Compare Life cover options available from Citibank.
As you go about comparing life insurance policies and providers, you may be wondering which plan is most suitable for your needs. With so many different policies available on the Australian market, each with their own set of features and benefits, choosing the right life cover can get complicated.
Through OnePath Life, Citibank CoverPlus Life Insurance aims to provide quality and affordable protection that accommodates your needs, with different levels of cover that you can tailor to suit your specific needs.
Different types of Citibank Life Cover plans
Citibank offers two types of life cover policies that you can customise to your needs:
- CoverPlus Life: You can apply for cover of up to $1.5 million of cover, with a $15,000 advance assistance benefit paid.
- Pure Life: Covers you with a benefit of up to $1 million and provides an advance Funeral Expenses Benefit of $10,000. Also includes terminal illness benefit and loyalty discounts.
Key features of Citibank CoverPlus Life
The Citibank Cover Plus Life policy allows you to add and customise all of the additional benefits you might want to provide you and your family with truly comprehensive life insurance. Cover Plus Life offers:
- Cover amount of up to $1.5 million: Depending on your age at the time of application, you can apply for a cover amount of up to $1.5 million. This is paid as a lump sum amount to your beneficiaries, so they can use it in any way they see fit.
- Life benefit: You can choose cover which is just a life benefit and an advance-assistance benefit, which pays a lump sum if you die or are diagnosed with a terminal illness. An advance of the benefit amount will be paid within five days of receiving a completed claim, and can be up to $15,000 to help with immediate expenses. When the full benefit is paid, it is less the advance benefit amount. An accidental death benefit is also included in the life benefit cover, where your beneficiaries will receive up to $25,000 if your death is the result of an accident.
- Life benefit and major illness and injury benefit: By adding major illness and injury insurance to your life cover, you can be paid a lump sum amount if you suffer one of the following:
- Chronic kidney failure
- Coronary artery bypass surgery
- Heart attack
- Multiple sclerosis
- Severe burns
You can also be paid a partial payment which is 10% of your major illness and injury benefit, or $10,000, whichever is greater, if you suffer:
- Carcinoma in situ
- Severe endometriosis
- Adult insulin dependent diabetes mellitus
- Limited burns
- Worldwide cover: You have access to Citibank Life Cover - CoverPlus Life no matter you are in the world, 24/7.
Am I eligible to apply for Citibank Life Cover – CoverPlus Life?
To be eligible to apply for Citibank Life Cover – CoverPlus Life, you must be:
- 18 to 59 years old
- Either an Australian citizen, New Zealand citizen or holding an Australian permanent residency visa
- Living in Australia at the time of application
Once your cover is approved, it is guaranteed to be renewed each year until you are 75 years old.
Main benefits of Citibank Pure Life Cover
If you’re looking for an easy and affordable way to make sure your family are protected in the event of your death, Citibank Pure Life could be the right option for you:
- Up to $1 million benefit amount: You can choose a benefit amount to suit your budget and your family’s financial needs after your death. The benefit amount will be paid as a lump sum amount if you die or are diagnosed with a terminal illness. This allows your beneficiaries to use the money in any way they choose, to pay out the mortgage, cover final expenses, pay for funeral bills or make sure that ends meet in day to day bills.
- Advance funeral benefit: Your beneficiaries can be paid up to $10,000 of your benefit amount as an advance within one business day of lodging a claim. This money can be used for immediate funeral expenses or other final bills.
- Premium discounts and loyalty benefits: You can receive a discount on your premiums from 20% to 40% if you choose a benefit amount of $300,000 to $1 million. You can also be eligible for a family discount of 10% if two or more family members apply. Then, for every five years you hold your Pure Life policy, you will receive 15% refund of your premiums every five-year period.
Applying for Citibank Life Cover – Pure Life
You can apply to Citibank Life Cover – Pure Life cover over the phone or online in minutes and you are not required to have a medical or blood test. You must be 18 to 60 years old to apply, but you can be covered almost immediately, and if you’re not, you’ll be protected for up to 14 days with interim accidental death cover while your application is processed.