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Let’s Insure life insurance

Is a life insurance policy from Let's Insure right for me? Read through our review.

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The prospect of our own mortality is hardly something any of us enjoys thinking about — after all, we’ve all got our own busy lives to think about. But taking a little time now to plan for the future and work out how your family would manage financially if you were no longer around is incredibly important for all Australians.

Let's Insure life insurance is currently unavailable to new applicants. You may wish to compare our panel of direct life insurance brands below:

Compare direct life insurance policies

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.
Medibank Life Insurance
$2,500,000
70
$2,500,000
Data not available
Data not available
Data not available
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.
TAL Accelerated Protection Life Insurance
No set limit
73
Not stated
Data not available
1 months
$249,285 million
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
ahm Life Insurance
$1,500,000
55
$1,500,000
Data not available
Data not available
Data not available
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests needed.
RACWA Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance. RAC is also WA-based but services all of Australia.
AAMI Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Suncorp Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Real Family Life Cover
$1,000,000
64
$1,000,000
88.90%
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
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Maximum cover amount$350,000
Age of entry18-65
How do I apply?Online with Let's Insure

Based on the Essentials Life Cover policy. Age of entry will vary based on the sum you apply for.

ProsCons
  • Free accidental death cover while you wait for your cover to be assessed.
  • The cost of your policy is not guaranteed and may change in the future
  • Cost of your policy (and your sum insured) will increase yearly so that it meets the cost of inflation unless you opt out.
  • You can increase your sum insured every 12 months without a health assessment.

Note: Conditions apply, always consult the Product Disclosure Statement (PDS)

Life insurance is designed to help your family cope with the financial impact when you die or suffer a serious injury. Let’s Insure is an Australian life insurance specialist that offers a range of cover options to help meet the insurance needs of you and your family. Its policies are underwritten by St Andrew’s Life Insurance, which has been offering crucial financial protection to Australians since 1998.

What are the key features that you will find in a Let's Insure policy?

  • 30-day money-back guarantee. If you cancel cover within the 30-day cooling-off period, you will receive a full premium refund.
  • Guaranteed benefit increases. Provided specific terms and conditions are met, you can increase your Life Cover benefit amount once every 12 months without having to undergo further health assessment.
  • Interim Accidental Death Cover. If you apply for Let’s Insure Life Cover over the phone and the insurer requests more information to properly assess your application, 30 days of free interim Accidental Death Cover is provided.
  • Financial Planning Benefit. Once you’ve held your Let’s Insure policy for at least three consecutive years, it will be automatically upgraded to include a Financial Planning Benefit. There is no additional cost attached to this benefit, which provides up to $3,000 cover for financial advice you receive from a licensed financial planner within 12 months of an accepted Life Cover claim.
  • Financial Assistance Benefit. Once you’ve held your policy for 12 continuous months, it will be automatically upgraded to include a free Financial Assistance Benefit. This benefit allows you to waive your premiums for up to three months if you are experiencing financial hardship.
  • Your choice of premiums. Let’s Insure provides the flexibility of stepped or fixed premium options, allowing you to choose the best option for your cover needs and your family’s budget.
  • Automatic sum insured increases. If you choose stepped premiums, your sum insured automatically increases by 5% each year in order to maintain the real value of your insurance.
  • Flexible payment options. You can pay your Let’s Insure life insurance premiums fortnightly, monthly or yearly – whichever option best suits your budget. Premiums are automatically deducted from your nominated credit card or bank account.

Read a more detailed review on:

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Key points of Let's Insure Life Insurance

Let's Insure Life Cover provides a benefit in the form of a lump sum in the event of your death or terminal illness. There are two styles of policy to choose from depending on the needs of you and your family:

Essentials Life Cover
This policy offers an affordable cover that can insure you for life​. To apply, you will need to answer a few health and lifestyle questions.

  • Get a lump sum payment between $50,000 and $350,000
  • $16,000 in funeral benefits
  • $3,000 in financial planning benefits after 3 years
  • Free interim accidental death cover
  • Waive premiums if experiencing financial hardship
  • Can choose between stepped and level premiums
  • Premiums are free after turning 92 years old

Easy Life Insurance
This is a guaranteed acceptance policy with an automatic cash payout at the age of 85. You can get cover over the phone without having to answer any health questions.

