GIO Accidental Death Insurance

Receive up to $500,000 in accidental death cover with GIO

With GIO Accidental Death Insurance, you can receive a lump sum payment up to $500,000 in the event you pass away as a result of an accident. You are eligible to a 10% cash back on your premiums every 3 years your cover remains in place and you can renew the policy up to 80 years of age. Applying is easy with cover able to be put in place online or over the phone with no medical tests required.

This review will explore more of the benefits and features of the GIO Accidental Death policy and other important requirements if you are looking to sign up.

What does the policy cover?

Depending on your insurance needs, you can choose between the following products:

  • Accidental Death Benefit: Freak accidents happen. If you die from an accident within a year of it occurring, your nominated beneficiaries will receive the sum ensured by your policy. If you haven’t nominated any beneficiaries, it will go to your estate.
  • GIO premium protector benefit: GIO will pay the cost of your personal insurance policies for a period of 12 months if you became disabled following an accident. This is applicable if you can’t work for a minimum of 90 days. At most, you can receive a maximum amount of $2000 held in your partners or your name.
  • 10% cash back benefit: Customers that have held the policy for 3 years will receive 10% off the premiums as paid during the previous 3 years. If, after 3 years you’re still holding the policy, you’ll reap the benefits of 10% back every 3 years (i.e. 3rd, 6th, 9th)
  • Automatic Indexation benefit: Indexations adjust income benefits based on the Consumer Price Index that fluctuates on a yearly basis. You’ll receive benefits each year of your policy anniversary or 5% annually.
  • Nominate up to 5 beneficiaries: The proceeds of your policy can be finalised so 5 beneficiaries can receive the payment of the Accidental Death Benefit without delay. Just complete the Nomination of Beneficiaries form specifying whom you want to nominate (for example your husband or children.)

Who is eligible for GIO Accidental Death Plan?

  • Anyone between the ages of 18 to 75 can apply for GIOs Accidental Death Plan ensuring they are a citizen of Australia or New Zealand and live in Australia at the time of application.
  • The benefits cover you 24 hours a day, 365 days a year.

When won't a benefit be paid?

GIO will not cover claims if it’s:

  • A self inflicted act such as a car crash etc.
  • If you’re working in a dangerous occupation like underground in the mining industry, offshore in the oil, gas or petroleum industry or overseas in the armed forces
  • Carrying a firearm or explosives
  • Working at heights over 15 metres like window cleaners or arborists
  • Engaging in aviation based activities (be that sky diving, paragliding or bungee jumping) This is different to being categorised as a passenger on a commercial airline on a scheduled flight
  • On a self propelled vehicle on any waterway, racing course, speedway or racing track. It applies to both riding on or driving in such vehicle
  • Mountaineering
  • Wreck diving, cave diving or pot holing down 45 metres or more
  • Incorrect consumption of alcohol or drugs and those not prescribed by a registered doctor

Some final points to consider

  • If the insurance policy doesn’t meet your needs, you have 30 days in which to cancel your policy. Providing you haven’t made a claim, you’ll receive a full refund.
  • GIO Accidental Death Plan is a single life policy meaning you’re the only ensured person.
  • From the day you commence your policy, you don’t have to worry about the premium changing for 12 months.
  • You have the choice of fortnightly, monthly or annual payments from your bank account or credit card. You have 30 days to pay if on a monthly system or 14 days if paying fortnightly or yearly.

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William Eve

Will is a personal finance writer for finder.com.au specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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