Compare policies on offer from Freedom Insurance
Freedom Insurance is a 100% Australian-owned specialist risk insurance business that markets a range of life insurance products to customer directly through their dedicated team of trained representatives. Freedom was established in 2009 to provide customers with straightforward and convenient access to affordable life insurance protection that meets their needs.
This review will provide a brief overview of the cover available under the Freedom Protection Plan.
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Why Choose Freedom?
The Freedom Protection Plan offers a range of life insurance benefits designed to provide a financial safety net for your loved ones in the event of unexpected death or accidental death or injury. Some key benefits of these plans include;
- The ability to choose stepped or level premiums with the Final Expenses Cover and pay absolutely nothing for the first 12 months of cover
- Automatic inflation protection which sees the benefit amount increase automatically by 5% every year
- A Paid up Value feature which allows the insurance to be converted into a fully paid up insurance after 10 years (available with the Level premium version of the Final Expenses Cover)
- A Cashback feature which pays 5% of the sum insured for every year the cover has been held if the cover is terminated after the life insured turns 75 (available with the Stepped premium version of the Final Expenses Cover)
Freedom Life Insurance Policies
This section will take a closer look at the three cover options available under the Freedom Protection Plan - Final Expenses Cover, Accidental Death Cover and Accidental Injury Cover.
Final Expenses Cover
- Lump-sum benefit: This insurance cover provides a lump sum payment of up to $15,000 on the death of the insured person. The benefit may be used as the beneficiary sees fit but is designed to help with the payment of funeral expenses and paying off any small outstanding debts such as bills and credit card debts.
- No expiry age: There is no expiry age associated with the policy and premium payments will cease at the age of 90. Cover is limited to accident-only in the first year, but this condition may be waived if the life insured can pass a few short health questions. The amount payable will also be doubled if the life insured dies overseas within three months of leaving Australia.
- Stepped or level premiums: Final Expenses Cover offers the choice of stepped and level premiums. If you choose stepped premiums, you can also choose the Cashback option mentioned previously, which pays 5% for every year the policy has been held if it is cancelled after the life insured turns 75. If you choose level premiums you can also choose the Paid Up Value option where after 10 years the cover can be converted to a paid up insurance with no further premiums being payable.
Accidental Death Cover
- Lump sum benefit: Accidental Death Cover provides a lump sum payment of up to $500,000 on the death of the insured person. Lives insured under the age of 17 are eligible for a benefit of up to $30,000.
- Broad eligibility requirements: The life insured must be an Australian resident aged 0-70 years at the time of application and there are no medicals or health questions during application. The expiry age on this policy is age 90.
Accidental Injury Cover
- Lump sum benefit: This optional insurance cover is available when you take out Accidental Death Cover and provides a lump sum payment of up to $200,000, if you suffer a specified injury as the result of an accident.
- Extensive cover: The specified injuries that are covered by the policy are blindness, burns, coma, hearing loss, loss of independence, loss of speech, loss of use of limbs, major head trauma and paralysis. A tenth injury covered is broken bones which provides a benefit of 10% of the sum insured capped at $5,000, $10,000 or $20,000 depending on the seriousness of the fracture.
- Eligibility requirements: The life insured must be an Australian resident aged 0-65 years at the start of the policy. The expiry age for Accidental Injury Cover is 90. If you make an accidental injury claim, this will have the effect of reducing the sum insured under your Accidental Death Cover.
Freedom Life Insurance Claims Process
The death of a loved one is a difficult time, so Freedom Insurance does everything possible to assist you throughout the claims process. The procedure involves four steps and Freedom’s highly trained team will handle your claim with sensitivity and speed.
- The first step in the process is to call Freedom Insurance and inform them that you are making a claim on the insurance. They will then discuss the details with you and what the process will involve.
- Secondly, you will need to complete a claim form and send it to Freedom Insurance, along with the necessary supporting documents.
- The third step will involve assessment of your claim, which will take place as soon as your claim form is received and you will be contacted if any additional information is required.
- In the last step of the process, you will then be notified of the outcome of your claim and if accepted, the benefit will be paid directly into your nominated bank account.
Who Can Apply for Freedom Life Insurance?
To to be eligible to be a life insured under Freedom Protection Plan, you must meet the simple eligibility requirements. These include:
- Being an Australian resident
- Having the required relationship with the policy owner (i.e. a spouse or relative)
- Being the life insured under another benefit that is required as a precondition (Accidental Injury Cover only)
- Being aged 80 years or under for Final Expenses Cover, 70 years or under for Accidental Death Cover and 65 years or under for Accidental Injury Cover
Freedom Protection Plan is designed to give customers access to a range of simple, affordable and competitively priced life insurance solutions. Each applicant is entitled to a cooling-off period of 42 days whereby you may cancel your cover and receive a full refund of any premiums that have been paid during that time.