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First Mac Life Insurance

Compare policies on offer from First Mac Life Insurance.

William Eve
William Eve

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Most of us would not hesitate to take out insurance to cover our car or house. Our life is the biggest asset we have, and we should prepare for life’s uncertainties just as we would with any other asset we insure. Protecting ourselves against the unexpected not only covers our income, but also our family’s quality of life.

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Firstmac is an Australian owned insurance company, with over 30 years of experience. It is backed by Allianz and Ace Insurance, ensuring they provide the highest quality insurance policies and customer service. Firstmac prides itself on having market-leading insurance policies, making them an ideal alternative to the big banks.

Who is Firstmac?

Firstmac has been operating for over 30 years, offering a variety of financial products including home loans, investment funds and insurance policies. Firstmac provides a range of cover options, including:

  • Family Life Protection. Life Protection Insurance guarantees your family, will be taken care of financially if something unexpected were to happen to you. With no medical required, you could receive up to $1 million in cover. This money could be used by your family to pay off debts, pay for funeral expenses or use the funds as a source of income.
  • Lifestyle Protection. This will cover you if you lose your source of income unexpectedly, through redundancy or injury. You’re covered for six months while you recover or are looking for a new job.
  • Home and Contents. This type of cover protects your home and contents in the event of damage or loss. You can also receive a discount of up to 30% with their "No Claims Bonus Discount". The application process is quick and simple, and Firstmac offers a range of different insurance options to suit different lifestyles and budgets.
  • Landlord. If you have an investment property, you want to make sure that your property is protected from any damage cause by your tenants. Firstmac offers up to $10 million in cover and up to $3,000 in legal expenses to protect the value of your property.
  • Motor. Anyone who owns a car knows that sometimes things can go wrong, no matter how carefully you drive. This covers you if you are involved in a car accident and offers safe driver and no claims bonus discounts.
  • Caravan and Trailer. If you own a caravan or trailer, you will be covered for any loss or damages. You can also receive a no claim bonus discount.

Why Firstmac?

  • Not a bank. Firstmac is a home and investment lender, and aims to "beat the banks" by providing high quality service at affordable prices. Unlike banks, they focus specifically on home loans and insurance, and are able to uphold a high level of customer service and success.
  • 100% Australian owned and operated. Firstmac is 100% Australian-owned and has been operating for over 30 years. It manages an Australian support centre with highly-trained local support staff, to ensure the customer’s needs are properly understood.
  • Market-leading rates. With backing from Allianz Group and Ace Insurance limited, Firstmac is able to offer affordable market-leading rates on their insurance packages and home loans.
  • Flexible home loans. Firstmac understands that everyone’s financial situation will be different, and aim to create flexible home loans to suit individual needs. Customers have the option to make additional payments with no fees, and the option to split your loan. You can also choose your payment frequency to be weekly, fortnightly or monthly.
  • Innovate online applications. Firstmac uses an innovative online application procedure to ensure that quick turnaround time and a hassle-free process.

Policies on offer from Firstmac

Family Life Protection.

This policy aims to protect your family’s financial security, if something unexpected were to happen to you. Family Life Insurance offers an alternate source of income for your family if you are no longer able to provide for them.

This type of life insurance should be considered if you are married, recently started a family, taken on a mortgage or started a business. It’s important to ensure your family’s quality of life can be maintained if you cannot provide in the future.

There are two types of Family Life Protection policies to choose from. The fist is Life Cover, which covers your family in the event of sudden death, or diagnosis of a terminal illness. The second type of cover is Total and Permanent Disablement Cover, and you can add this to your insurance for an additional charge. This type of plan ensures that you will receive cover in the event that you become permanently disabled due to sickness or injury, and can no longer provide a source of income.

Both types of insurance policies offer:

  • Up $1,000,000 in cover.
  • 6% discount if you pay premiums annually.
  • 21-day money-back guarantee if you decide the policy does not meet your cover requirements.
  • Simple, fast online application process.
  • No need for a medical.
  • Guaranteed renewability – your insurance will be renewed every year with no premium increases.

Lifestyle Protection.

If you were made redundant, or couldn’t work because of an injury, how would you be able to pay for your mortgage, bills or even groceries? Losing your job can be devastating to the financial stability of you and your family.

Lifestyle protection provides cover to help you pay your bills and protect your assets if you lose your job. You will be covered for up to six months, so you don’t have to worry about finances while you’re recovering from injury or looking for a new job.

Lifestyle Protection Insurance includes benefits such as:

  • A cash payment of $2,500 every month for six months if you are made redundant.
  • A lump sum payment of up to $250,000 if you become injured.
  • No need for a medical.
  • Easy payment – if you already have an existing loan with Firstmac, you have the option to add the insurance premium amount to your Firstmac loan, so you don’t have to keep track of multiple repayments.
  • Transferable policy – if you terminate your Firstmac loan early, you’ll still be covered for the duration of your lifestyle protection policy.

How do I claim?

Firstmac aims to ensure that making a claim is simple and hassle-free for their customers. If you do need to make a claim, you will need to fill out a claim form that can be downloaded easily from Firstmac’s website. You must attach to the claims form:

  • Written notice of the event or incident that contains specific information concerning the loss of employment, injury or illness.
  • Any police reports, or other documentation from authorities concerning an accident.
  • Any other documents required under the insurance policy you have chosen.
  • ACE is the insurer for the Firstmac Life Insurance policies. You will need to provide ACE with the completed claims form and relevant documents within 30 days of when the event/incident (i.e. loss of your job) took place. If an injury has occurred, you will need to also provide relevant medical certificates.

Once you have followed these steps, the claims process for you is done, and ACE will take the necessary steps from there, and you will be contacted when the claims process is finalised.

Who can apply?

As with any type of life insurance cover, you will need to see if you have the eligibility requirements to submit an application. Firstmac Life Insurance is available to anyone who is:

  • An Australian resident.
  • Between 21 and 64 years of age.
  • Is permanently employed, and has been working for at least six months prior to the commencement date of the insurance policy.

If you meet this criteria, you can then complete an application form, which can all be done easily online.

Thinking about what will happen to your family if the unexpected occurs can be tough. But taking necessary steps to protect your family’s financial stability is something we should all consider. Firstmac uses its experience, professionalism and innovative application processes to ensure their customers receive the information and support they need. Being backed by high-profile insurance companies, Firstmac is able to provide market-leading rates, so you can save money while gaining peace of mind.

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