Insuranceline Life Insurance Review
- Maximum Cover
- $1,500,000
- Maximum Entry Age
- 65
- Terminal Illness Benefit
- $1,500,000
Our verdict
Insuranceline Life Insurance could be a great option if you want a market-competitive policy, but less so if you're looking for lots of add-ons.
Insuranceline is one of the leading direct life insurance companies in Australia, offering a wide range of policies to protect you and your family in the event of death, illness or injury. With Insuranceline you can choose from Life, Income Protection and Funeral Insurance and make the most of 2 sign-up deals.
Pros
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The most you can be insured for is $1,500,000. For the average Aussie this may be fine, but if you need more, other providers go as high as $25,000,000.
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Get peace of mind that your cover can be increased after a big life event, such as having a baby, without further medical assessment.
Cons
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You can't boost your policy with total permanent disability cover and there's no child benefit option.
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Other life plans from the likes of Zurich and Medibank go as high as $15,000 for an advance benefit payout for your family if you pass away (Insuranceline offers $10,000; to get $15,000, you'll need to get Insuranceline Funeral Insurance).
Details
Key Details
| Product Name | Insuranceline Life Cover |
| Maximum Cover | $1,500,000 |
| Terminal Illness Benefit | $1,500,000 |
| Funeral Benefit | $10,000 |
| Guaranteed Renewability | |
| Cooling-off (days) | 30 |
| Online Quote |
Eligibility
| Minimum Entry Age | 18 |
| Maximum Entry Age | 65 |
| Expiry Age | 99 |
| Medical Exam |
Add-ons
| TPD Option | |
| Child Benefit Option | |
| Trauma Option |
Read a more detailed review on:
Insuranceline Life Insurance
Key points of Insuranceline Life Insurance
- Provides a tax-free, lump sum benefit:
- Between $100,000 and $1,500,000 on the Life Cover plan.
- Loved ones can use the proceeds of your policy to pay the mortgage, manage expenses and maintain their lifestyle.
- Advance payment of up to $10,000 to help with legal costs and any other immediate costs.
Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.
Optional Severity Based Illness Cover
Key points of Optional Severity Based Illness Cover
- Provides a lump sum payment that draws down on your main life insurance cover, to assist with medical and out-of-pocket expenses while you're recovering from certain sicknesses or injuries.
- Provides Major Illness and Cancer Cover.
- Designed to help with medical and other out-of-pocket expenses while you recover.
Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.
Income Protection
Key points of Income Protection
- Replaces your income when you are unable to work due to injury or illness.
- Ongoing monthly benefit replaces up to 75% of your income.
- Maximum monthly benefit of up to $10,000 on the Rate Saver plan.
- Rate Saver plan also offers:
- Choice of benefit periods up to 5 years.
- Choice of waiting periods of 14, 28, 60 or 90 days.
Funeral Insurance
Key points of Funeral Insurance
- Choose a payout of up to $15,000 to help your family cover your funeral costs.
- Minimum cover $3,000
- Benefit usually paid within 24 hours of lodging a completed claim.
- Guaranteed acceptance for Australians aged 40 to 80 on Level Cover – no medicals required.
- Premiums will never increase (unless you make changes to your policy).
- Optional extras include Extra Accidental Death Cover.
Applying for cover
Key points of applying for cover with Insuranceline
- You'll need to be 18-65 years of age.
- Be an Australian citizen.
- Get a quote online or over the phone. There's no medical test required.
- Receive 12 months of cover for the price of 11 by opting to pay your premiums annually.
Insuranceline Funeral Insurance review
Still weighing up Insuranceline with others on the market? Here are the main pros and cons summarised:
Pros
- Overall benefit limit of up to $1,500,000.
- Flexibility to increase your cover in the future if you need to, for example, after having kids, without another health/lifestyle questionnaire.
- Discounts available when you pay your premium annually, add a family member to your policy or take out a high level of cover.
- Option to benefit from additional illness and injury cover.
- Insuranceline offers a 30-day money back guarantee.
Cons
- Premiums are structured on a stepped basis, meaning they will increase over time.
- No cover if you're over 65.
- Higher benefit limits may be found by shopping around.
Based on the Insuranceline Life Cover policy. Information last checked in October 2023. Always consult the Product Disclosure Statement (PDS).
Am I eligible to apply?
This section will give an overview of the eligibility requirements for different types of cover available from Insuranceline:
- Life Cover. To qualify for Insuranceline Life Insurance, you will need to be an Australian resident between ages 18 and 65. You can apply for up to $1,500,000 of cover. Life cover is suited to those with financial capacity to fund the costs of their cover (payments via bank account or credit card).
- Income Protection. If you want to take out Income Protection Cover from Insuranceline, you'll need to be an Australian resident between 18 and 60 years of age.
- Funeral Insurance. Insuranceline Funeral Insurance is available to Australian residents between the ages of 40 and 80. You can apply for a cover amount between $3,000 and $15,000.
- Optional Cover. If you want to add Optional Severity Based Illness Cover to your Life Insurance, you need to 18-55 years of age and meet the Life Cover eligibilty requirements outlined above.
How do I make a claim for Insuranceline insurance?
If you need to make a claim on your Insuranceline policy, phone the relevant number listed in your PDS as soon as possible. Insuranceline will then send out a claim form to be completed. Alternatively you can go online and download one.
You will need to complete the relevant forms and return them to Insuranceline, along with any other information that may be requested, such as medical examinations or tests. Your claim will then be assessed.
Insuranceline offers a wealth of viable options to insurance customers, so make sure to compare its offerings with others on the market before deciding on the best policy for you.
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