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Guardian Life Insurance has a range of strong features that help it stand out. Unlike a lot of insurers, there are no medicals or blood tests with Guardian. Your loved ones can also receive a $15,000 advance funeral benefit while your claim is being assessed and you'll receive 100% of your lump sum benefit if you're diagnosed as terminally ill. Depending on your age, you can get up to $1.5 million life insurance cover as well.
If this sounds like a good option for you, find out below which cover options are available and what benefits you could be entitled to when signing up with Guardian.
Up to $1.5 million, depending on your age and income
Age of entry
18 to 64
How do I apply?
Online with Guardian
Note: Based on Guardian Life Insurance. Information last checked on April 2019. Always consult the Product Disclosure Statement (PDS)
Pros
Cons
Cover is guaranteed to renew as long as you pay your premiums
No future insurability benefit
Option to add Serious Illness Cover and/or Total and Permanent Disability cover
Underwriter has a strong claims reputation
Note: Based on Guardian Life Insurance. Information last checked on April 2019. Always consult the Product Disclosure Statement (PDS)
This cover might be suitable if:
You are looking to apply quickly for life insurance online.
You'd like the option of stacking on additional cover like Serious illness and Total and/or Permanent Disability Insurance cover.
You want to go with an insurer who has strong claims performance.
Apply carefully if:
You have pre-existing conditions - make sure you can declare your condition during the application for assessment. Otherwise, they could be excluded at claim time.
Don't get this cover if:
You are over 64 years of age
You want to be able to increase your cover in the future because of a life event (e.g. having kids) without doing another health / lifestyle questionnaire.
Note: Based on Guardian Life Insurance. Information last checked on April 2019. Always consult the Product Disclosure Statement (PDS)
Note: The following is based on the life insurer Hannover Life Re of Australasia Ltd. Hannover Life Re of Australasia Ltd is the insurer behind brands like Guardian Life Insurance and a few others.
Claims data
Hannover
Industry Average
Claims acceptance rate
88.7%
88.1%
Average claim time (months)
0.6
3.1
Claim disputes (per 100,000 lives insured)
7.8
13
We looked at APRA data for claims over 2017-2018. The statistics above reflect 'death cover' claims.
History of Guardian Life Insurance company
Guardian Insurance is a trading name of Greenstone Financial Services (which is the promoter and distributor of Guardian Insurance products).
Guardian Life Insurance is also backed by Hannover Re Group, the third largest global life insurer. Hannover is the insurer of the Guardian products, and has maintained a Standard and Poor’s Insurer Financial Strength rating of AA- (Very Strong) for years.
Hanover also had a strong claims acceptance rate in 2017-2018 at 88.7%. This was higher than the industry average.
The life insurance business of Hannover has been operating in the Australian market since 1958, and is regulated by the Australian Prudential Authority (APRA).
Types of cover that Guardian offers
Life Insurance: Life Insurance provides a lump sum payment in the event of your death or terminal illness. With Guardian Insurance, you are able to apply for up to $1.5 million in coverage. Along with basic cover, Guardian also offers a range of benefits so that you can tailor your insurance package to suit your needs and offer a greater peace of mind.
Income Protection: Income protection is designed to provide you with a supplement income of up to 75% of your before-tax income, if you become unable to work due to illness or injury. Guardian offers a monthly benefit of up to $10,000 to help cover the daily costs of life so you can focus on your recovery.
Funeral Insurance: Funeral insurance is designed to cover the cost of a funeral and final expenses in the event of your death. Guardian provides up to $15,000 in coverage. There is guaranteed acceptance for applicants who are between the ages of 18 to 75.
Policy features and benefits
Explore each of Guardian’s life insurance policies and the benefits and options for each.
Guardian Life Insurance Benefits
Applications are eligible to apply if they are Australian residents aged 18 to 64
Coverage of up to $1.5 million, depending on the age of the applicant
No medical examination or blood tests required
Single and joint coverage options are available
Guaranteed renewable for life
Benefit is paid for any cause other than suicide in the first 13 months of the coverage
Benefit is paid if you are diagnosed as terminally ill
Choose to make either monthly or fortnightly premium payments
30-day money-back guarantee
Options
Children’s Insurance Option: A benefit amount from $20,000 up to $50,000 is paid if your child suffers a serious injury or illness such as meningitis, paralysis, and encephalitis. This benefit is also paid if the child suffers an accidental death. This option can help with extra costs such as medical expenses and school tuition.
Serious Illness Insurance Option: A benefit amount from $50,000 up to $500,000 is paid to you if you suffer from a serious illness, such as malignant cancer, stroke, heart attack or have coronary artery bypass surgery.
