Qantas Life Insurance Review

Above average cover limits and a hassle-free claims process help to distinguish Qantas life insurance from others in the market.

Our Verdict:

  • Qantas’ maximum cover limit of $2,000,000 and its funeral benefit of $$25,000 funeral are both higher than many of the trusted brand’s competition.
  • An advance payout could be activated within 24 hours of Qantas receiving a fully completed claim.
  • We found 7 brands on our site who offer children’s cover, but Qantas isn’t one of them.

Review by our life insurance senior writer James Martin

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$2,000,000

Maximum Cover

74

Maximum Entry Age

$2,000,000

Terminal Illness Benefit

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Details

Product NameQantas Life Insurance
Maximum Cover $2,000,000
Funeral Benefit $25,000
Guaranteed Renewability
Online Quote
Cooling-off (days)30

One of Australia's most famous airline's offers life insurance. If you take out life insurance cover, you can also get up to 100,000 bonus Qantas Points*.

Maximum sum insured$2,000,000, depending on your age and income
UnderwriterTAL Life Limited
Cover types available
  • Life insurance
  • Total and permanent disability insurance
  • Trauma insurance
  • Income protection insurance
Age of entry18-74*
How do I apply?Online with the insurer.

*Based on Life Insurance (death cover) on stepped premiums. Information last checked on April 2019. Always consult the Product Disclosure Statement (PDS).

  • Earn Qantas points when you apply for life insurance
  • You'll need to spend $300 per month in premiums to get 100,000 points
  • Cover can be further tailored on the phone
  • Choose between level and stepped premiums
  • Increase your life insurance sum without another health / medical questionnaire*
ProsCons

*Only for specific events, e.g. marriage or having children. Based on Life Insurance (death cover). Information last checked on April 2019. Always consult the Product Disclosure Statement (PDS).

This cover might be suitable if:

  • You want the flexibility to increase your cover in the future if you need to (e.g. after having kids) - without another health / lifestyle questionnaire.
  • You are under 74 years of age
  • Would like to add additional options to your coverage e.g. illness, adventure sport cover.

Apply carefully if:

  • You have pre-existing conditions - make sure you can declare your condition during the application for assessment. Otherwise, they could be excluded at claim time.
  • You are just trying to get Qantas Frequent Flyer points. Consider your need for life insurance first.

Don't get this cover if:

  • You prefer to use an adviser to help you select your cover

Based on Life Insurance (death cover). Information last checked on April 2019. Always consult the Product Disclosure Statement (PDS).

What products are offered by Qantas?

Qantas Life Insurance offers four separate insurance policies. You can tailor a policy to suit your needs using one, some or all of the options below:

  • Life Insurance. Qantas Life Insurance pays a lump sum benefit of up to $2 million if you die or are diagnosed with a terminal illness. This allows you to protect your loved ones and provide for their future even if you’re no longer around, and you can choose some or all of Accident Cover, Illness Cover and Adventure Sports Cover.
  • Total Permanent Disability (TPD) Insurance. If you’re totally and permanently disabled and can never work again, TPD Insurance from Qantas provides a lump sum benefit of up to $2 million. This allows you to replace lost income, cover medical costs and provide for your family. You can choose Accident Cover, Illness Cover and Sports Cover.
  • Trauma Insurance. Qantas Trauma Insurance provides a lump sum payment of up to $500,000 if you suffer a critical illness or injury such as cancer, heart attack, stroke or loss of a limb. You can choose the covers you want from Cancer Cover, Critical Illness Cover and Critical Injury Cover.
  • Income Protection Insurance. Income Protection Insurance covers up to 75% of your regular income for up to 5 years if you’re unable to work due to illness or injury. It pays an ongoing benefit of up to $12,000 per month, allowing you to replace your lost income and continue to provide for your loved ones. You can choose some or all of Accident Cover, Illness Cover and Sports Cover.

What are the key features offered by Qantas Life Insurance?

