Macquarie Life Insurance

Why apply for life insurance with Macquarie?

Macquarie Life Insurance was first introduced into Australia in 1990 by the Macquarie Bank Group. The Macquarie Group itself being founded in 1969 and today employs over 15,500 staff in more than 70 branch offices in 28 countries around the world. On September 30, 2010, the Macquarie Bank Group had a total of $317 billion under its management.

Macquarie Life has built a solid foundation within the life insurance industry already, especially in the area of innovation and design of the various products they offer. Not the least of these being the FutureWise online life insurance policy that is genuinely a unique product in design. An outstanding product that has been derived from the solid foundation of expertise and understanding of what life insurance is all about being constantly displayed by its Macquarie underwriters.

As of 1 October 2016 all Macquarie Life Insurance products and policies have been transferred to Zurich. All Macquarie Life Insurance products are now issued by Zurich and any policies that were previously issued by Macquarie Life are now administered by Zurich.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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Awards Received by Macquarie

  • 2010 Best Life Insurance Product of the Year (Life Active) - Australian Banking and Finance (AB+F) Insurance Awards
  • 2010 Best Value for Money - Your Money Magazine

Features of Macquarie Life Insurance Offerings

Macquarie Life offers three life insurance packages to provide financial security for you and your family: Life FutureWise, Life Active and Life Sumo. Each package is designed to suit different protection needs. Life FutureWise is a competitively priced retail offering, Life Active combines a number of traditional types of insurance cover into one package, and Life Sumo is a unique product for high net worth clients.

Macquarie Life FutureWise

Macquarie Life FutureWise is comprehensive retail life insurance that delivers a comprehensive range of products and award-winning value. Promoted as a faster and easier way to write insurance, FutureWise offers a full suite of insurance products that can be underwritten online. It’s simple, convenient and competitively priced. Life Insurance Plans Available Through Macquarie Life FutureWise There are seven types of cover available through Macquarie Life FutureWise, each with its own features and benefits:

  • Life Insurance: This provides a lump sum if you die or are diagnosed with a terminal illness.
  • Total and Permanent Disablement (TPD) Insurance: If you suffer total and permanent disablement, TPD Insurance provides a lump sum payment.
  • Trauma Insurance: This provides a lump sum if you suffer a Trauma Condition, such as a heart attack or stroke.
  • Child Trauma Insurance: Child Trauma Insurance provides a lump sum if the insured child dies, is diagnosed with a terminal illness or suffers a Trauma Condition for which they are covered.
  • Blood Borne Disease Insurance: This provides a lump sum if you are accidentally infected with HIV or the Hepatitis B or Hepatitis C virus at work.
  • Disability Income Insurance: This type of cover provides a monthly benefit to replace your income if you are disabled for longer than the specified waiting period.
  • Business Expenses Insurance: This provides a monthly benefit to reimburse you for business expenses if you are disabled.

Standard Benefits of Macquarie FutureWise Plan Macquarie FutureWise cover includes the following key benefits:

  • Flexibility at claim time: Extended activities of daily living (extended ADLs) are included in FutureWise TPD Insurance, offering an objective measure for assessing impairment and may mean that occupational assessment may not be required to determine whether you will receive a TPD benefit.
  • Partial Impairment benefit: If you suffer a range of specific conditions (for example the loss of sight in one eye) you will receive a benefit.
  • Trauma Reinstatement: This option lets you reinstate all or part of the Trauma sum insured without the need for medical underwriting, 12 months after you have made a claim.
  • Partial payments under Trauma Insurance: FutureWise Trauma Insurance provides 100 per cent cover for a range of conditions, but it also offers 20 per cent of the sum insured as partial payments for a number of specified conditions, such as early stage melanoma and early stage prostate cancer.
  • Greater flexibility with FutureWise Trauma Insurance: FutureWise has three levels of Trauma Insurance—Standard, Plus and Platinum—to let you tailor cover to your specific needs.

