Review life insurance policies on offer from Let's Insure
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.
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.
If you’re looking for life insurance cover Let’s Insure offers three cover options: Life Cover, Accident Cover and Funeral Cover. Read on to find out more about the benefits and features of each product.
Find the policy to meet your cover requirements
- Life Cover. Let’s Insure Life Cover is designed to offer comprehensive protection if you die, are diagnosed with a terminal illness or suffer a serious injury. Designed to be accessible and easy to obtain, this policy offers a lump sum payment when you die or are diagnosed with a terminal illness. Your loved ones can use the proceeds from this policy to cover funeral costs, replace your income, repay the mortgage and maintain their standard of living. Offering a benefit amount from $50,000 to $1.5 million, Life Cover is available for Australians aged between 18 and 65. It can be taken out as a standalone policy or paired with one or more of the following options: Total and Permanent Disability Cover, Trauma Cover, Accidental Death Cover and Children’s Cover.
- Accident Cover. Let’s Insure Accident Cover is designed to offer protection when you suffer a serious injury or accidental death. Such situations can place an enormous financial burden on your family, so this policy offers a lump sum benefit of between $100,000 and $600,000. This can help safeguard your family’s financial future and give them the funds they need to pay the bills and (if applicable) help you recover from an injury. Available in a single or family policy for people aged from 18 to 70, the policy covers accidental death and injuries such as major head trauma, blindness, paralysis, loss of speech, coma, major burns, loss of hearing and loss of use of limbs. It can also be combined with optional Children’s Cover if you wish.
- Funeral Cover. As its name suggests, Let’s Insure Funeral Cover is designed to take care of all your final expenses when you pass away. Offering a minimum cover level of $4,000, Funeral Cover is available with stepped (maximum cover $16,000) or level premiums (maximum cover $15,000). It’s available for people aged between 18 and 75 and for inured children under 18 years of age. The proceeds of this policy can be used to cover funeral expenses and pay off outstanding debts. Funeral Cover can also be combined with optional Household Expenses Cover, Accidental Death Cover and Accidental Serious Injury Cover to increase your level of protection.
Who is Let’s Insure cover issued by?
Let’s Insure’s range of life insurance policies are issued by St Andrew’s Life Insurance. Since 1998, this Australian company has been offering life insurance and consumer credit insurance products to thousands of Australians. It provides its insurance products through a wide selection of trusted financial institutions and companies, including Bankwest, IMB, RACV, RAC, CUA, Pepper Home Loans and Let’s Insure.
All of the products offered by Let’s Insure are re-insured by the Munich Reinsurance Company of Australasia Limited, which is a part of the Munich Re Group. This group is the world’s largest re-insurer and in the 2014 financial year, it achieved a profit of €3.2 billion and a premium income of €48 billion. With operations across all lines of insurance, the group has in excess of 40,000 employees around the world, 12,000 of whom work in re-insurance.Back to top
Some final questions you might have
Q. How do I know when my cover starts?
- A. Your cover starts on the Acceptance Date, which is the date on which your application for cover is accepted. This will be outlined in your policy schedule.
Q. When does my Let’s Insure cover end?
- A. A range of circumstances can cause your cover to end, including you cancelling your policy, the insurer cancelling your policy due to your failure to pay premiums, you reaching a certain age or you submitting a claim for certain benefits.
Q. Does my policy provide cover for me while I’m overseas?
- A. Yes, Let’s Insure offers worldwide cover 24 hours a day, seven days a week.
Q. How does Let’s Insure decide on my premium amount?
- A. The amount you will have to pay for your insurance premiums is influenced by a range of factors including the benefit amount you choose, your age, your gender and your smoking status. Further factors will be taken into account when you apply for Life Cover, such as your health, your occupation and your family medical history.
Q. How do I specify who will receive the benefits from my policy?
- A. When you apply for a Let’s Insure policy you will be asked to nominate a beneficiary or beneficiaries.
Q. My circumstances have changed and I want to increase my level of cover – how can I do this?
- A. You will need to contact Let’s Insure and complete a new application. You can also decrease your cover amount or add more family members to your policy if you wish.
Q. What are the premium options with Let’s Insure Life Cover?
- A. You can choose from stepped or fixed premiums with your Life Cover. Under a stepped premium structure, the amount you pay will be calculated at each policy anniversary based on your age and the 5% automatic sum insured increase, causing your premiums to rise each year. With a fixed premium structure, your premium is based on your age when you apply for cover and remains the same when you apply for cover. No matter which option you choose, premiums are free once you reach 92 years of age.
Q. Is there a cooling off period for Life Cover?
- A. There is a 30 day cooling period in which you can cancel you policy and receive a full refund of the premiums you have paid. The cooling off period starts from the date of the first premium payment date.
Q. How can I pay my premiums?
- A. Payments options are flexible for your convenience. Payments can be made by your nominated credit card, bank card or credit union card at either a fortnightly, monthly or yearly schedule.
How do I claim?
If you, your beneficiary or your legal representative wish to make a claim under a Let’s Insure policy, the first step is to contact the insurer. You can get in touch with Let’s Insure by phone (1300 355 355 Mon-Fri, 8am-6pm AEST), email (email@example.com) or by mail (Claims Manager Let’s Insure ,PO Box 1192 ,Chatswood NSW 2057).
Let’s Insure will then be in touch to talk you through the next steps you will need to take to lodge a claim.