Qantas Life Insurance offers the following features and benefits to members:

  • Up to $2 million cover. Life insurance and TPD Insurance both offer a maximum lump sum benefit of $2 million.
  • Earn up to 100,000 Qantas Points*. When you join Qantas Life Insurance, you can earn up to 100,000 Qantas Points simply by signing up. You’ll also earn 1 Qantas Point for every $1 spent on your premium.
  • Standalone or bundled. Qantas allows you to choose standalone cover and keep your Life insurance policies separate, or bundle multiple insurances together to save money.
  • Flexible cover. Qantas Life Insurance allows you to tailor a policy to suit your insurance needs. You can choose one, some or all of Life Insurance, TPD Insurance, Trauma Insurance and Income Protection Insurance, plus choose from a range of cover options within each individual type of insurance.
  • Qantas Wellbeing App. This free app, available from iTunes and Google Play, lets you track and measure your activities like swimming, cycling, walking and running. For staying active, you’re rewarded with Qantas Points that you can then put toward your next holiday.
  • Backed by TAL. Qantas Life insurance policies are underwritten by TAL Life Limited, a company that has been underwriting insurance for more than 140 years and paid out more than $1 billion in claims in 2017.
  • Your choice of premiums. You can choose between stepped and level premiums based on your budget and financial needs.
  • Increase your level of cover. You can increase your level of Life, TPD or Trauma Insurance cover without having to provide evidence of your health or pastimes when specific life events occur. Examples of these life events include getting married or having a child.
  • Dedicated case manager for claims. If you need to make a claim on your policy, a dedicated case manager will be assigned to handle your claim. This takes some of the stress out of the process and can ensure faster claims handling.
  • Inflation protection. Your level of cover increases each year in line with inflation, a feature designed to guarantee that you don’t end up under-insured.
  • Premium Relief. With this option selected, if you're unable to work for at least three consecutive months due to an accident or illness, your premiums for that period will be waived or refunded./li>
  • Life Buy Back. If you decide to bundle TPD Insurance with Qantas Life Insurance, this option allows you to buy back any Life Insurance amount that has been reduced after a TPD benefit payment.

Am I eligible for cover?

PolicyAge when you can applyOther requirements
Life coverBetween 18 - 74
  • For level premiums the age of entry is 18 - 59
  • Australian citizens or permanent residents or New Zealand citizens residing permanently in Australia
Income protectionBetween 18 - 59
  • You must be working a minimum of 20 hours per week
  • Australian citizens or permanent residents or New Zealand citizens residing permanently in Australia
TPDBetween 18 - 59
  • Australian citizens or permanent residents or New Zealand citizens residing permanently in Australia
TraumaBetween 18 - 59
  • Australian citizens or permanent residents or New Zealand citizens residing permanently in Australia

Does this insurer have any rewards programs included with its cover?

Qantas Life Insurance members also gain access to the Qantas Wellbeing program. As part of the program, you can track your everyday exercise activities through the Qantas Wellbeing App and earn Qantas Points simply for tracking your exercise. For example, walking the dog or going for a bike ride can help you boost your Qantas Points balance and save up for your next holiday. You can also access special offers and discounts from Qantas Insurance partner retailers.


How much does my policy cost?

When you take out a Qantas Life Insurance policy, you’ll be given the option to choose between stepped and level premiums. Stepped premiums usually start out cheaper but will usually increase each year as you age, while level premiums cost more to start with but generally don’t increase each year. If you choose level premiums, your policy will automatically revert to stepped premiums at the policy anniversary after your 64th birthday.

What affects the cost?

There are also several factors that can impact upon the cost of your premium, including:

  • The type of cover you select. There are a range of factors that affect the cost of each different type of insurance available through Qantas Life Insurance.
  • The level of cover you select. The higher your level of cover, the more your premiums will be.
  • Your age and gender. The older you are, the more health risks you face and the higher your premiums will be. Cover also tends to cost more for men than for women.
  • Your health. Your overall health status and pre-existing conditions will be taken into account, as will whether or not you smoke.
  • Your occupation and pastimes. Certain occupations and hobbies place you at a higher risk of suffering an injury or illness, and will be reflected with higher premiums.

Premiums can be paid by direct debit or credit card (Mastercard, Visa or AMEX) either:

  • Monthly
  • Quarterly
  • Half-yearly
  • Yearly

You may also be able to pay via cheque or BPAY if you request this option over the phone.


How do I make a claim?

If you need to make a claim on your Qantas Life Insurance policy, you’ll need to phone 13 49 60 from Monday to Friday, 9:00am to 7:00pm (AEST). You’ll then be assigned a claims manager who will oversee your claim from start to finish, advise you of the next steps, and answer any questions you may have.

