Types of life insurance in Australia
Learn the types of cover available and what's right for you
Guardian Life Insurance
A Guardian policy comes with a $15,000 advance payout, up to $1.5m cover and no medical tests. Find out more here.
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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.
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 April 2019. Always consult the Product Disclosure Statement (PDS)
| Pros | Cons |
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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.
- Accident Insurance: Accident Insurance pays a lump sum payment in the event of an accident, as defined by the insurance provider. Guardian provides up to $1,000,000 coverage to help secure your family’s financial future or to help you on the path to recovery if you experience an Accidental Serious Injury.
- 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.
- Accidental Death Insurance Option: A benefit amount from $50,000 up to $1,000,000 may be paid to your beneficiaries if you were to die as a result of an accident. This benefit will be paid in addition to the insurance benefit.
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.
Guardian Accident Insurance
Benefits
- Guaranteed acceptance for Australian residents aged 18 to 69.
- No blood tests or other medical tests are required.
- Coverage ranges from $50,000 up to $1,000,000.
- The rate of premiums that you are required to pay does not increase as you get older.
- There are single and join coverage options available.
- Choose to make either monthly or fortnightly premium payments.
- Comes with a 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.
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, Funeral and Accident 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
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