Each of the seven types of insurance offered by Macquarie Life FutureWise is provided under a policy. If you wish to take out more than one type of insurance you can take out separate policies, or link your policies either by including them under the same policy or taking out separate policies that are connected through Flexible Linking. Flexible Linking allows for insurance for the same person to be held under separate policies with different policy owners.

Macquarie Life Active

Macquarie Life Active lets you combine a number of traditional types of insurance cover so you can tailor cover to suit your needs all in one convenient package. This all-in-one insurance solution features severity benefits, broader coverage and the ability to make multiple claims. When you’re insured by Active cover, you’re covered 24 hours a day, anywhere in the world. In short, it’s a simple solution to all of your life insurance needs. Key Features of Macquarie Life Active Macquarie Life Active pays a lump sum if you suffer a covered health event, such as heart attack, stroke, cancer, psychiatric conditions and many others. If you die or are diagnosed with a terminal illness, your policy will pay out a lump sum. This type of cover boasts the following key features:

  • Greater breadth of cover: Macquarie Life Active covers more medical conditions to give you extra peace of mind.
  • Common sense benefit payments: The more severe your condition, the higher the benefit payment you will get.
  • Ability to make multiple claims: Your cover remains in place after you’ve made a claim and your Life Active policy can provide ongoing cover for future health events.
  • Pricing efficiencies passed on: Severity-based benefits result in premiums that are 20-30% cheaper than traditional packaged life, TPD and trauma insurance.
  • TPD claim criteria: Life Active offers a more objective basis for assessing TPD claims.
  • One product: You only need to choose one product to find the solution to all your insurance needs.

Optional Cover Available Through Macquarie Life Active There are also three additional cover options available through Macquarie Life Active:

  • Additional Death Cover: This lets you increase the amount of Death Cover you have.
  • Income Cover: This pays out a monthly benefit to replace your regular income if sickness or injury mean you are unable to work for a certain period of time.
  • Child Cover: This pays a lump sum if the insured child suffers one of the covered Child Cover Conditions (including cancer heart attack, severe burns and many others), is diagnosed with a terminal illness or dies.

Medical Conditions Covered by Macquarie Life Active The health events covered under Macquarie Life Active are:

  • Solid tumour cancers
  • Lymphomas
  • Brain tumour
  • Leukaemia
  • Other cancers (e.g. aplastic anaemia, multiple myeloma)
  • Heart attack
  • Cardiomyopathy
  • Other heart and artery conditions (e.g. severe congestive cardiac failure, severe peripheral vascular disease)
  • Heart transplant
  • Surgical procedures (e.g. coronary artery bypass graft, heart valve repair, endovascular iliac or femoral artery aneurysm repair).
  • Stroke
  • Cognitive conditions (e.g. diagnosis of dementia including Alzheimer’s disease)
  • Coma
  • Surgical procedures and events (e.g. endovascular treatment of a cerebral aneurysm, stereotactic brain surgery)
  • Other brain and nerve conditions (e.g. psychiatric conditions, severe epilepsy, multiple sclerosis)
  • Transplants
  • Surgical procedures (e.g. colostomy/ileostomy, surgical repair of tracheo-oesophageal fistula)
  • Other digestive conditions (e.g. gastrointestinal disease, Crohn’s disease, portal vein thrombosis), other brain and liver conditions.
  • Renal failure
  • Kidney transplant
  • Surgical procedures (e.g. nephrectomy)
  • Diseases of the lung
  • Surgical procedures (e.g. lobectomy)
  • Lung transplant
  • Lung conditions (e.g. lung abscess)
  • Burns
  • Back, limb and whole person impairment
  • Loss of hearing
  • Surgical procedures (e.g. inner ear or middle ear surgery)
  • Loss of sight
  • Surgical procedures (e.g. surgical repair of detached retina, corneal transplant)
  • HIV/AIDS
  • Hospital admission
  • Inability to perform activities of daily living