Total and Permanent Disability Insurance Option: A benefit amount from $50,000 up to $1,000,000 may be paid to you if, as a result of injury or illness you are unable to work, or if you suffer the loss of limbs or sight, or due to loss of independent existence and you require care from an external party.
Guardian Income Protection Insurance
Benefits
Applicants are eligible if they are working Australian residents aged 18 to 59.
Coverage of up to $10,000 monthly income benefit subject to a maximum of 75% of your monthly pre-tax income.
You are able to choose your own benefit period, six months, one year, two years or five years.
You are able to choose your own waiting period, 30 or 90 days
The premiums that you pay for income protection are generally tax deductible
No medical examination or blood test is required in the application process
Choose to make either monthly or fortnightly premium payments
30-day money-back guarantee
Options
Rehabilitation Benefits: Pays an additional income benefit to contribute to the cost of rehabilitation programs that assist with your recovery from illness or injury, and to assist with costs associated with returning to work. This may include special equipment you need to re-enter the workforce or workplace modification.
Homemaker Insurance: A benefit payment of up to $1,000 per month is made for up to 6 months, if the homemaker is unable to perform a minimum of three Domestic Duty Tasks due to illness or injury.
Children’s Insurance: A benefit amount from $20,000 up to $50,000 is paid if your child suffers a serious injury or illness such as meningitis, paralysis, and encephalitis. This benefit is also paid if the child suffers an accidental death. This option can help with extra costs such as medical expenses and school tuition.
Final Expenses Insurance: Provides a benefit amount of $50,000 payable upon your death to help your funeral and other final expenses.
Guardian Funeral Insurance
Benefits
The chosen benefit amount (from $3,000 up to $15,000) is paid in the event of your death by natural causes (after the first 12 months of the policy).
Triple benefit paid in the event of accidental death – a maximum of $45,000 (from day one of the policy).
Guaranteed acceptance for all Australian residents aged 18 to 75.
No medical or health questions are required for application.
There are single and family cover options available.
Coverage for all dependent children until age 21.
Choose to make either monthly or fortnightly premium payments.
Premiums payments are stopped at age 90 and cover continues for life.
Comes with a 30-day money-back guarantee
Options
Children's Option: Guardian Insurance will pay benefits if a child of the insured suffers one of the insured events e.g. serious illness or injury, or death. The benefit amount is up to $10,000.
FAQs
You coverage level is increase automatically every year by 5% to ensure that your coverage keeps up with the increases in the cost of living and your changing lifestyle. The increases stop when you reach the age of 75.
Your life insurance benefit will be paid to you if you are diagnosed as Terminally ill, which means that you have less than 12 months to live. This benefit allows you to pay for any treatment and care that is required in your final days.
Premium rates are not guaranteed, and will be recalculated every year based on your age at the time.
You have the right to nominate up to five beneficiaries to receive benefits payable in the event of your death. This can be done by completing a Beneficiary Form and sending it to Guardian Insurance.
Yes you are able to change your level of coverage, but each change will be subject to approval.
Yes, however you will need to work at least 20 hours a week in a permanent paid position for at least 12 months.
Yes, provided you have been working in a self-employed capacity for at least 12 months and earn an income through your employed activities.
Guardian provides 24/7, worldwide protection provided you remain an Australian resident.
Claiming your Guardian Insurance plans
Claims are eligible to be paid by Guardian Insurance as soon as a completed Claim Form is received together with the required supporting documents. Accidental Death Claims will be paid as soon as proof of Accidental Death is received.
Claiming Life and Funeral Insurance
Your beneficiary, family member or yourself should contact Guardian and let them know that you intend to lodge a claim. A Claims Booklet should then be sent to you, which will need to be filled out. You will also need to provide the following documents:
Proof of death
Proof of the age of the insured person
Proof of the claimants identity
Proof of your relationship to the insured person
Original insurance policy document and policy schedule
Direct Debit Authority (if you would like the benefit payment to be deposited into a bank account)
Claiming Income Protection Insurance
The insured person should contact Guardian Insurance and notify the intention to lodge an Income Protection claim. You should then receive a Claims Booklet from Guardian Insurance which you will need to complete and return. You will also need to provide the following documents:
Certificate of proof of identity
Direct Debit Authority (if you would like the benefit payment to be deposited into a bank account)
Original insurance policy document and policy schedule
Willam Eve is the country manager for Finder's Canada operations. He has previously held the positions of group publisher of insurance for Finder Australia and lead publisher for the Finder global team. William has a Bachelor of Communications from the University of Technology Sydney, Australia. He loves the challenge of launching Finder into new markets while helping grow Finder’s global team.
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