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NRMA Life Insurance

NRMA do not offer new life insurance policies, but existing customers can reap the benefits.

Maximum cover amount$1,500,000*
Age of entry18-65
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.

ProsCons
  • You can add an income protection plan for added cover
  • Work related exclusions may apply for specific occupations
  • Your policy is guaranteed to renew until the age of 99
  • No trauma insurance policy offered
  • One month free every year when paying premiums annually, with other discounts also available

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

What are the life insurance products offered by NRMA?

The two types of cover available are:

  • Life insurance: Lump sum benefits payable on death or terminal illness.
  • Income protection, when bundled with life insurance: Ongoing benefits in the event of being unable to work.

What features do these policies offer?

Each plan has a range of benefits and features included, as well as optional extras.

Life insurance

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.

  • Flexible payout options: Nominate up to five beneficiaries and choose how funds are distributed between them.
  • Partner discounts: Get $3.50 per month off the second person’s cover when adding a partner or spouse to your policy.
  • Choose when to pay premiums: You can set up the payments for any working day you choose, to more easily coincide with your payment schedule.
  • Discounts: Get one free month per year when paying premiums annually, 5% off when you hold other NRMA insurance policies, 30% off cover between $150,000 and $300,000, and 35% off cover above $300,000.
  • Advance benefit payment: $10,000 is paid out while the claim is being processed to help cover immediate expenses.
  • Guaranteed renewal until age 99: If you keep up with premium payments and meet all terms of the policy, it will not be cancelled before age 99 unless you choose to.
  • Inflation protection: Your benefit increases by 5% or in line with the consumer price index each year, unless you choose not to increase it.

Income protection

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.

  • Choose your waiting period
  • Choose your maximum benefit period
  • Choose your benefit amount

You are able to apply if you are an Australian resident aged 18–60 working more than 20 hours per week.


Extra-cost options include:

  • Holiday injury cover: Optional extra for a one-off extra payment equal to the first month’s benefit, up to $3,000, if you’re injured during state school or public holidays and are more than 200km from home.
  • Kids’ injury cover: Cash benefit of up to $50,000, depending on the injury, in the event of a child of yours being injured.
  • Permanent disability cover: Optional lump sum benefit of between $50,000 and $500,000 if you are permanently disabled as defined by an inability to perform two or more daily living activities without assistance: bathing, dressing, using a toilet, getting in and out of bed or a chair, and feeding yourself.
PlanEntry age*
Life coverBetween 18 and 65
Income protectionBetween 18 and 60

About the insurer

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.

How are my premiums paid?

  • Pay via direct debit or credit card
  • Pay on a fortnightly, monthly, quarterly or annual basis, on any working day in the period you choose

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. 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 which means premiums will not increase but your cover will decrease correspondingly.

How do I make a claim with NRMA?

Call NRMA on 132 825 (8am–8pm, Mon–Fri) to start your claim.

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:

  • Completed claims form
  • Certified copy of death or medical certificate
  • Certified proof of identity showing one’s relationship to the decreased
  • Certified copy of evidence showing the age of the decreased, such as a birth certificate or passport.

What other charges are there to be aware of?

You are 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 that may apply.

Key exclusions to be aware of

For life insurance, benefits are not payable for the following:

  • 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:

  • Any mental health disorder
  • Intoxication
  • Cancer, heart attack or stroke within the first 6 months of taking out cover
  • Uncomplicated pregnancy
  • Terrorism or unrest in other countries where the Australian Government has issued a travel warning
  • Deliberate acts or self-inflicted injuries
  • Criminal offenses
  • Lawful detainment or incarceration

Compare direct life insurance brands

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
Finder AwardBonus
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.

⭐ Current offer: Get two months free on all cover types apply by 14 June 2024. T&Cs apply.
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.

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 1 July 2024. T&Cs apply.
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.
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.

⭐ Current offer: Get two months free when you apply for two or more RAC Life Insurance covers by 30 June 2024. T&Cs 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.

⭐ Current offer: Get 10% off your first year of ahm Life Insurance when you apply by 1 July 2024. T&Cs apply.
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.
HCF Life Protect Insurance
$1,500,000
65
$1,500,000
Data not available
Data not available
Data not available
Our verdict: Similar cover to other insurers ($1.5 million). A good discount for HCF members of 10% and an easy initial quote process.

⭐ Current offer: Eligible HCF Members receive 10% premium discount and HCF Thank You rewards.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
98%
3 months
$24,495 million
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
Insuranceline Life Cover
$1,500,000
65
$1,500,000
90.10%
3.1 months
$37,768 million
Our verdict: Insuranceline pays a lump sum of up to $1.5 million. Once your cover’s in place, you can increase it after a big life event, such as having a baby, without further medical assessment.

⭐ Current offer: Protect your family with an Insuranceline policy and you can go into the draw for a chance to win a $1,000 gift card. New Customers only, T&Cs apply. Competition entries close on 31 July 2024.
Guardian Life Insurance
$1,500,000
64
$1,500,000
88.90%
2.4 months
$53,238 million
Our verdict: Competitive cover limit of $1.5 million. You can add children’s cover of up to $50,000 – most policies don’t include this option.
RACQ Life Insurance
$1,000,000
65
$1,000,000
97%
Data not available
Data not available
One of just 4 insurers to offer children’s insurance. Get cover of up to $50,000 for 7 serious illnesses. RACQ offers 3 ways to save on life insurance: RACQ members get 10% off when buying online. There’s a 5% joint policy saving. Plus you could score 10% off your premiums if you achieve Silver status with AIA Vitality. You can apply for cover online or over the phone.
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