get married
- You get divorced
- You become a parent
- You become a full-time carer
- You become a widow or widower
When will a benefit be paid?
American Express Ezicover Term Life Insurance pays a Death Benefit upon your death, or a Terminal Illness Benefit when you receive a confirmed medical diagnosis of a terminal illness and your life expectancy is less than 12 months. The Cash Advance Benefit is paid once Zurich has received a death certificate or other proof of death.
If you wish to make a claim under a American Express Ezicover Term Life Insurance policy, you or your legal representative can phone Zurich on 1800 025 015. Zurich’s local claims team will then be able to guide you through the claims process and send you a claims form.
The form must be completed and signed by you before being mailed, faxed or emailed to Zurich.
Who is eligible to apply?
You will need to satisfy the following criteria in order to qualify for American Express Ezicover Life Insurance:
- You must be an Australian citizen or permanent resident;
- You must be residing in Australia on a permanent basis;
- You must be aged between 19 and 69 years; and
- You must receive the PDS in Australia
You can apply for between $50,000 and $1.5 million cover, but the exact maximum amount you can apply for depends on your age at application:
- Aged 19 to 45: maximum cover available $1.5 million
- Aged 46 to 54: maximum cover available $1 million
- Aged 55 to 59: maximum cover available $750,000
- Aged 60 to 69: maximum cover available $500,000
You can apply online, over the phone or completing a paper application form. Cover expires on the policy anniversary following your 99th birthday.
When won't a benefit be paid?
Your American Express Ezicover Life Insurance claim will not be paid if death is a result of suicide within 13 months of:
- Cover commencing;
- Cover being reinstated; or
- Cover being increased.
In addition, no benefit will be paid if your death is the result of any condition specifically excluded from cover. When you apply for a policy, you will be required to answer questions regarding your health and lifestyle. The answers you give may lead to certain conditions being excluded from cover – any exclusions that apply will be shown in your policy schedule.
American Express Ezicover Life Insurance - Other things to know
- Insurer. American Express Ezicover Life Insurance is issued and administered by Zurich Australia Limited, a member of the Zurich Insurance Group. The group helps manage the insurance needs of people in more than 170 countries.
- Premium amount. There are many factors that contribute to the cost of your American Express Ezicover Term Life Insurance premiums, including:
- The level of cover you select
- Your age (premiums generally increase each year as you get older)
- Your gender (cover costs more for men than for women)
- Whether or not you smoke (a non-smoker is someone who has not smoked tobacco or any other substance in the past 12 months)
- Your health
- Any hazardous pastimes you participate in
- Paying your premiums. American Express Ezicover Life Insurance premiums can be paid by credit card or by setting up a direct debit from the bank, building society or credit union account of your choice.
- 10 per cent multi-life discount. If Zurich receives two applications for cover at the same time and issues two Ezicover Life Insurance policies, the second policy will receive a 10 per cent premium discount.
- First month’s cover free. American Express Ezicover Life Insurance provides the first month of cover for free, meaning no premium is payable for one month from the start date of your policy.
- Commission. American Express receives a commission from Zurich for promoting this insurance policy.
- Worldwide cover. American Express Ezicover Life Insurance provides worldwide cover 24 hours a day, seven days a week.
- Guaranteed renewable. As long as you meet all your obligations under the policy and continue paying premiums, American Express Ezicover Life Insurance is guaranteed renewable until the policy anniversary following your 99th birthday.
- Cooling-off period. A cooling-off period of 30 days applies to this policy. This means that you can cancel cover within the first 30 days after purchasing a policy and receive a full refund.
- Cover ends. American Express Ezicover Life Insurance cover ends when the first of the following occurs:
- The Terminal Illness Benefit is paid
- You fail to pay a premium within 30 days of its due date
- You provide written notification that you wish to terminate the policy
- The policy anniversary after your 99th birthday
- Your death