HBF Life Insurance Review
Simple and affordable cover are two reasons to think about HBF Life Insurance, but a maximum cover limit of $1,500,000 isn't the highest sum around.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
HBF is a relatively niche name in Australian life insurance – you won't find policy data for the brand on government consumer site Moneysmart. That said, the Western Australia-based company has been providing everyday Aussies with private health insurance for more than 70 years offers a suite of insurance products including Ezicover life insurance and income protection. HBF maintains a focus on straightforward, highly accessible policies that deliver effective cover for a wide range of needs.
2021 Finder Awards
Finalist: Best Life Insurance
HBF Life Insurance
HBF offer tailored cover up to $1,500,000 depending on your age and income, with no medical tests required. New customer's get their first month free and you'll be covered anywhere in the world 24/7.
|What policies are offered?|
|Age of entry||19 - 69 years old*|
|How do I apply?||Online or over the phone.|
*Based on HBF EziCover Life Insurance policy.
Pros and cons of HBF Ezicover Life Insurance policy.
You can also contact HBF yourself at 02 8895 0698.
Can I get cover directly from HBF without going through an adviser?
Yes. All of HBF's life insurance policies are part of the Ezicover range, which is designed to be easy to understand and simple to apply for.
You can get easy online quotes for the following products:
- HBF Ezicover Life Insurance. Offers a lump sum payment of up to $1,500,000 if you die or get a terminal illness.
- HBF Ezicover Funeral Advantage. Offers up to $15,000 to pay for your funeral when you die.
- HBF Ezicover Income Protection. Offers up to $12,000 per month if an accidental injury keeps you from being able to work.
What products are offered by HBF life insurance?
HBF offers three types of Ezicover:
- Life insurance: A lump sum benefit paid in the event of death or terminal illness.
- Income protection: Ongoing payments if sickness or injury means you're unable to work.
- Funeral Advantage: Up to $15,000in the event of death, with premiums that don't increase as you get older.
What are the features of these policies?
This policy allows you to take out up to $1,500,000 of cover, paid in the event of death or terminal illness. You're covered anywhere in the world and you can access a range of long-term cover features.
- Future insurability benefit. Increase your cover by up to $100,000 each year until the age of 54 without having your personal circumstances reassessed. You can do this within 30 days of the policy anniversary following marriage, the birth of a child, divorce, the death of a spouse or becoming a fulltime carer.
- Guaranteed renewable. This policy cannot be cancelled by the health fund, as long as you meet policy obligations.
- Inflation protection. Receive annual benefit increases of either 5%, or an amount based on the consumer price index, whichever is greater.
- Advance benefit. $15,000 will be paid out in advance to help with immediate expenses.
- Discounts. Your first month of cover is free, with 5.7% off if you pay your premiums annually and 10% off your partner's policy if your policies are purchased at the same time.
- Accessibility. Available until the age of 69, making it more accessible than many other policies. You can take out a policy online or over the phone and will generally not need to undergo any medical tests.
This is a flexible income protection policy suitable for workers, homemakers, contractors and more. Available between the age of 19 and 60, this policy will pay monthly benefits of up to 75% of your pre-disability income, up to a maximum of $12,000 per month, as well as other benefits.
- Lump sum benefits. A lump sum benefit will be paid for heart attack, cancer or stroke, as well as a $500 return-to-work payment at the end of the benefit period.
- Waived premiums. Premiums are waived while receiving benefit payments.
- Affordable options. Premiums are tax deductible for most, the first month of cover is free and you can get a 5.7% discount if you pay your premiums annually, as well as a 5% discount if you already hold an HBF Ezicover life insurance policy.
- Flexibility. Inflation protection ensures you retain suitable cover if your income increases and you can reduce your cover if your income decreases. A Premium Holiday feature allows you to pause cover if needed.
There are two cover types within this policy to suit a range of situations:
- Sickness and injury: Pays a benefit if you are unable to work due to sickness or injury. Available to people who are permanently employed and working between 20 and 60 hours per week. If you're employed non-permanently you'll still need to meet this criteria, but also hav consistent income for at least the last 2 years.
- Injury-only: If you have a medical condition that makes it difficult for you to qualify for the other cover types, you may be offered injury-only income protection.