To reduce hassle, many details of your claim can be provided over the phone. However, your claims manager will let you know what documentation will be needed to support your claim, such as medical reports, a death certificate or a statement from your doctor.


What other charges or changes are there to be aware of?

If you take out optional 'Inflation Protection' then your Qantas Life Insurance policy is indexed to provide protection against inflation. The indexation rate is 5% or the Consumer Price Index (CPI), whichever is greater, for Life, TPD and Trauma Insurance. If you have Income Protection Insurance, the indexation rate is the greater of 3% or the CPI.

The other change you may need to be aware of is that if you hold a Life, TPD or Trauma Insurance policy with level premiums, these will revert to stepped premiums at the policy anniversary after you turn 64.


What are some of the insurer’s general exclusions?

It’s important to be aware of when your Qantas Life Insurance policy won’t provide any cover, but the general exclusions vary depending on the type of insurance you have. With this in mind, it’s essential that you read the PDS closely to learn what is and isn’t covered and decide whether a policy is right for you.

Under Qantas Life Insurance, no cover is available if your claim arises because you visit a country for which the Department of Foreign Affairs and Trade (DFAT) has issued a “Do Not Travel” warning.

In addition, other exclusions may apply based on the covers you select as part of your policy. For example, if you select Accident Cover and Illness Cover but no Adventure Sports Cover, no claim will be paid if:

  • You die as a result of suicide in the first 13 months of cover
  • You die as a result of undertaking adventure sports

For TPD Insurance:

  • If you have standalone cover, no benefit will be paid unless you survive at least 14 days after suffering the illness or injury that causes your disability
  • No benefit will be paid if your claim results due to an intentional, self-inflicted act
  • Other specific exclusions will apply depending on the cover you have selected

If you hold Trauma Insurance:

  • If you have standalone cover, no benefit will be paid unless you survive a covered condition for at least 14 days
  • No benefit will be paid if your claim results due to an intentional, self-inflicted act
  • For some conditions (including cancer, heart attack, stroke, coronary artery bypass and some cancers) no benefit will be paid if the condition occurred, diagnosed or became apparent before cover commenced or within the first three months after cover commenced
  • Other specific exclusions will apply depending on the cover you have selected

Finally, Income Protection Insurance, no cover is available for:

  • Intentional, self-inflicted acts
  • Pregnancy (however Pregnancy related complications and illnesses are covered).
  • War, terrorism or civil commotion
  • Visiting a country for which the Department of Foreign Affairs and Trade (DFAT) has issued a “Do Not Travel” warning

A number of other exclusions also apply, so check the PDS for full details.


*General conditions you should consider. A minimum monthly premium of $25 is required to earn points when you sign on and you'll also need to hold a policy for at least 9 months to receive the maximum amount of points for how much you pay in premiums. In order to earn 100,000 points a minimum monthly premium of $300 is required (and the policy must be held for 9 months). Be sure to check the full terms and conditions when you apply.

Compare direct life insurance policies below

Name Product Maximum Cover Maximum Entry Age Fully Underwritten? Terminal Illness Benefit Optional Extras
NobleOak Life Insurance
$15,000,000
69
$3,000,000
TPD cover, Trauma cover
Get your two months free when you buy NobleOak Life Insurance policy. Offer ends 30 June 2021. T&C's apply.
ahm Life Insurance
$1,500,000
65
$1,500,000
TPD cover, Trauma cover
ahm Health members can save 10% off premiums.
Real Family Life Cover
$1,000,000
64
$1,000,000
TPD cover, Trauma cover
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
No optional
Get the first month free and a 10% discount if you take out a second life insurance policy (discount applies to second policy). T&C’s apply.
Guardian Life Insurance
$1,500,000
64
$1,500,000
TPD cover, Trauma cover
Cover up to $1.5 million with Guardian Life Insurance.
Insuranceline Life Cover
$1,500,000
65
$1,500,000
Trauma cover
Get a $100 bonus gift after 2 months. Offer ends 30 September 2021. Plus get 12 months cover for the price of 11 if you pay for life insurance annually. T&Cs apply.
Medibank Life Insurance
$2,500,000
70
$2,500,000
TPD cover, Trauma cover
You could win a $2K EFTPOS gift card when you get a Life Insurance quote by 20 July, 2021. There is a new winner every fortnight. Plus, Medibank health members save 10% on premiums every year. T&Cs apply.
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