HBF Ezicover Life Insurance

Looking for straightforward life insurance? Find out what HBF Ezicover Life Insurance can provide for you.

Ezicover Life Insurance is HBF’s core life insurance policy. HBF Ezicover is issued by Zurich Australia Limited(Zurich) and is designed to provide financial protection when it’s needed most.

What are the included benefits of this policy?

HBF Ezicover Life Insurance allows you to take out up to $1.5 million of cover, depending on your age. This is your sum insured, the amount to be paid out in the event of death or terminal illness. You’re covered around the clock, anywhere in the world and the policy includes a range of features that make it a versatile and effective long-term plan.

  • Guaranteed renewable. This policy cannot be cancelled by Zurich, as long as you meet policy obligations and stay up to date with premiums.
  • Inflation protection. Your benefit amount will increase to keep up with inflation each year. It will increase by either 5% or an amount based on the consumer price index, whichever is greater. Note: you can decline to have your benefit increased.
  • Advance benefit. $15,000 will be paid out in advance while your claim is being settled, to help with immediate expenses such as funeral costs.
  • Discounts. Your first month of cover is free,on acceptance, additionally, receive a with 5.7% discount if you pay your premiums annually and 10% off your partner’s policy if your policies are purchased and accepted at the same time.
  • Accessibility. Cover is available until the age of 69, making it more accessible than many other policies. You can take out a policy online or over the phone and will generally not need to undergo any medical tests.

What options are available under this policy?

  • Future insurability benefit. You can increase your sum insured by up to $100,000 each year until the age of 54 without having your personal circumstances reassessed. You can do this within 30 days of the policy anniversary following marriage, the birth of a child, divorce, the death of a spouse or becoming a full time carer.

Eligibility

This policy is only available to Australian or New Zealand citizens and permanent residents who are living in Australia on a permanent basis. The maximum amount of cover that can be taken out depends on your age at the time.

Sum insuredEntry age*
$ 1,500,000Between 19 and 45
$ 1,000,000Between 46 and 54
$ 750,000Between 55 and 59
$ 500,000Between 60 and 69

*Conditions apply. See product disclosure statement (PDS) for details.

How much does this policy cost?

The premiums you pay will depend on:

  • Your cover amount. The higher the sum insured or benefit available, generally the higher your premiums will be.
  • Your age. Your premiums will generally increase over time based on your current age.
  • Your gender. Premiums are typically higher for males. Where you and your partner both have cover, premiums are determined individually for each of you.
  • Smoking. Non-smokers who have not smoked tobacco or any other substance in the last 12 months will generally pay lower premiums.
  • Your health and pastimes. Premiums are typically higher for those with hazardous pastimes, or for those who have health issues that may affect the likelihood of a claim.

How are premiums paid?

You can pay your premiums via direct debit from your bank account.

Benefit payouts

This policy will pay a lump sum benefit upon the insured person’s death or diagnosis of a terminal illness where life expectancy is less than 12 months’. $15,000, taken from the total amount, will be paid out in advance to help with immediate expenses while the claim is being settled. The advance payment will be sent upon the receipt of a death certificate or other proof of death, which also shows the cause of death. The remaining payment will be sent once the insurer processing the claim confirms approval of the claim. A terminal illness claim requires a confirmed medical diagnosis, with a life expectancy of less than 12 months. This diagnosis needs to be supported by appropriate medical specialists and the insurer’s medical advisors.

Benefits are not payable in the event of suicide within the first 13 months of the policy commencement date, any increase in the cover (but only in respect of the increase) or the latest reinstatement of the Policy. Benefits will also not be payable, or might be reduced, in the event of a claim within the first three years of cover if you are found to have breached your duty of disclosure.

What is duty of disclosure?

This duty requires you to inform the insurer of anything you could be reasonably expected to know that increases the risk of insuring you. For example, if you deliberately fail to disclose a heart condition that you know about during your application, then you may have breached your duty of disclosure.

Conditions for a successful claim

You or your family will be eligible for a payout when you die or are diagnosed with a terminal illness and given less than 12 months to live.

If you die, your family will receive an advance payment of $15,000 to help with any immediate costs while the death benefit claim is being settled. All they have to do to get the advance is to send the insurer proof of when and how you died.

Who can apply?

To qualify for an HBF Ezicover life insurance policy you need to:

  • Be an Australian citizen or permanent resident;
  • Be living in Australia permanently;
  • Be between 19-69 years old; and
  • apply for cover from within Australia

Your age will also determine the maximum amount of cover you can get. Here are the limits:

  • 19 to 45 years old: $1.5 million maximum cover
  • 46 to 54 years old: $1 million maximum cover
  • 55 to 59 years old: $750,000 maximum cover
  • 60 to 69 years old: $500,000 maximum cover

When will I not be covered?

You won't be covered for suicide if the suicide happens with 13 months of:

  • Taking out a policy
  • Reinstating a policy
  • Increasing the benefit limit of a policy

Most off-the-shelf policies won't cover your death if it is the result of a pre-existing condition, although you will be covered if it's the result of something unrelated to the condition. Check with your policy documents to see how they handle pre-existing conditions.

Other important information

  • The policy is underwritten by Zurich. HBF Ezicover life insurance is underwritten by the Zurich Insurance group, one of the largest insurers in the world.
  • The benefit is paid as a lump sum. You or your family will receive your benefit payment as a lump sum rather than in instalments.
  • You must stay up-to-date with your premiums. HBF can cancel your policy if your premiums are late by more than 30 days. They cannot cancel your policy for any other reason. To make it easy on you, HBF allows you to pay your premiums monthly, quarterly, half-yearly or yearly.
  • The cost is different for everyone. Premiums are calculated based on a number of personal factors, including your age, gender, smoking status and level of cover.
  • Your first month's free. HBF offers new customers a free month of cover, so your first payment won't be due until the second month's bill comes in.
  • You have a cooling-off period. If you cancel your policy within your 30-day cooling-off period, you won't owe anything since your first month was free. You can cancel after that, but you won't get any money back.
  • Your policy can end in one of several ways. Your policy will end when one of the following occurs, whichever is first:
  • You die
  • Your terminal illness benefit is paid
  • You're late on a payment by more than 30 days
  • You write to HBF requesting to cancel the policy
  • It's the policy anniversary after your 99th birthday
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