A review of Bupa Life Insurance
Your life insurance company is more than just another service provider in your financial products portfolio, because with life insurance you are promising that your family will be looked after if you’re not there or not able to do it yourself – and the people you’re putting that trust in are your insurers.
When you choose Bupa Life Insurance, you can rest assured knowing that they are going to care for your family as much as you do, and that they will always be there when they’re needed.
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Why consider Bupa Life Insurance?
Bupa life insurance offers a range of insurance products through their trusted financial services partner ClearView, who are an established leader in the finance industry. With ClearView life insurance, Bupa is dedicated to providing Australians with affordable, easy and valuable life insurance solutions, so that there is no longer an excuse to be uninsured, or under insured.
If you are not convinced that life insurance cover is important to have, these findings from Bupa and the research conducted by the Australian Institute of Health and Welfare, and the Heart Foundation may persuade you otherwise:
- One third of women and one quarter of men will suffer cancer at some stage in their life, ad over half of these Australians will live longer than five years after the diagnosis.
- Stroke is the second single greatest killer and leading cause of disability in Australia.
- Cardiovascular heart disease is the leading cause of death in Australia and accounted for 34% of deaths in 2006.
This is when Bupa life insurance can come in handy. Not only does it cover you if you pass away, Bupa life insurance also offers cover for major illness or serious injury. It provides financial protection for you and/or your dependents, no matter what happens to you.
Policies on offer from Bupa
Bupa offers a range of life insurance products which can be tailored to your needs, including death cover, accidental death cover, serious illness insurance, injury cover and total and permanent disability insurance.
You do not need to take any blood tests or medical tests to apply for Bupa life insurance, and you have guaranteed acceptance in many cases.
Some of the cover inclusions from Bupa life insurance products are:
- Bupa Life Cover.Covers you for death by any cause, including accidental death. Also pays a benefit for terminal illness. The maximum benefit you can choose is $1 million, or a maximum of $500,000 if you are 56 to 64 years old.
- Bupa Accidental Death Insurance. Pays your family a benefit if your death is accidental, up to a benefit of $1 million, or $500,000 if you are between 56 and 69 years old.
- Bupa Funeral Insurance. Bupa will pay a benefit if you die of any cause, including an accident, and will also pay out for terminal illness. The maximum funeral benefit you can choose if $50,000.
- Bupa Injury Cash Insurance. Bupa pays a benefit if you die as the result of an accident, or you suffer a total and permanent disability. You can choose standard cover up to $100,000 or premier cover for a $200,000 benefit.
- Bupa Serious Illness Insurance. Pays a benefit if you suffer a trauma as defined in the policy document, where the standard benefit is $50,000 or you can choose to upgrade to a plus benefit of $100,000 or a premium benefit of $200,000.
- Bupa Term Life Insurance. Term life insurance from Bupa does not have a maximum benefit amount, so you can choose the level of cover you need. You’ll also be covered for death by any cause, accidental death, terminal illness and you can add the options of trauma cover and total and permanent disablement cover.
- Bupa Income Protection Insurance. Pays a benefit of up to 75% of your normal income if you are unable to work because of illness or injury. Income protection premiums are generally tax deductible, and Bupa offers a unique customer loyalty benefit with their income protection cover.
As uncomfortable as it is to think of events such as death and disability, it is important to consider how it would affect your family's financial future if you are no longer able to take care of them. Bupa life insurance is affordable and straightforward protection plans designed to provide only the best cover that your family deserves.
Who's eligible for cover?
To qualify for cover under Bupa Life Insurance you must be:
- An Australian permanent resident aged between 18 and 64 (inclusive).
- If you're aged between 18 and 55, you can apply for between $50,000 and $1 million worth of cover.
- If you're aged between 56 to 64, you can apply for between $50,000 and $500,000 worth of cover.
How do I lodge a claim with Bupa?
Making a claim on your Bupa Life Insurance is a relatively straightforward process. You or your beneficiary should:
- Contact Bupa Life Insurance and lodge a claim within 90 days of an insured event occurring.
- Complete a claim form and submit it, along with all necessary documentation (i.e. a death certificate or medical certificate).
- Wait for your claim to be processed (Bupa has a service standard of 48 hours once all necessary requirements have been met).
- Receive payment of your claim once approved (a $15,000 advance pay out may be fast-tracked to cover funeral costs).