HBF no longer offers Funeral insurance to new customers. We have left some references to this type of cover for existing clients.
A straightforward funeral plan.
- Choose cover in $1,000 increments up to $15,000.
- Premiums are guaranteed not to change for any reason other than government taxes and charges.
- You won't pay more than the sum insured.
- Accidental death cover only for the first 12 months.
Compare direct life insurance policies below
Ages of eligibility
|Ezicover Life Insurance||Between 19 and 69|
|Ezicover Income Protection||Between 19 and 60|
|Ezicover Funeral Advantage||Between 35 and 70|
How are premiums calculated?
With all Ezicover policies your premiums are dependent on:
- Cover. The higher the sum insured or benefits available, the higher the premiums.
- Age. For funeral cover your premiums are based on the age you are when your cover begins. For income protection and life insurance, your premiums will typically increase based on age.
- Gender. Premiums are typically higher for males.
- Smoking. Non-smokers who have not smoked tobacco or any other substance in the last 12 months will generally pay lower premiums.
For income protection and life insurance, your premiums are based on your health and your pastimes. For income protection cover your premiums are also affected by how hazardous your occupation is and the other terms of your policy.
Are there any other charges to be aware of?
You will be responsible for any direct debit fees charged by your financial institution. Government taxes may also be included in the price of your premiums.
It's also important to note that income protection benefits are generally tax assessable, which should be considered when taking out cover.
Starting life in 1941 with a focus on health insurance for Australians, HBF expanded to offer additional types of cover for its members, including life insurance plans. Today it's focused on retaining the feel, transparency and "members first" ethos of a members fund, while simultaneously finding new ways to offer more value to members and remain a competitive option in today's insurance marketplace, for the best of both worlds.
What are some of the key exclusions for HBF life insurance?
Life insurance and funeral insurance
For all life insurance policies, benefits are not payable for suicide within the first 13 months (12 months for funeral cover) of policy commencement or reinstatement .
For income protection insurance you cannot claim benefits for:
- Mental health disorders
- Self harm
- Uncomplicated pregnancy
- Cosmetic surgery, unless resulting in over 90 days of disability
- Cancer, stroke or heart attack within the first 90 days of policy commencement or reinstatement
For all types of cover you have a duty of disclosure and must inform the insurer of anything that may make insuring you riskier, such as any pre-existing health issues you may have.
How much will it cost?
It's different for everyone, but to give you some idea, a 37 year-old male, non-smoker in NSW would pay $38.66 for $500,000 worth of cover*
Here's what will factor into your cost with HBF
HBF will base your costs on a number of factors, including:
- Type of cover
- Benefit amount
- Smoking status
*Quote generated on 05 July 2021.
How to lodge a claim
After you purchase your cover, HBF will give you a policy document that explains the entire claims process.
Frequently asked questions
More guides on Finder
Income protection insurance brokers
The right insurance broker can assist you in finding the right policy by comparing the market based on your specific needs.
Life insurance broker: Do I need one?
Discover the benefits and drawbacks of using a life insurance broker.
Life Insurance for Smokers
Ever wondered how much more life insurance for smokers costs in Australia? Learn about how smoking and vaping can impact your policy.
Should I tell my life insurance company that I smoke?
Find out how smoking will impact what you pay for life insurance, and what you can do to have your premium reviewed.
Expat Life Insurance
If you're an Australian planning to live overseas, then the good news is you can take out Australian life insurance.
Buy sell insurance agreements
Learn how buy sell insurance actually works and organise cover with a consultant to protect your business and loved ones.
How much TPD insurance should I have?
Find out what exactly TPD insurance covers and how to determine an appropriate level of cover to give adequate protection in the event of disablement.
Term Life Insurance in Australia
Find out how term life insurance actually works and receive quotes for cover securely.
Coronavirus: How it’s impacting life insurance
The outbreak of covid-19 has many people wondering about their insurance options. This guide helps answer all you life insurance question during the coronavirus outbreak.
Lying for their life: 3.8 million Australians are untruthful on life insurance applications
Millions of Australians have told a fib in order to get a discount on their life insurance policy, according to new research by Finder.
Ask an Expert