Guardian Life Insurance

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

• Life Insurance
• Income Protection
• Funeral Insurance

Updated January 17th, 2020

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Name	Product	Maximum Cover	Maximum Entry Age	Minimum Sum Insured	Expiry Age
Guardian Life Insurance		$1,500,000	64	$100,000	No expiry age as long as premiums are paid	Cover up to $1.5 million with Guardian Life Insurance.	Get Quote View details	Compare	loading Fetching your data...

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Updated January 17th, 2020

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Updated January 17th, 2020

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Name	Product	Maximum Cover	Maximum Entry Age	Minimum Sum Insured	Premium wont increase with your age	Expiry Age
Guardian Gold Funeral Insurance		$15,000	75	$3,000		No expiry age as long as premiums are paid	Get up to $15,000 in funeral cover with Guardian Funeral Insurance.	Get quote View details	Compare	loading Fetching your data...
Guardian Platinum Funeral Insurance		$15,000	75	$3,000		No expiry age as long as premiums are paid	Get up to $15,000 in funeral cover with Guardian Funeral Insurance.	Get quote View details	Compare	loading Fetching your data...

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• Summary of Guardian Life Insurance
• Pros and Cons
• Who this is and isn't for
• Claims reputation

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

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

• Q. How does the Inflation Protection Benefit work?

  • 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.

• Q. How does the Terminal Illness Benefit work?

  • 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.

• Q. Will my premium increase for Life Insurance?

  • Premium rates are not guaranteed, and will be recalculated every year based on your age at the time.

• Q. Can I decide who receives the benefit payment?

  • 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.

• Q. Can I change my level of cover when I need to?

  • Yes you are able to change your level of coverage, but each change will be subject to approval.

• Q. If I am working part time will I be able to take out Income Protection?

  • Yes, however you will need to work at least 20 hours a week in a permanent paid position for at least 12 months.

• Q. If I am self-employed will I be able to take out Income Protection?

  • Yes, provided you have been working in a self-employed capacity for at least 12 months and earn an income through your employed activities.

• Q. What happens if I get sick or injured while overseas?

  • 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, 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