In this guide

  • Our verdict
  • Details
    • Key Details
    • Eligibility
    • Add-ons
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own.

RACQ Life Insurance Review

  • Avatar
RACQ Life Insurance

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

Compare other options
    Bonus
Maximum Cover
$1,000,000
Maximum Entry Age
65
Terminal Illness Benefit
$1,000,000

Our verdict

RACQ life insurance offers three core types of life cover to meet different needs. But its benefit limit of up to $1,000,000 isn't the most competitive on the market.

  • This provider has a claims acceptance rate of 97% for death cover purchased through a financial advisor, which is higher than average (96.6%).
  • You can get access to AIA Vitality discounts.
  • With RACQ, you get a death benefit of up to $1,000,000. Insurers includingNobleOak, ahm and Suncorp all offer between $500,000 and $14,000,000 more.

In this guide

  • Our verdict
  • Details
    • Key Details
    • Eligibility
    • Add-ons
  • Your reviews
  • Ask a question

Details

Key Details

Product Name RACQ Life Insurance
Maximum Cover $1,000,000
Terminal Illness Benefit $1,000,000
Funeral Benefit $15,000
Guaranteed Renewability
Cooling-off (days) 30
Online Quote

Eligibility

Minimum Entry Age 18
Maximum Entry Age 65
Expiry Age 75

Add-ons

TPD Option
Child Benefit Option
Trauma Option

Read a more detailed review on:

life insurance shield

Life insurance

Key points of RACQ life insurance

  • Life insurance: Pays out a lump sum of up to $1,000,000 in the event of death or terminal illness.
  • AIA Vitality: Get access to this lifestyle rewards program with RACQ cover.
  • Funeral advance: Up to $15,000 paid out ahead of the rest to help cover immediate expenses.
  • Global coverage. You're covered worldwide 24/7 when you travel.
  • Bonus cover on selected benefits. Bonus cover can increase the amount that you're insured for by 1% a year for the first 10 years of your cover.

Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.

life insurance icon

Optional cover

Key points of RACQ optional cover

When you take out a Life insurance policy, you also have the option to add on the following:

  • TPD insurance. Pays out a lump sum of up to $750,000, or your life insurance sum insured, in the event of total and permanent disability.
  • Trauma insurance. It pays out a lump sum in the event of a specified medical event. The maximum trauma insurance cover is 50% of your life cover sum insured, up to $250,000.
  • Children's trauma cover. You can apply for up to $50,000 Children's Trauma cover to support your family if your insured child gets seriously ill.

coverage icon

Eligibility

Key eligibility criteria

To apply, you must:

  • Be an Australian citizen or permanent resident, or a New Zealand citizen.
  • Permanently reside in Queensland or at a northern NSW address with an eligible postcode.
  • Be 18-65 years of age (18-59 for Trauma & TPD cover).
  • For TPD optional cover: Work a minimum of 20 hours per week (excludes heavy, manual occupations).

You need to also meet the underwriting requirements (health and lifestyle factors) during the application process to start receiving cover.

RACQ life insurance pros and cons

Still wondering if RACQ is right for you? Here are the main pros and cons summarised:

Pros

  • It gives you access to AIA vitality.
  • Wide range of linked cover options.

Cons

  • Maximum sum insured of only $1,000,000
  • Only available in QLD and northern NSW currently

How do I make a RACQ life insurance claim?

To make a claim you should inform RACQ as soon as reasonably possible after an insured event.

Call 1800 722 777 or email claims@lifeinsurance.racq.com.au to receive a claims form, and then mail it, completed, to the RACQ claims team.

You will need to include evidence to support your claim, which depends on the type of claim. The additional documentation required may include:

  • Medical evidence provided by a practitioner
  • Proof of earnings or work status
  • Proof of age
  • Proof of death
  • Evidence of disability.

What are some of the key exclusions of RACQ life insurance?

You cannot make a claim for loss resulting from:

  • Suicide or deliberately self-inflicted injury within 13 months of taking out or reinstating life cover, or at any time for trauma and TPD cover
  • Criminal or unlawful acts, or legal imprisonment
  • Engaging in any aerial activity, except as a fare-paying passenger with a licensed airline or charter company
  • War of any kind
  • Alcohol, illicit drugs or any kind of drug misuse, whether directly or indirectly
  • Any motorised sports participation, in any capacity
  • Hazardous occupational duties, including working underground, offshore, at heights, underwater, with explosives, in the armed forces or in professional sports

For children's trauma cover specifically, you cannot make claims within the first 90 days, for congenital conditions or for pre-existing health conditions.

Compare other direct life insurance policies below

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.
loading

Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We've done 100+ hours of policy research to help you understand what you're comparing.

Why you can trust Finder's life insurance experts

free

We're free

You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
expert advice

We're experts

Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 250+ guides to make it easier for you to compare.
independent

We're independent

Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.
help

We're here to help

Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

Your reviews

No reviews yet. Write a review

Ask a question

Ask a question
Avatar

James Finder

Editor

Hi there, looking for more information? Ask us a question.

Error label

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Go to site