HCF Life Insurance review

HCF Life Insurance Company is one of the leading insurance providers in Australia. HCF Australia not only offers extensive health insurance plans to its members, but also offers a comprehensive package of life insurance to suit different needs and lifestyles.

Compare key features of HCF life insurance and get a quote today

HCF life insurance: Our verdict

• HCF policies can help bridge the gap between health insurance and life insurance where many policies tend to fall short.
• A variety of plans are available including Kids' Accident, Personal Accident and Income Protect Insurance, with cover available to those under 18 up to age 65.

• A maximum benefit of $1,500,000 might not be enough for some people. Also, funeral costs can get up to $15,000 so HCFs $15,000 funeral advancement benefit could leave your family out of pocket.

_{Review by our insurance senior writer Cristal Dyer}

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HCF Cash Back Cover

Cash Back Cover helps with unexpected costs when you're recovering from an illness or injury.

You'll receive a cash payment in the event of an accident that requires surgery or if you suffer from a major illness such as cancer, a heart attack or stroke. The cover is designed for costs that crop up once you leave the hospital such as extra rehab, taxis to the doctor, babysitters, hospital parking or help if you need time off work.

• Pays $5,000 for accidents requiring surgery or for a number of serious illnesses
• You can make multiple claims up to $20,000 for singles and $40,000 for families
• Eligible to those aged 16–60, with cover expiring at 65
• Costs from $3 per week, based on single cover

HCF Income Protect Insurance

Provides a monthly benefit of up to 70% of your income if you're unable to work due to serious injury or illness. Cover also supports part-time workers as long as you work at least 21 hours a week.

• Pays up to up to $7,500 per month for up to 12 months
• Eligible to permanent Australian residents aged 18-60, with cover expiring at 65
• Also covers self-employed workers as long as you've been self-employed for at least 12 months
• Costs from $2.65 per week

HCF Kids Accident Cover

Receive a cash benefit of up to $3,000 if your child suffers from a specified list of common kids' injuries. Permanent disabilities that occur within 6 months of an accident have a benefit of up to $100,000.

• Pays up to up to $1,750 for burns and $3,000 for broken bones
• Claim up to $100,000 for permanent disabilities
• Eligible to permanent Australian residents with a child under 17, with cover expiring when they turn 22
• Costs from $1.25 per child per week

HCF Critical Illness Cover

Critical illness cover, also known as trauma cover, helps you deal with the financial impact of serious illness. Choose from two levels of cover: Cancer, Heart Attack & Stroke Cover (up to $100,000) or Extended Illness Cover, which offers a benefit amount of up to $200,000. You can select your cover in $25,000 increments.

• Select a benefit amount from $25,000 up to $200,000, in $25,000 increments (depending on your chosen level of cover).
• Single and family options available
• Eligible to permanent Australian residents aged 18-59, with cover expiring on the first policy anniversary after you turn 65.

HCF Personal Accident Insurance

HCF's Personal accident insurance is designed specifically for over 55s who would like some extra financial protection in the event of an accident or injury. A benefit payment of up to $15,000 is payable if you suffer from a serious injury as a result of an accident or up to $50,000 if you die.

• Two levels of cover to choose from - $25,000 or $50,000
• Accidents such as fractures, dislocations and severe burns are covered
• Eligible to Australian residents aged 55-74, with cover expiring at 85
• Costs from $3.20 per week

HCF Life Protect Insurance

In line with a traditional term life insurance policy, HCFs Life Protection Insurance provides a lump sum benefit if you pass away during the policy term. It pays up to $1,500,000 in the event of your passing. The policy also covers you if you have been diagnosed with a terminal illness – in which case, you'll receive the total benefit amount insured.

• HCF's policy offers a funeral advancement of $15,000
• You can increase your cover after a major life event without having to do a health or lifestyle exam
• 24/7 access to HCF's grief support service
• Eligible to Australian residents aged 18-65, with cover expiring at 99

Am I eligible for HCF Life Insurance?

Applying for life insurance plans from HCF Australia can be straightforward. There are no complex medical questionnaires or examinations required and you may be eligible for guaranteed acceptance.

To be eligible to apply for a HCF life insurance policy, you'll typically have to be:

• Between the age of 18 and 65
• A permanent resident of Australia
• On certain products, such as HCF Cash Back Cover, you'll need to hold a family level HCF private health insurance policy to be eligible for family cover.

