Citibank Life Insurance

Find suitable protection for you and your family with Citibank Life Insurance

Citibank offers a wide range of protection options to keep you and your family financially secure in the event of a serious illness, injury or death. Whether your looking to receive a replacement income if you are forced out of work due to illness or injury or you are looking for a financial safety net for your family should you pass away, Citibank has a number of viable options.

This explore the benefits of the different cover options available from Citibank and common questions you might have about the cover offered.

finder.com.au does not currently have access to this life insurance brand. You may wish to compare options available on the life insurance homepage.

What policies does Citibank offer?

Prime Life Cover

  • Choose from $100,000 up to $1 million of cover
  • Pays a lump sum benefit to help your family secure their financial future if you pass away
  • Simple to apply online or over the phone - no medical or blood tests required
  • $15,000 advance benefit payment to help cover funeral expenses
  • Option to add TPD Cover (up to $750,000), Trauma Cover (up to $250,000) and $15,000 of Child Cover
  • Cover increases each year in line with inflation
  • Pay premiums fortnightly, monthly or annually

Prime Income Cover

  • Replaces up to 75 per cent of your income when you are unable to work due to illness or injury
  • Maximum monthly benefit of $10,000
  • Pays an ongoing benefit for up to two years until you get back on your feet
  • Straightforward application over the phone
  • No medical or blood tests required - you just need to answer a few simple health and lifestyle questions
  • Premium payments are usually tax deductible
  • Cover for specific injuries, for example a fractured arm or leg, even if you are able to continue working
  • Premiums waived when you are on parental leave or involuntarily unemployed
  • Worldwide cover

TPD Insurance

  • Only available as an additional-cost option on a Prime Life Cover policy
  • Pays a lump sum benefit of up to $750,000 to help support your family and lifestyle if you become totally and permanently disabled
  • $100,000 minimum cover amount
  • TPD Cover cannot exceed your Prime Life Cover sum insured

Trauma Cover

  • Only available as an additional-cost option on a Prime Life Cover policy
  • Pays a lump sum benefit of up to $250,000 when you suffer a specified medical condition
  • Maximum amount of cover you can apply for is 50 per cent of your Prime Life Cover sum insured
  • Benefit can be used to pay bills and maintain your standard of living

Prime Accident Cover

  • Provides up to $1 million of cover for you and your spouse in the event of accidental death
  • Minimum level of cover $150,000
  • $100,000 of serious injury cover included
  • Optional children’s accident cover available up to a maximum of $25,000
  • Simple to apply online with no health or lifestyle questions to answer
  • Pay your premiums fortnightly, monthly or annually
  • Cover begins as soon as your application is received
  • $15,000 advance payment of accidental death benefit to help cover funeral expenses
  • Cover applies worldwide 24 hours a day 7 days a week
  • 5 per cent joint policy discount when you and your partner both take out Prime Accident Cover on the same policy
Back to top

Who can apply?

To be eligible for a Citibank Prime Life or Prime Accident Cover policy you will need to be between 18 and 65 years of age at the time of application. Cover expires when you reach 75 years of age and the maximum amount of cover you can apply for is also influenced by your age:

  • Age 18 to 45: can apply for up to $1 million cover
  • Age 46 to 54: can apply for up to $750,000 cover
  • Age 55 to 65: can apply for up to $500,000 cover

If you choose Prime Income Cover, you will need to be aged between 18 and 59 years when you apply, and cover ends when you reach 65 years of age. You can apply for a monthly benefit of between $1,000 and $10,000.

Back to top

How do I Make a Claim for Citibank Insurance?

The insurer needs to be notified as soon as reasonably possible after any insured event occurs, but within no more than 30 days. The process of making a claim is simple:

  1. Call or email the insurer for a claims form. You can phone 1800 042 349 or email claims@primecover.com.au.
  2. Fill out the claims form.
  3. Mail the completed claims form to the Prime Cover Claims Team.

The insurer may also request additional information to process your claim, such as medical report or death certificate. You must supply these items as soon as possible to ensure the prompt and effective handling of your claim.

Back to top

Some questions you might have about your Citibank Insurance

How long does Citibank Prime Income Cover pay a benefit for?

You can choose a benefit period of six months, one year or two years.

Will I need to undergo any medical tests before I can qualify for Prime Income Cover?

No. There are no medical or blood tests to complete, but you will need to answer a few simple health and lifestyle questions over the phone.

Who underwrites Citibank Prime Life Cover?

Prime Life Cover is issued by AIA Australia Limited, a registered life insurance company.

Is there anything excluded from Prime Life Cover?

Yes, several exclusions apply to your policy, such as no cover for suicide in the first 13 months and no cover if your claim arises due to your participation in unlawful activity. A full list of exclusions is contained in the PDS.

What factors affect the cost of my Citibank Prime Life Cover premiums?

Factors such as your age, gender, level of cover, smoker status, occupation, health and lifestyle will all be taken into account when your premium is calculated.

How can I pay my premiums?

Premiums can be automatically debited from your bank account or automatically charged to your credit card. You can choose to pay premiums fortnightly, monthly or annually.

Can I cancel my policy at any time?

Yes you can. However, to receive a full refund of your premium, you will need to cancel your policy within the 30-day cooling-off period.

Was this content helpful to you? No  Yes

Related Posts

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Ask a question
feedback