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Guardian Life Insurance Review
Get up to $1.5m of cover with Guardian Life Insurance and receive policy features for families that can’t be found in some other competitors.
Our Verdict:
- A great option for parents: unlike many other brands we compare, Guardian has a child trauma option. Children’s cover typically costs $9.52 and payouts of up to $50,000 may be available.
- Guardian Life Insurance’s parent company Hannover has an average claim turnaround time of just 2.2 months for death cover – lower than the industry average of 2.9 months.
- Unlike brands such as NobleOak and AAMI, Guardian’s life policies aren’t fully underwritten which could put off some.
Review by our life insurance senior writer James Martin
$1,500,000
Maximum Cover
64
Maximum Entry Age
$1,500,000
Terminal Illness Benefit
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Details
| Product Name | Guardian Life Insurance |
|---|---|
| Maximum Cover | $1,500,000 |
| Funeral Benefit | $15,000 |
| Guaranteed Renewability | |
| Online application | |
| Cooling-off (days) | 30 |
Compare life insurance options from Guardian
| Maximum sum insured | 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 March 2021. Always consult the Product Disclosure Statement (PDS)
| Pros | Cons |
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Note: Based on Guardian Life Insurance. Information last checked on March 2021. 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 March 2021. Always consult the Product Disclosure Statement (PDS)
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.
- 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 79.
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 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 79.
- No medical or health questions are required for application.
- There are single and joint plan options available.
- Choose to make either monthly or fortnightly premium payments.
- Comes with a 30-day money-back guarantee
FAQs
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)
