CGU Life Cover

Information verified correct on September 30th, 2016

Receive up to $1 million in life cover with CGU

Many may not consider that the necessity of life insurance as they consider as something that they'll never use in their life. However, it is important to remember that an event such as death or terminal illness can affect anyone at anytime. Therefore, having a protective cover in place is essential to safeguard the wellbeing of your loved ones, even if you are no longer around to be able to care for them.

This is because much of what you do and strive for in your life is for your family. The work you do, the holidays you plan, the money you save is all done so that you can give your family the best, and look after them whenever they need your care. Therefore if you are serious about making sure your family is looked after no matter what happens to you in the future, then you need to make sure you have a life insurance policy you can trust, and which has all the features and benefits to make it the only choice for your loved ones.

The team of advisers that finder.com.au directs its enquiries to are not currently able to provide quotes for this provider. You may wish to consider our other primary providers instead.

Key Features of CGU Life Cover

Life insurance from CGU provides your family with a lump sum benefit payout if you die or become terminally ill, plus you can choose to take out joint cover and include cover for your partner, so your family remains fully protected no matter what. With a single or joint life insurance plan from CGU you are benefiting from:

  • Flexibility to nominate your benefit amount: You can choose a benefit amount from $100,000 up to $1 million depending on your age and circumstances. If you are 18 to 50 years old, you can apply for up to $1 million cover, or if you are 51 to 65 years old, you can apply for up to $500,000 of cover.
  • Life Cover Benefit: In the event of your death, CGU will provide a lump sum payment of your nominated benefit amount to your beneficiaries.
  • Terminal Illness Benefit: In the event that you are diagnosed with a terminal illness with less than 12 months to live, a lump sum payment of your nominated benefit amount will be payable. The terminal illness benefit is the same amount as your life insurance benefit, which means once a terminal illness benefit is paid, your cover ends, so your family cannot make another claim on your policy when you die. Your terminal illness benefit can instead help pay for final medical expenses and treatments, modifications to your home, or for relaxing family time or holidays.
  • Advance Funeral Benefit: In the event of your death, CGU will provide an advanced payment of $10,000 from your benefit amount immediately to pay for funeral expenses or other immediate costs, as soon as a death certificate or other proof of death has been accepted by CGU. When the full benefit amount is paid, it is paid less the advance benefit amount.
  • Joint cover: As previously mentioned, you can apply for CGU Life Cover with your spouse, partner or de facto to a maximum $1.5 million in cover amount.
  • Automatic benefit increases: CGU will automatically increase your benefit amount each year by the amount of the Consumer Price Index or by 5% whichever is greater. This ensures that your benefit amount remains relevant to the costs at any time your family makes a claim, with the price of living going up all the time. Your CGU life insurance benefit amount will be increased to a maximum of $1.5 million and increases will occur automatically until you are 80 years old, and you are not able to opt out of this feature.
  • Worldwide cover: Once you are covered by CGU life insurance, you are protected 24 hours a day, 7 days a week, all year round, wherever you are in Australia or the world.

How to Apply for CGU Life Cover

If you are 18 to 65 years old and an Australian resident, you can apply for life insurance with CGU. Your premiums are individually calculated based on your age, gender and smoking status, to make them as affordable as possible.

You can also apply for life insurance with CGU online, so you can make an immediate application, at any time which suits you, as there is no medical or blood test required. You also have a 28 day cooling off period from the commencement date of your policy. If you change your mind within this time, you can cancel your policy and receive a full refund on any premiums paid, as long as you haven’t made a claim.

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