Macquarie Life Sumo

Macquarie Life Sumo is designed with high net worth clients in mind and offers sums insured that have previously been unavailable in the Australian market. Offering wealth protection, a smooth application process, impressive benefit levels and priority service, Macquarie Life Sumo is an innovative insurance solution. There are four types of cover available through Macquarie Life Sumo: Life Insurance, TPD Insurance, Trauma Insurance and Disability Income Insurance. Life Insurance provides a lump sum if you die or are diagnosed with a terminal illness. Its features include:

  • TPD advancement benefit
  • Financial planning benefit
  • Indexation increases
  • Future increases
  • Life Insurance buy back

Trauma Insurance provides a lump sum payment if you suffer a trauma condition for which you are covered, such as heart attack, cancer or stroke. Features include:

  • Total disability
  • Partial disability
  • Indexation increases
  • Specific injury benefit
  • Trauma benefit
  • Bed confinement benefit
  • Home care benefit
  • Rehabilitation expenses benefit
  • Accommodation benefit
  • Death benefit
  • Premium waiver
  • Involuntary unemployment premium waiver
  • Cover extension
  • Claims escalation
Benefits of Macquarie Life Sumo Insurance Cover Macquarie Life Sumo offers higher levels of protection than previously available in the Australian market. The aim of this cover is to provide a wealth protection solution to reduce the risk of you being exposed to drastic lifestyle changes. This cover has many key benefits, including:

  • Wealth protection: If injury or illness disrupt your life, Sumo protects you against drastic lifestyle changes.
  • Smooth application process: Traditional barriers to organising cover have been removed, with Macquarie Life able to take care of arranging all medical appointments you may require and organising transportation to and from appointments. This serves to make the whole process smoother and stress-free.
  • Access to experts: Macquarie Life has access to experts in the field of forensic and tax accounting who can analyse complex financial structures and help make the underwriting process easier.
  • Priority service: Macquarie Sumo applications are treated as high priority by the team at Macquarie, ensuring they are processed quickly and efficiently.

Flexibility to Structure Your Macquarie Life Sumo Cover to Suit Your Needs There are also options available to structure your Macquarie Life Sumo cover to tailor it to your specific needs. While Life Insurance and Disability Income Insurance are always provided under separate policies, if you are taking out TPD and/or Trauma Insurance they can be linked to the Life Insurance policy in one of two ways:

  • Including it under the same policy; or
  • Taking it under separate policies that are connected through Flexible Linking. This allows you to structure your cover so that insurance for the same person can be held under separate policies with different policy owners but still be treated as linked insurance.

Why Consider Macquarie Life Insurance Plans for Your Protection Needs?

Macquarie Private Wealth, the arm of the Macquarie Group that handles all Macquarie life insurance business, has a policy of its own which is to assist in making people's life easier by providing the correct protection at the right time, when it is needed the most. It sees personal insurance as being all about protecting each policy holders' unique lifestyle. Considerations that are taken into account when delivering this level of protection should always includes that of children, parents, investments, housing, schooling, holidays and of course, retirement. By taking all these aspects of life into consideration when determining your own particular life insurance needs you will ensure both yourself and your family is more adequately protected. Macquarie Life Insurance offers a most comprehensive life insurance strategy that is designed to ensure that if you were to die, or to suffer an event that would prevent you from earning the income both yourself and your family had become accustomed to, neither you nor your dependants would suffer financially.

How to Apply for Macquarie Life Insurance Products

You are able to apply for cover under the Macquarie life Insurance FutureWise policy on your own life or the life of another person, unless you are making application for disability income insurance or business expenses insurance in which case these policies are normally only made available to the principal person themselves. FutureWise insurance cover is also available to the trustee of a self managed superannuation fund, if it is your responsibility as a trustee of the fund to provide appropriate insurance, within superannuation law that operates in relation the release of the superannuation benefits. Macquarie Life Insurance has been able to become a leader in the life insurance industry, by offering innovative cover in a time of need whereby the policy holder's dependants will not have to suffer financial loss on top of the obvious emotional loss.

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