GIO Life Insurance

Information verified correct on September 28th, 2016

About GIO Insurance Provider

If you are looking into life insurance to help protect your family, you will know that there are just so many different things to consider. One of those important considerations is the life insurance provider, because they are the ones you’re going to have to deal with at an already difficult time in your life when you make a claim, or they’re the ones who you’re trusting to look after your family when you’re no longer able. Therefore, you’ll want to spend some time researching the insurance provider, as well as their products, for example, GIO.

GIO is a leader in the insurance industry, providing car, home, boat, caravan, travel, commercial and public liability insurance. GIO Australia was first founded as the Government Insurance Office in 1927 and was set up by the Government Insurance Act of New South Wales to provide worker’s compensation. In 1989 the name GIO Australia was adopted and in 1991 the Home Building Society in Western Australia formed an association to make GIO’s personal and life insurance products available through home building society outlets. Fast forward to 2001 and Suncorp Group Limited acquired AMP’s general insurance interests which included GIO and now GIO General Ltd is a wholly owned subsidiary of Suncorp Group Limited, which is one of Australia’s top 25 companies.

The team of advisers that finder.com.au directs its enquiries to are not currently able to provide quotes for this provider. You may wish to consider our other primary providers instead.

Which Plans are Available through GIO Life Insurance?

GIO continues to offer a range of life insurance products carefully tailored to the needs of Australians, whether you have children, a spouse, a house or none of the above, you can choose one of the affordable and easy to use life insurance products to be there for you:

  • Life Protect: The Life Protect policy from GIO gives you the choice of a benefit amount up to $1 million, which is paid as a lump sum amount when you die or are diagnosed with a terminal illness. Your family will also receive a $10,000 advance from your benefit to pay for your immediate funeral expenses. Once you have help your policy for three years, you will receive 10% cash back on your premiums. You don’t need to take any medical tests to apply, and you can complete the application online. Once you are covered you’ll be guaranteed to stay covered by GIO until you are 99 years old.
  • Funeral insurance: GIO offers a lump sum funeral benefit of up to $30,000 to help pay for your funeral and other expenses. With GIO funeral insurance you also receive a 10% cash back on your premiums after three years, and can apply in just minutes without the need for medical or blood tests. Payment of the funeral benefit is generally made within 24 hours, which is ideal as funeral bills often need to be paid immediately. You are covered for accidental death only in the first year of holding your policy, and if you die as the result of illness or suicide in this time, GIO will refund your premiums. Your cover is then guaranteed until you are 120 years old.
  • Accidental death cover: Allows you to choose a benefit amount of up to $500,000 to be paid to your family if you die as the result of an accident. The benefit is paid as a lump sum so your family can spend the money in any way they need to after your death. You’ll receive a 10% cash back on your premiums every three years, and you can apply in minutes, without needing to take a medical test. Your GIO accidental death insurance is guaranteed to be renewed each year until you are 80 years old, regardless of changes in your health and lifestyle. GIO will also cover your premiums for up to 12 months if you are disabled as the result of an accident, and unable to work.
  • Accidental injury insurance: This cover can make sure you are able to receive the necessary care and support if you are injured as the result of an accident. GIO covers a wide range of injuries and includes generous benefit amounts for each. A lump sum payment of up to $100,000 can be made to you and your family if you suffer one of the injuries outlined in your GIO policy. You are also guaranteed to be accepted when you apply for GIO accidental injury insurance, and you can choose from flexible payment options to make your premiums fortnightly, monthly or yearly.

GIO will also pay for up to 12 months of your personal insurance premiums if you are disabled and unable to work for 90 days. This means you don’t have to lose your cover or your family’s protection. Plus, if you are unable to pay your premiums for any reason, you can choose to pause your payments for three months over the life of the policy, suspending all benefits, but remaining covered for accidental death. GIO is an Australian life insurance company with a strong and reliable history in the industry. The result is a range of insurance products designed to protect you and your family no matter what, and each of these products is filled with generous benefits and extras to make them great value too.

