Insuranceline Life Insurance

Information verified correct on September 28th, 2016

Get protection for the unexpected with Insuranceline Life Insurance policies

Insuranceline has grown to become one of the leading direct life insurance companies in Australia with 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, Funeral and Accident Insurance to cover you from the unexpected.

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Applying is easy with no medical exams required and all policies are underwritten by TAL Life Limited.

This review will explore each of the different policies available from InsuranceLine and some important things to know before signing up for cover.

What policies are available?

Life Insurance

  • Provides a tax-free, lump sum benefit of between $100,000 and $1.5 million
  • Loved ones can use the proceeds of your policy to pay the mortgage, manage expenses and maintain their lifestyle
  • $250,000 of Basic Life Cover available for people who can’t qualify for Life Cover due to their health, lifestyle or job
  • Advance payment of $10,000 to help with funeral and legal costs

Accidental Death Insurance

  • Provides a tax-free, lump sum benefit if you die as a result of an accident
  • Bonus Cover Benefit increases cover by 50 per cent in specific circumstances, for example if death is caused by murder or terrorism
  • Premiums do not increase as you get older
  • Australian residents aged 18 or 69 can take out cover online or over the phone within minutes - no medical tests required
  • Family discount and annual premium payment discount available
  • Free, easy will kit to help you plan for the future

Income Protection

  • Replaces your income when you are unable to work due to injury or illness
  • Ongoing monthly benefit replaces up to 85 per cent of your income
  • Maximum monthly benefit of $10,000
  • Time Saver Cover option for high-risk applicants offers maximum $7,500 monthly benefit
  • Choice of benefit periods up to five years
  • Choice of waiting periods
  • Optional Involuntary Redundancy Cover provides $3,000 per month
  • $500,000 Optional Permanent Disability Cover also available
  • Other options include $50,000 Kids Injury Cover and $3,000 per month Homemaker Cover

Funeral Insurance

  • Choose a payout of up to $15,000 to help your family cover your funeral costs
  • Minimum cover $2,000
  • Benefit usually paid within 24 hours of lodging a completed claim
  • Guaranteed acceptance for Australians aged 21 to 80 - no medicals required
  • Level premiums will never increase (unless you increase your cover)
  • Capped premiums
  • Accidental death cover applies from day one
  • Cover is free once you turn 90
  • Claims handled by a dedicated claims manager
  • Optional extras include Extra Accidental Injury Cover and Extra Accidental Death Cover

Optional Illness and Injury Cover

  • Available with InsuranceLine Life Insurance
  • Provides a lump sum payment of up to $250,000 when you suffer a serious illness or injury
  • Provides Major Illness, Cancer and Serious Injury Cover
  • Designed to help with medical and other out-of-pocket expenses while you recover

Final Expenses Insurance

  • Tax-free benefit of up to $30,000
  • Benefit doubles to a maximum of $60,000 in the event of accidental death
  • Designed to help your loved ones cover funeral costs, outstanding debts and other bills
  • Express payout of $4,000 usually offered within 24 hours of a completed claim
  • Accidental death covered for first 12 months - any cause of death covered after that
  • Full benefit paid when you reach 90 years of age
  • Choose from Stepped, Five-yearly Stepped or Level premiums
  • Free, easy will kit

More benefits of taking out insurance with Insuranceline

  • Quick application online or over the phone, with no medical tests required
  • Underwritten by TAL
  • Simple claims process handled by an experienced claims manager
  • Discounts available when you pay your premium annually, add a family member to your policy or take out a high level of cover
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Some questions you might have about your InsuranceLine Insurance

What if I leave out some important information during the application process?

It’s your responsibility to provide the insurer with all the information it requests when you apply for cover. If you fail to do so, any claims you make could be reduced or refused.

Are my Final Expenses premiums tax-deductible?

No, premiums for this type of cover can generally not be claimed as a tax deduction.

Is suicide covered by InsuranceLine Life Insurance?

No cover is available for suicide or intentional self injury in the first 13 months of your policy.

Do any other exclusions apply to Life Cover?

If you are unable to qualify for Life Cover due to your health, occupation or lifestyle, you can still take out Basic Life Cover. However, there are a few extra exclusions from this cover, such as:

  • Suicide and intentional self injury during the first five years of cover
  • Dangerous occupations and pastimes
  • Participation in criminal activity
  • Known genetic conditions

How much Optional Injury and Illness Cover can I take out?

Available as an option on your life insurance policy, Optional Injury and Illness Cover offers cover of up to 95 per cent of your Life Cover sum insured (up to a maximum of $250,000).

Who will my family need to deal with when they make a claim?

Any time you make a claim with InsuranceLine you will be assigned an experienced claims manager. This manager will personally oversee the claim and help your family through every step of the process.

What are the two types of income protection cover available?

InsuranceLine offers Rate Saver Income Protection and Time Saver Income Protection. Rate Saver policies provide a maximum monthly benefit of $10,000 per month. Applicants who don’t qualify for this type of cover (due to their lifestyle, health or occupation) can take out Time Saver Cover, which offers a reduced maximum benefit of $7,500 per month.

What benefit periods are available with income protection insurance?

The Rate Saver policy offers a choice of the following benefit periods: six months, 12 months, 24 months or five years. Time Saver policies are available with six, 12 and 24-month benefit periods.

What waiting periods are available with income protection insurance?

InsuranceLine Time Saver Cover has a fixed waiting period of 28 days. If you take out Rate Saver Cover you can choose a waiting period of 14, 28, 60 or 90 days for sickness or injury claims.

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Who can 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 18 and 65 years of age. You can apply for up to $1.5 million of cover.
  • Accidental Death: Accidental Death Insurance is offered to Australian residents from 18 to 69 years of age, with cover continuing until the renewal date following your 70th birthday. The maximum amount of cover you can apply for is $400,000.
  • 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. If you’re happy to answer some health and lifestyle questions you can apply for Rate Saver Cover (maximum monthly benefit of $10,000), but if you’re pressed for time you can apply for Time Saver Cover (maximum monthly benefit of $7,500).
  • Funeral Insurance: InsuranceLine Funeral Insurance is available to Australian residents between the ages of 21 and 80. Cover is free once you reach your 90th birthday, and you can apply for a cover amount between $2,000 and $15,000.
  • Final Expenses Cover: InsuranceLine Final Expenses Insurance allows you to take out up to $30,000 of protection. Guaranteed acceptance with no medical or blood tests is offered to Australians between 50 and 75 years of age. If your policy is still in force and paid up when you turn 90, you will pay no more premiums and your cover amount will be paid to you.
  • Optional Cover: If you want to add Optional Illness and Injury Cover to your Life Insurance, you will need to meet the policy eligibility requirements for Life Cover outlined above.
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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. The insurer will then send out a Claim Pack including any forms that need to be filled out. 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.

An experienced Claims Manager will also be assigned to your claim. He or she will be able to discuss the finer points of your claim with you, answer any questions you may have and guide you through the claims process.

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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