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RACQ Life Insurance Review
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.
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$1,000,000
Maximum Cover
65
Maximum Entry Age
$1,000,000
Terminal Illness Benefit
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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 |
RACQ life insurance: Our verdict
- 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.
Read a more detailed review on:
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.
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.
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.
- 10% discount available when you buy online.
- 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.
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An adviser can help you find cover from trusted life insurance brands.
- Get competitive quotes from multiple brands
- Lower rate of declined claims (according to ASIC)
- Save time and effort
