Bank of Melbourne Life Insurance
Compare life insurance policies on offer from Bank of Melbourne.
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Bank of Melbourne prides itself on providing superior customer support in providing financial solutions to its select client-base.
Based only in Victoria, the Bank of Melbourne has headquarters in the centre of Melbourne. All of its branches and corporate banking centres are staffed only with local Melburnians. This means the people that you speak to will know everything that there is to know about the local area.
Bank of Melbourne believes that to find a better solution to fit the way you live can only be achieved by listening to you. It strives to be a genuine banking alternative that understands the needs of Victorians, and no one else can do that better than the locals themselves.
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Bank of Melbourne Life Insurance Product Offers in Australia
There are two main life insurance products that are offered by Bank of Melbourne:
In partnership with BT Life Insurance, Bank of Melbourne protection plans are as the following:
- Term Life Insurance: provides a benefit payment if the event of your death or if you are diagnosed with a terminal illness, with less than 12 months to live.
- Living Insurance: is also known as trauma insurance and it provides cover if you suffer from a medical event as specified in your policy, such as cancer, heart attack, or loss of a limb. The benefit paid is usually in the form of a lump sum payment.
- Total and Permanent Disability (TPD) Insurance: pays a benefit if you suffer from a permanent disability and are unlikely to work again or perform household duties.
- Income Protection Insurance: offers a replacement income of up to 80% of your monthly income if you are unable to work due to a debilitating illness or injury.
- Business Overheads Insurance: provides the means for you to keep up with your business expenses when you are unable to work due a sickness or injury.
Bank of Melbourne provides protection for all Victorian home owners with its mortgage insurance product that can be tailored to your specific needs. Home loan protection insurance from Bank of Melbourne has two components, which you can apply as a standalone or combined cover:
- Life Cover: A lump sum benefit will be payable for up to $600,000 if you have been diagnosed with a terminal illness or pass away. A Recovery Cover benefit is automatically included to cover you against specific medical conditions listed in the policy, in which you will receive a smaller benefit payment.
- Repayment Cover: provides you with a monthly benefit amount of up to $6,000 to cover your monthly home loan repayment for when you are unable to work due to a temporary disability. You will also be covered with unemployment cover for up to three months if you have been involuntarily unemployed.
Bank of Melbourne’s BT Protection Plans main features and benefits
Bank of Melbourne offers its comprehensive and flexible life insurance solutions through BT, one of Australia’s leading insurance providers that has been helping Australians since 1969. BT Protection Plans can be tailored to suit your needs to protect you against illness, injury or death.
The four main types of BT Protection Plans (Term Life, Living, TPD, Income Protection and Business Overheads) can be taken out on a number of different policy types:
- Self managed superannuation funds (SMSF)
- Non-superannuation ownership; by an individual, company or trust
- BT Protection Plans through superannuation
Some of the features and benefits that you get from Bank of Melbourne’s BT Protection Plans include (but not limited to):
- Option to combine policies:You can include TPD and Living Benefit into your existing Term Life policy if you are looking for more comprehensive coverage. If you have more than one cover, you will also be entitled to a multi-policy discount of 5% on your premiums.
- Future Insurability Benefit: You have the option to increase your insured cover amount when a significant life event has occurred without having to provide further medical proof.
- Financial Planning Benefit: When a financial plan has been prepared following the payment of Death, Terminal Illness TPD or Living Benefit, Bank of Melbourne will reimburse the cost of up to $5,000.
- Counselling Benefit: Bank of Melbourne will reimburse up to $5,000, with a maximum of 10 sessions, if you require counselling following the payment of Death, Terminal Illness TPD or Living Benefit.
- Loyalty Benefit: If you hold your protection policy plans for 3 years, you will be entitled to an additional 5% to your benefit amount without any additional charge.
- Premium Holiday: In the event of a financial hardship due to involuntary unemployment or long term leave from work, you have the option to suspend your premium payment once in the 12 months period.
- Guaranteed renewable: Your policies are guaranteed to continue despite of changes in your health, occupation or pastimes, provided that your premiums are paid.
- Guaranteed upgrades: You will be entitled to any future upgrades to the features and benefits of BT Protection Plans, provided that it does not result in an increase in premiums.
- Children’s Benefit: You have the option to include coverage for your children and a benefit amount will be payable in the event of death or if they are suffering from a specific medical event.
- Needlestick Benefit: If you are a medical professional, you will receive a benefit payment if you are diagnosed with an occupationally acquired HIV or occupationally acquired Hepatitis B or C.
- Worldwide cover: You will get full coverage wherever you are in the world, 24/7.
Key features of Home Loan Cover from Bank of Melbourne
If you are looking to secure your ability in maintaining your home loan repayments, consider Bank of Melbourne’s Home Loan Protection, a comprehensive cover that can be tailored to your needs and budgets.
Some of the features and benefits of Home Loan Protection from Bank of Melbourne include (but not limited to):
- Cover for joint borrowers: If there are two borrowers, you can opt for a single cover or double cover for both borrowers, in which each will be issued your own policy. This means, in the event that the benefit becomes payable, both benefits will be paid twice.
- Life Cover: You can apply for Life Cover up to the amount of your home loan, with the maximum of 600,000, which will be payable if you die or are terminally ill. Recovery Cover benefit is also included in your policy, in which you will receive a benefit payment of up to $10,000 when a specified medical event occurs, such as:
- Heart attack
- Heart surgery
- Coronary artery bypass surgery
- Repayment Cover: If you have been made redundant, Bank of Melbourne will provide a monthly payment to cover your home loan repayments of up to $6,000 for the period of three months. You will also be covered if you seriously ill or injured for a period of 24 months.
- Interim Life Cover: While your application is being processed, you will be provided with an interim cover and the full benefit amount will be payable if you die or becomes terminally ill.
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