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NRMA Insurance is part of the Insurance Australia Group, which operates some of Australia’s leading general insurers, such as CGU, SGIO, SGIC and Swann Insurance. The Insurance Australia Group (IAG) and offers insurance products and services to customers in New South Wales, Queensland, the ACT and Tasmania. IAG itself is a fully diversified insurance group which not only operates around Australia, but in New Zealand and Asia.
IAG underwrites around billions of dollars of insurance premiums each year and as a result, NRMA Insurance is able to offer a range of products including car insurance, home and contents insurance, CTP, home security, lifestyle and leisure insurance, and business insurance.
Maximum cover amount | $1,500,000* |
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Age of entry | 18-65 |
What age will cover expire? | 99 for life cover and 75 for income protection. |
How do I apply? | Directly with the insurer online. |
*Based on Life Insurance plan.
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Note: Conditions apply, always consult the Product Disclosure Statement (PDS)
In New South Wales, the history of NRMA Insurance dates back to 1925 when the National Roads and Motorists’ Association established the company to provide insurance to its members in NSW and the ACT. Since then, the products and services of NRMA Insurance have expanded substantially and the company manages insurance for millions of customers.
In Queensland, it was in 1995 that NRMA Insurance began to be an alternative and competitive insurer and NRMA Insurance now employs around 400 staff in Queensland and is involved in sponsorship for sports and rescue. Regardless of where in Australia they’re operating or how they started, NRMA Insurance prides itself on offering uncomplicated insurance choices to protect all of the things that are most important to you.
The two types of cover available are:
Each plan has a range of benefits and features included, as well as optional extras.
Available to Australian residents aged 18 to 65, with a maximum cover amount of $1.5 million. Premiums will typically increase each year based on age and inflation.
These are versatile income protection plans that can pay out up to 85% of your monthly income, up to $10,000 per month, if you are unable to work as a result of sickness or injury. You can tailor your cover within set limits, and with set options.
You are able to apply if you are an Australian resident aged 18–60 working more than 20 hours per week.
Plan | Entry age* |
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Life cover | Between 18 and 65 |
Income protection | Between 18 and 60 |
NRMA was established in 1925 and is now one of the most recognisable insurance brands in Australia with millions of customers insured in its name.
NRMA is backed by IAG, the largest general insurer in Australia and New Zealand. In 2016 alone IAG insured over $2 trillion worth of assets, collected $11.4 billion in premiums and paid out almost $9 billion in claims.
NRMA delivers the reassurance of a prominent industry name, underwritten by an insurance company with immense assets to capably deliver protection for decades to come.
You can choose to pay premiums by direct debit or credit card, and can pick fortnightly, monthly, quarterly or annual payments, on any working day in the period you choose. By paying annually, you can get one free month of cover each year.
Premiums are stepped and will typically increase over time based on your age, and the additional options chosen with your cover. Premiums will also increase based on the amount of cover you have. As such, there will generally be increases as a result of inflation benefits, which you may opt out of, as well as when you decide to increase your cover.
To help keep it affordable, you have the option of “freezing” your premiums in which case they will not increase, but instead your cover will decrease commensurately while premiums are frozen.
Generally a claim begins by calling NRMA, at which point you or your beneficiaries will be sent the appropriate claims forms and documentation. The $10,000 advance benefit will be sent ahead of the rest where applicable.
Claims will require appropriate evidence and documentation, depending on the benefit being claimed. This may include:
You or your beneficiaries will generally be responsible for costs associated with making claims, including postage, fees for certifying documents and similar. Government charges and taxes, such as stamp duty, may also apply to your premium payments. When choosing a payment method it’s also a good idea to be aware of any bank or transaction fees which may apply.
For life insurance, benefits may not be payable for death or terminal illness resulting from suicide or intentional self-injury within the first 13 months of the policy. If you have increased your cover in the last 13 months, the increased portion may not be payable for the same.
Specific exclusions may also apply to you specifically, which you will be informed of before taking out cover. For example, a regular skydiver might not be covered for death or injury resulting from skydiving. Similarly, specific occupations may have exclusions for work-related incidents.
Income protection insurance has a significantly wider range of exclusions to be aware of, and you may not be able to receive benefits for claims resulting from:
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