Who is eligible for GIO Life Insurance policies?

GIO Life Protect Insurance offers a lump sum benefit of up to $1 million when you die or are diagnosed with a terminal illness. You can qualify for cover if you:

  • Are between 18 and 60 years of age (inclusive);
  • Are an Australian or New Zealand citizen or permanent resident and residing in Australia at the time of application; and
  • You receive the policy PDS in Australia.

Cover expires when you reach your 99th birthday.

GIO Funeral Insurance offers a lump sum payment of up to $30,000. To apply for a policy you must:

  • Be aged between 45 and 75 (inclusive);
  • Be an Australian or New Zealand citizen or permanent resident and residing in Australia at the time of application; and
  • Receive the PDS in Australia

GIO Funeral Insurance does not have an expiry date.

GIO Accidental Injury Insurance offers a maximum lump sum payment of $100,000. To qualify for cover you must:

  • Be between 18 and 75 years of age (inclusive);
  • Be an Australian or New Zealand citizen or permanent resident and residing in Australia at the time of application; and
  • Receive the PDS in Australia.

Cover expires when you reach your 90th birthday.

GIO Accidental Death Insurance offers a lump sum payment of up to $500,000 if you die as the result of an accident. To qualify for cover you must:

  • Be between 18 and 75 years of age (inclusive);
  • Be an Australian or New Zealand citizen or permanent resident and residing in Australia at the time of application; and
  • Receive the PDS in Australia.

Cover expires when you reach your 80th birthday.

GIO Bill Protect offers a monthly benefit of up to $4,000 when you are unable to work due to illness or injury. To qualify for cover you must:

  • Be between 18 and 60 years of age (inclusive);
  • Be an Australian or New Zealand citizen or permanent resident and residing in Australia at the time of application; and
  • Receive the PDS in Australia.

In addition to the above, to qualify for the Redundancy Benefit you will need to be working at least 20 hours per week in your gainful occupation. Cover under the Disability Benefit expires at your 75th birthday, while Redundancy Cover expires when you turn 65.

How do I make a claim for GIO Life Insurance?

If you need to make a claim on your GIO Life Insurance policy:

  • You, your beneficiary or your legal representative will need to contact GIO as soon as possible after the event giving rise to the claim
  • A claims pack will then be sent out with details of what you need to do and the information you need to provide for your claim to be processed
  • For example, you may need to provide proof of age of the life insured, evidence from the treating medical practitioner or a death certificate
  • Failing to provide any requested information in a timely fashion could lead to your claim being reduced or rejected

Some questions you might have about your GIO Life Insurance

Q. At what age does cover expire under a GIO Life Protect policy?

  • A. This policy provides cover until you reach 99 years of age.

Q. Do I need to undergo any medical tests to apply for GIO Life Protect Insurance?

  • A. No. There are no medical or blood tests required to qualify for cover.

Q. What is the maximum amount of cover available with GIO Accidental Injury Insurance?

  • A. GIO Accidental Insurance offers a maximum lump sum benefit of $100,000.

Q. For how long does GIO Bill Protect Insurance pay a benefit?

  • A. You can choose the benefit period you want from three available options: six, 12 or 24 months.

Q. Does GIO Life Protect Insurance feature a loyalty benefit?

  • A. Yes. You will receive a 10 per cent refund of all the life insurance premiums you have paid every three years.

Q. How often do I need to pay my Life Protect premiums?

  • A. You can choose the premium payment schedule that suits your budget - fortnightly, weekly or monthly.

Q. What is the Premium Pause Benefit?

  • A. This benefit allows you to stop paying premiums for up to three months but still retain cover. It is designed to relieve your responsibilities during times of financial hardship.

Q. Is there a cooling-off period?

  • A. Yes. GIO Life Protect offers a cooling-off period of 30 days from the date cover commences. You will receive a full premium refund if you cancel your policy during this period.
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