Age restrictions, eligibility criteria and policy expiry dates vary between HCF policies. Always refer to the Product Disclosure Statement - or PDS - on HCF's website for more information to help you determine your suitability for a life product.

What is excluded?

All life insurance policies have exclusions and HCF is no exception. HCF will not pay a benefit if it is a result of the following:

• An accident occuring before cover commencement
• Acts of war, hostilities, civil commotion, terrorism or insurrection
• Pre-existing conditions, such as cancer or heart disease
• The following illnesses arising in the first 90 days of cover: Cancer (specified severity), endocarditis or pericarditis that requires surgery, severe permanent cardiac impairment
• Any exclusion noted in your Certificate of Insurance when you sign up
• Committing an illegal act
• An accident that occurs outside Australia
• No benefit is payable if the insured person does not survive for at least 14 days after suffering the specified critical illness.

For a full list of exclusions, review the product disclosure statement (PDS) before you purchase a policy.

Why should I consider life insurance From HCF?

HCF is one of the few not-for-profit organisations that offer life insurance to Australian citizens. This means the money that you pay towards your insurance premiums could bring added benefits, as profit is not the main concern of HCF.

HCF understands that in the Australian market, there are often gaps between life and health insurance providers, in which coverage for certain serious illnesses may be restricted.

Not only are HCF insurance products designed to fill the gaps that are seen in health insurance, but they are also designed to minimise the effect where people are left exposed in their life insurance cover.

Still not sure if HCF life insurance is right for you? Here are the main pros and cons summed up.

Pros

• HCF has a wide variety of policies available starting from $1.25 per week with no excess.
• Most claims are paid within five days once all supporting documents are submitted.
• The maximum entry age of 74 for Personal Accident insurance is much more generous than other providers - usually stops at 65.

Cons

• Much higher cover amounts can be found by its competitors including up to $25 million with NobleOak.
• If you are not an Australian resident or are aged 75 and over, you are not eligible for HCF life insurance.
• Offers stepped premiums, which means your premiums increase as you age. However, HCF's Cash Back Cover and Personal Accident Insurance products have level premiums, staying the same every year.

Finder Score - Life Insurance

Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 30 products and gave each one a score out of 10.

But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.

Read the full methodology

Speak to an insurance specialist to help you find personalised cover

Frequently asked questions

• Do I need to complete medical questionnaires to obtain life insurance from HCF?

  Applying for HCF life insurance products is made simple and straightforward. You can buy your cover online and you are not required to complete a medical questionnaire.

• Will HCF life insurance provide cover if I have a pre-existing medical condition?

  Some HCF life insurance policies have pre-existing medical condition exclusions. This means, no benefit is payable in the event of a claim if it is caused by a condition that you have prior to the commencement of your policy with HCF.

• Will my premiums go up in the future?

  It depends on the type of cover that you have. Your premiums will increase over time as you get older on some HCF life insurance products or fixed on others.

• What is HCF Cash Back Cover?

  Cash Back Cover is a competitively priced insurance solution that is offered by HCF that provides a cash benefit payment if you suffer from an accident that requires surgery, or if you are suffering from a serious medical condition (that is covered in the policy).

  What does it cover?

  The HCF Cash Back insurance plan is designed to provide financial assistance to enable you to recover while restricting worries about medical expenses that may arise. The benefits that can be derived from the plan are as follows:

  • Coverage for Serious Illness: You will also be eligible for a $5,000 benefit payment if you are diagnosed with the following medical conditions:
    • A malignant cancer
    • Stroke
    • Heart disease
    • Chronic kidney failure
    • Major organ transplant

  • Maximum coverage for Single or Family Cover: HCF Cash Back cover will remain payable to a maximum of $40,000 for family cover and $20,000 for single cover. This means, after a claim has been successfully made for one of the events in which you are covered for, the subsequent claims will be made until the maximum amount is reached while the cover remains valid.
  • Affordable premiums for quality protection: HCF Cash Back Cover premiums are available at $26 for families and $13 for singles per month. The only time premiums will increase is when it applies to all policyholders, in which one month's notice will be provided.

• Can I cancel my policy if I change my mind?

  You have a 30-day cooling-off period from the commencement of your policy to determine whether or not the policy meets your needs. You can cancel your policy within this period and HCF will fully refund premiums paid as long as no claim has been made.

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