Bupa Term Life Insurance

Information verified correct on September 27th, 2016

Receive up to $1 million in life cover with Term Life Insurance from Bupa

Insurance for your car, home, travel and business are all vital protections that you put in place just in case anything should happen to the things you value. However, while it is important to protect things that are valuable to you and your family, you may want to consider having term life insurance cover in place should anything happen to the integral part of the family - you.
Bupa Term Life Insurance policy provides a lump sum benefit payment to your beneficiaries in the event of your death or upon a diagnosis of a terminal illness with less than 12 months to live. The lump sum amount can be used by your family in any way they see fit. This might mean paying off the mortgage to secure the family home, covering ongoing household and living expenses, paying final expenses like medical bills or funeral costs, or simply making an investment for the future.

finder.com.au does not currently have access to this insurance provider. You may like to consider Bupa's partner in financial services, ClearView Life Insurance.

What does the policy cover?

Bupa Term Life Insurance cover is easy to apply for and manage, so you can ensure your family’s future is insured against the loss of your income, support and care. Some of the features and benefits of your Bupa Term Life Insurance cover include:

  • Nominate your benefit amount: You can choose the benefit amount for your Bupa Term Life Insurance, up to the value of $1 million, and up to $500,000 if you are 56 to 64 years old when you apply.
  • Terminal illness cover: Your Bupa Term Life Insurance policy does not only pay a death benefit, but also pays a lump sum benefit of up to $1 million if you are diagnosed with a terminal illness
  • Additional TPD option: You can include TPD cover option on your Bupa Term Life Insurance to provide a lump sum benefit payment in the event that you become totally and permanently disabled due to an illness or injury.
  • Additional Trauma or Trauma Plus options: You will receive a lump sum benefit payment in the event that you suffer from a medical event as specified by Bupa. Some of the conditions covered by Bupa Trauma and Trauma Plus options include:
    • Cancer
    • Heart attack
    • Stroke
    • Coronary artery bypass surgery
    • Chronic kidney failure
    • Major head trauma
    • Multiple sclerosis
  • Health insurance benefits: We all know that having health insurance makes doctors’ visits more affordable, and makes it more accessible to engage in restorative and health practices like chiropractic. However, when you couple your Bupa Health Insurance with your Bupa Term Life Insurance, you are also eligible for a 10% discount on your premiums.
  • Guaranteed renewable cover: Bupa guarantees to renew your life insurance each year as long as you keep your premiums current. That means that as you get older and your health and lifestyle factors change, you won’t have to worry about becoming ineligible for cover. Your death benefit cover expires when you are 85 years old, and your terminal illness cover expires when you turn 84 years of age.
  • Worldwide protection: You remain protected by Bupa term life insurance wherever you are in the world, 24 hours a day, seven days a week.
  • Interim accidental death cover. You are covered in the event of accidental death throughout your term life insurance policy, however, during the time between completing your application and having your application approved, Bupa ensures you do not go unprotected, by providing you with interim accidental death cover while your application is processed.
  • Automatic indexation benefit: Your life insurance benefit will automatically increase each year to keep up with inflation. Your cover amount will continue to increase with automatic indexation until you are 65 years old, or until your cover amount reaches $1 million. Inflation increases the cost of everything from milk to medical bills, which can have a direct impact on your life insurance benefit value. Therefore, Bupa automatically increases your benefit amount each year, to ensure your benefit remains relevant to the current costs of living.
  • Premium discounts: If you choose a large benefit amount, you may be eligible for a discount on your premiums.
  • Flexible premium payments: You can choose to pay your premiums monthly or annually, and if you choose annual payments you will receive 12 months of cover for the price of 11 months.

Who is eligible for cover?

To be eligible to apply for Bupa Term Life Insurance, you must be:

  • A permanent Australian resident,
  • Be aged between 16 and 64 (inclusive) if applying for death cover.
  • Be aged between 16 and 54 (inclusive) for TPD, Trauma and Trauma Plus cover.

Getting life insurance cover doesn't have to be complicated or expensive with Bupa Term Life Insurance. However, it is still essential to review the Product Disclosure Statement (PDS) to have a clear understanding of the full policy features, terms and conditions, and assess whether this cover is suitable for your needs and situation. When in doubt, speak to an insurance adviser to get assistance in finding term life insurance cover most appropriate to your circumstances.

Exclusions to be aware of

Under Bupa Term Life Insurance a benefit will not be paid under the following circumstances:

  • Death or Terminal Illness benefit: Will not be paid if the death or terminal illness is the result of the policy holder's own act (whether sane or insane) within the first 13 months of cover.
  • TPD, Trauma or Trauma Plus benefit: Will not be paid if the disablement or trauma is the result of a self-inflicted injury, an unlawful act, the use of non-prescribed drugs or war or warlike activities.
  • Trauma or Trauma Plus benefit: Will not be paid if a specified trauma (cancer, heart attack, MS or stroke) occurs within 90 days of starting, reinstating or increasing your policy.
  • Interim Accidental Death cover: Will not be paid if the death occurred outside Australia, was self-inflicted or was the result of an unlawful act, a competitive sport, parachuting or flying (other than on a commercial airline).
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