First Mac Family Life Protection Review
If you’re just starting out in life, with a young family to support and a large mortgage to pay off, family life protection is particularly important to have. And this is the best time of life in which to take out such cover, because while you are young, you represent a lower risk to insurers and will generally pay lower premiums for your life insurance.
First Mac Family Life Protection offers two types of cover for you and your family, Life cover and Total and Permanent Disablement (TPD) cover. Both insurances offer up to $1 million in cover, which your family would receive if you were to die, be diagnosed with a terminal illness or become totally and permanently disabled due to illness or injury.
To help you decide the best coverage for your circumstances, this review looks at First Mac’s Family Life Protection policy in detail, examining everything from its benefits and exclusions to the eligibility requirements and even how to make a claim.
What does the First Mac Family Life Protection policy cover?
First Mac has a range of quality insurance products on the market, backed by industry leaders such as Allianz Group and Ace Insurance Limited. They also have the highest possible ranking by international ratings agency, Standard & Poor’s, meaning that their industry standing and claims record are both exemplary.
As mentioned previously, the First Mac Family Life Protection policy provides two levels of cover and we’ll look at those here in more detail.
- Life Cover – up to $1 million, depending on your level of cover, to be paid to your dependents if you die prematurely or are diagnosed with a terminal illness. You must be diagnosed as terminally ill by an Australian-registered doctor, the illness must prevent you from working in a suitable job and you must not be expected to live more than 12 months. Life cover can be useful for clearing debts, paying funeral expenses and providing a future source of income for your family after you are gone.
- Total and Permanent Disablement (TPD) cover – up to $1 million, depending on your level of cover, to be paid in a lump sum if you become totally and permanently disabled due to sickness or injury. To be considered as disabled, you must either have lost the use of two eyes, two limbs or one eye and one limb, have ceased employment for at least 6 months and be considered unlikely to be able to return to the workforce again, or be unable to perform at least four out of the five activities of daily living without assistance (e.g. bathing, dressing, feeding, toileting and transferring yourself).
When you take out First Mac Family Life Protection, you also enjoy an excellent range of additional benefits. These include:
- Easy application with minimal questions asked
- A 21-day money back guarantee
- Market-leading rates
- Innovative online applications
- Advice and support from an Australian-based call centre
- A 6% discount if you pay your premiums annually
- Guaranteed renewability, regardless of changes to your state of health, occupation or pastimes
- Indexation of benefits to keep pace with the CPI
- Worldwide coverage.
First Mac Family Life Protection exclusions
As with all forms of insurance there are certain circumstances in which an insurer will not pay. These are known as ‘exclusions’ and the main one in First Mac Family Life Protection concerns the means of death or disablement.
- In the case of Life Cover, if your death is the result of suicide within 13 months of commencing, reinstating or increasing your plan, then cover is voided.
- In the case of Total and Permanent Disablement cover, if your disablement is due to self-inflicted injuries, alcohol or drug abuse or service in any armed forces other than the Australian armed forces, then cover is also voided.
Except for these circumstances, First Mac Family Life Protection contains relatively few other exclusions, apart from entry and exit age requirements, and with easy application and minimal questions asked, it represents excellent life cover for most people.Back to top
First Mac Family Life Protection Claim
If you or your dependents need to make a claim on your First Mac Family Life Protection policy, these are the steps that are involved:
- Call the Client Service Team on 1300 431 492 or write to GPO Box 4793 SYDNEY NSW 2001 as soon as possible.
- Fill out the claim form that First Mac sends you and return it along with a death certificate, if it is a Life cover claim, or medical evidence of total and permanent disablement if it is a TPD claim.
- Wait for First Mac to assess your claim, which is done as quickly as possible.
- If approved, the benefit will then be paid in Australian dollars.
Who is Eligible for a First Mac Family Life Protection Policy?
To be eligible for Life cover under a First Mac Family Life Protection policy, you must be at least 21 years of age and no more than 64 years of age. As mentioned previously, to be eligible for payment of the Life cover benefit, you must:
- die prematurely and not by your own hand or
- be diagnosed by an Australian-registered medical practitioner as having a terminal illness and
- be unable to work in a job suited to your education, training or experience because of that illness
- be considered to have no more than 12 months to live.
To be eligible for Total and Permanent Disablement cover under a First Mac Family Life Protection policy, you must be at least 21 years of age and no more than 59 years of age. To be eligible for payment of the TPD benefit, you must meet one of the following three criteria:
- have suffered the total and irrevocable loss of sight in both eyes, the use of two limbs, or the sight in one eye and the use of one limb
- have gone from working at least 25 hours a week to not working for at least 6 months and considered unlikely to ever be able to work in a suitable job again as a result of the injury or illness
- be unable to perform at least four of the five ‘Activities of Daily Living’ without assistance.
Compare First Mac Family Life Protection
Life is a gamble. While you may have it all today ‒ a beautiful home, a loving family and a rewarding career ‒ things can and sometimes do change overnight. Being diagnosed with a terminal illness, being laid off at work, being involved in an accident can all turn your world upside down and leave you facing the unthinkable ‒ the realisation that you cannot provide for your family into the future. This is why taking out the appropriate cover is so important. Compare First Mac Family Life Protection policies today and protect your family's future.