Keep your families financial future secure with Bank of Queensland
Most insurances you hold are in place to protect you from loss or inconvenience, whether it is your travel insurance which is protecting you from flight delays, or your car insurance which is providing you with a loan car when yours is stolen or written off.
However, if you have anyone who relies on you financially and would be in detriment in the event of your passing, then you may want to consider term life insurance. Term life cover provides a lump sum amount that can be used to maintain your family's ongoing financial commitments in the event of your death or if you are diagnosed with a terminal illness.
Features of Bank of Queensland Term Life Insurance
Bank of Queensland term life insurance pays a lump sum benefit directly to your nominated beneficiary/ies when you pass away. Your cover with the Bank of Queensland means that you are protected anywhere in the world, at any time, 24 hours a day, seven days a week.
The features and benefits of Bank of Queensland term life insurance policy include:
- Accidental death benefit: As an additional benefit, Bank of Queensland will offer you the protection of an accidental death benefit, which means that if you die as the result of an accident between the time you lodge your application and the time your application is accepted or rejected, the death benefit will be paid according to the term life insurance policy. The benefit amount will be determined by the normal eligibility criteria, exclusions and maximum amounts, and is only payable if the period between lodgement and approval or rejection is not more than 60 days.
- Advance benefit: If your beneficiaries make a claim on your Bank of Queensland term life insurance, they can receive an advance on the benefit amount of up to $10,000. This advance can be made available to your beneficiaries sooner than the full benefit amount, allowing them to use this initial money for final expenses, medical bills or funeral costs. When the full benefit amount is paid, it will be reduced by the amount which was already paid as an advance.
- Easy application: To apply for term life insurance with BoQ you will need to be an Australian resident between 18 and 56 years old. You will also need to answer a few medical questions but are not required to undergo medical examinations or blood tests. Depending on your answers to these questions, you may be required to provide additional information.
- Choose your benefit amount: You can apply for a benefit amount of $100,000, $200,000, $300,000, $400,000 or $500,000 and the amount of your policy will be confirmed in writing, and be set according to your eligibility. To increase your benefit amount in the future you need to complete a new application form, and the acceptance of the increase will be sent to you in writing, along with details of the increased premium amount. You cannot increase the benefit amount above the $500,000 maximum. The Bank of Queensland insurance policies are issued by St Andrew’s and the maximum benefit for all life insurance policies issued to you by St Andrew’s is $750,000.
- Suicide exclusion: The only exclusion on the Bank of Queensland term life insurance policy is suicide. Suicide is not covered for the first 13 months you hold your policy, however, after you have served this initial period, you are fully covered for any cause of death.
Why You May Want to Consider Bank of Queensland Term Life Insurance Cover
It is important to consider applying for life insurance if you are the primary income earner in your family. Life insurance is also important for anyone who has someone who relies on them financially.
Even a stay at home parent or a spouse working part time would cause a loss in the family if they were to die. The supplementary income would need to be replaced, and the housekeeping and child care duties would need to be taken care of, at the cost of a paid professional. Plus, if one parent were to die, the surviving parent may choose to cut back their working hours to spend more time with the children, however, this would result in a reduced income, which could be supported by a life insurance benefit.
Bank of Queensland term life insurance policy can provide the financial safety net that you and your family may need should you no longer be around to take care of them.