  • Get a lump sum payment between $15,000 and $350,000
  • ​​Guaranteed renewable for the life of the policy
  • Receive a 100% cash payout of your benefit amount on your 85th birthday
  • Stepped premium option only

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Key points of Let's Insure Total and Permanent Disability (TPD) cover

With TPD, cover you'll receive a lump sum payment in the event that you are permanently disabled and unable to work. To apply, you must be an Australian resident aged 18-60.
  • Get a lump sum payment of between $50,000 and $350,000
  • Choose from stepped or level premiums
  • Only available with Essentials Life Cover

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Key points of Let's Insure Trauma Cover

Trauma cover provides a lump sum payment of up to $350,000 if you suffer a specified trauma event, such as cancer, heart attack, stroke or coronary artery bypass surgery. To apply, you need to be an Australian resident aged 18-60 and be able to pay premiums over time.
  • Get a lump sum payment of between $50,000 and $350,000
  • A total of 20 trauma events are covered by this policy
  • Choose from stepped or level premiums
  • Only available with Essentials Life Cover

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Key points of Let's Insure Children's cover

Let's Insure Children's Cover provides a lump sum payment of up to $60,000 if an insured child dies as a result of an accident or suffers a specified trauma event, for example, cancer, major head trauma or major burns. The minimum benefit amount is $10,000, and this optional cover is only available with Let's Insure Life Cover.
  • Get a lump sum benefit from $10,000 up to $60,000 ($50,000 with Easy Life Insurance)
  • Eligible to children aged between 2 and 18 years of age
  • Available with both Essentials Life Cover and Easy Life Insurance

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Key points of Let's Insure Accidental Death Cover

This optional cover gives you a benefit in the event of your accidental death. This amount is paid in addition to any Life Cover Benefit.
  • Get a monthly benefit between $15,000 and $350,000
  • Choose from stepped or level premiums
  • Available with both Essentials Life Cover and Easy Life Insurance

Am I eligible for cover?

PolicyAge of entry*
Life Cover18-65
Total and Permanent Disability Cover18-55
Trauma Cover18-55
Accidental Death Cover18-65
Child cover2-18

*This can vary depending on the sum insured.

About the insurer

Let’s Insure offers a range of life insurance solutions to customers throughout Australia. Its range of policies includes Funeral Cover, Life Cover, Easy Life Insurance and Accident Cover, with each policy designed to provide peace of mind and financial support for you and your loved ones.

Who is Let’s Insure cover issued by?

The company’s insurance products are issued and insured by St Andrew’s Life Insurance, which has been providing consumer credit and life insurance solutions to Australians since 1998.

How are my premiums paid?

Let’s Insure Life Cover premiums can be paid fortnightly, monthly or yearly. You have the flexibility to select which day of the month you would like your premium payment to be deducted from your nominated credit card or bank account, and you have the option to change your choice at any time by phoning Let’s Insure.

Depending on your cover needs and financial circumstances, you can select stepped or fixed premiums for your Let’s Insure Life Cover.

  • Stepped premiums are recalculated each year to reflect your age as well as an automatic 5% increase in the sum insured.
  • Fixed premiums are determined by your age when you apply for cover and remain the same for the life of your policy. In order for your premiums to remain at the same level, your sum insured will decrease each year.

How do I make a claim with Let's Insure?

If you, your beneficiary or your legal representative wish to make a claim under a Let's Insure policy, there are a few steps to follow:

  • Contact the insurer by phone on 1300 355 355 or email at customercare@letsinsure.com.au
  • Learn about the claims process by speaking with your dedicated Claim Manager
  • Mail completed forms to Claims Manager, Let's Insure, PO Box 1192, Chatswood NSW 2057
  • Supporting documents may also be required and can include sufficient proof of your claim (e.g. death certificate) and forms completed by the treating doctor or specialist

What are some of the key exclusions?

It’s important to be aware that there are certain situations where your Let’s Insure Life Cover policy does not offer any cover. No cover is available if the life insured dies or has a terminal illness as a result of intentional or deliberate self-inflicted injury within 13 months of any of the following:

  • Cover commencing
  • Cover being increased (but only in respect of the increase)
  • Cover being reinstated after previously being cancelled

In addition, your claim will not be paid if the insurer has specifically agreed on a special term of your policy that excludes an event or condition that leads to your claim.

Other exclusions may apply to specific Let’s Insure policies. For example, if you select Accidental Death Cover then your claim will not be paid if it arises due to:

  • Natural causes, illness, an intentionally self-inflicted injury or suicide
  • War or taking part in a riot or civil commotion
  • Engaging in criminal activity or illegal acts
  • Consumption of intoxicating liquor or drugs
  • Engaging in professional sport
  • Being a pilot or crew member of any aircraft

Read the PDS for full details of any general exclusions that apply to your policy.

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