St George Life Insurance

Choose from a range of protection options with St George Life Insurance

St George is a leader in offering unique and affordable banking solutions, outside of the traditionally restrictive products from the bigger banks. When it comes to life insurance, they are again able to provide you a genuine alternative to the finance giants, when you want to work with someone who is really going to listen to, and deliver, what you want and need.

Taking out life insurance is not as easy as simply applying for one policy and hoping it will protect your family come what may. Instead, to truly make sure your family is looked after and protected if you’re no longer able to provide for them, you need to look at a range of different plans, and tailor a package to your family’ your circumstances, and your plans for the future.

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St. George Life Insurance Product Offers in Australia

There are a number of different protection plans that St. George offer and they are designed to provide you and your loved ones the financial assistance you and/or your family may need, should anything happen to you. The various St. George insurance solutions and their features are outlined below.

Cover OptionsWhat you're covered for
  • Lifetime Protect 
  • Packaged life insurance: The Lifetime protect policy is a flexible life insurance product which includes estate planning, disability, injury and child care benefits, so that you can be sure your family will be protected in case you’re not there to look after them.
  • Tailor your policy around a death benefit and terminal illness benefit: The death benefit and terminal illness benefit are at the core of the policy, and all you have to do is add or remove optional benefits such as injury protection, funeral cover or child care cover, so you only pay for what you need.
  • Cover for singles or couples: St George offers a tailored singles package which includes death benefit, terminal illness benefit and injury protect cover. Or you can create your own package for your needs.
  • Cover for families: The family cover with St George includes a death benefit, terminal illness benefit, guardian benefit, education benefit, funeral benefit and child care benefit to care for your entire family if you’re not able for any reason.
  • Benefits of up to $1 million: You can choose a benefit amount of between $50,000 and up to $1 million depending on your circumstances.
  • Apply and stay covered: If you are an Australian resident between 18 and 69 you can apply for cover, and once approved you will remain covered with guaranteed renewals until you are 100 years old.
  • Term Life
  • Death Benefit: A lump sum payment if you die.
  • Terminal Illness Benefit: A lump sum payment if you become terminally ill.
  • Future Insurability Benefit: The ability to increase your sum insured without further medical underwriting.
  • Financial Planning Benefit: Reimbursement of up to $5,000 for the preparation of a financial plan following a payout.
  • Funeral Advancement Benefit: 10% of the Death Benefit paid upfront to cover immediate funeral expenses.
  • Counselling Benefit: Reimbursement of up to $5,000 for up to 10 counselling sessions following a payout.
  • TPD Cover
  • TPD Benefit: A lump sum payment if you become totally and permanently disabled.
  • TPD Partial Benefit: A lump sum payment if you are partially and permanently disabled.
  • TPD Continuation Benefit: The ability to continue your cover on an ‘any occupation’ basis after you turn 65.
  • Future Insurability Benefit: The ability to increase your sum insured without further medical underwriting.
  • Financial Planning Benefit: Reimbursement of up to $5,000 for the preparation of a financial plan following a payout.
  • Counselling Benefit: Reimbursement of up to $5,000 for up to 10 counselling sessions following a payout.
  • TPD Death Benefit: A lump sum payment of $10,000 if you die and the TPD Benefit has not been paid.
  • Living Insurance
  • Living Benefit: A lump sum benefit if you suffer a medical event listed on a standard table of specific events.
  • Living Benefit Plus: A lump sum benefit if you suffer a medical event listed on a more comprehensive table of events.
  • Advancement Benefit: A partial benefit for a specified medical event.
  • Future Insurability Benefit: The ability to increase your sum insured without further medical underwriting.
  • Financial Planning Benefit: Reimbursement of up to $5,000 for the preparation of a financial plan following a payout.
  • Counselling Benefit: Reimbursement of up to $5,000 for up to 10 counselling sessions following a payout.
  • Child Support Benefit: A lump sum payment of up to $10,000 if a dependant child dies or suffers a specified medical event.
  • Living Buy Back Benefit: The ability to reinstate the Death Benefit after the Living Benefit has been paid.
  • Living Insurance Death Benefit: A lump sum payment of up to $10,000 if you suffer a specified medical event and die within 14 days.
  • Income Protection
  • Income Protection Insurance: Pays a monthly benefit to replace a portion of your lost salary if you are unable to work due to illness or injury.
  • Business Overheads Insurance: Pays a monthly benefit to help keep your business running if you are unable to work due to illness or injury.
  • Key Person Income Insurance: Pays a monthly benefit to the business to help keep it viable if a key employee is unable to work due to illness or injury.
  • Flexible coverage: You can choose from one, some or all of these Income Protection options to suit your coverage requirements.
  • Estate Plan
  • Covers funeral expenses: Gives your family guaranteed protection by covering all funeral expenses and final costs when you die. Plus, since funeral expenses often need to be paid immediately, St George will guarantee a payout of the benefit within 48 hours of receiving all completed paperwork.
  • Apply from 45 to 69 years old: If you are between 45 and 69 years old you can apply for cover with the St George estate plan without the need for a medical exam, and if you are a St George customer you are guaranteed acceptance. Once approved your cover is free after you reach 85 years old, and your premiums do not increase as you get older. However, keep in mind that the younger you are when you apply, the higher the benefit amount your family will be entitled to.
  • Paid as a lump sum benefit: This means your family can use the money from your St George life insurance in any way they need to when the time comes, without having to worry about their finances.
  • Family discount: If both you and your partner apply for a St George estate plan, your partner will receive a 10% discount on their premiums.
  • Protection Plan
  • Choose your ownership structure: You can set up a St George Protection Plan inside or outside of your super, depending on how you can take the most advantage of tax concessions and benefits.
  • Loyalty benefits: When you have held your policy for three years, St George will add 5% to your death benefit, TPD, living benefit or children’s benefit, plus an additional $50,000 death benefit to your income protection or business overheads insurance for free.
  • Quick Cover
  • Affordable and easy to apply: This cover is designed to be quick and easy, with guaranteed acceptance, with no medical tests, if you are 18 to 55 years old and affordable fixed premiums of just $30 per month for the life of the policy. You’ll even receive one month of free insurance each year if you pay your premiums annually.
  • Life and terminal illness benefit: Provides you cover for life insurance and terminal illness insurance, and pays a lump sum benefit of up to $450,000 for eligible claims.

How do I process my claims with St. George? 

If you wish to make a claim on your St George Life Insurance, these are the steps to follow:

  1. Contact St George on 1300 366 416 within 30 days for Income Protection, Business Overheads and Key Person Income claims and within 6 months for Term Life, TPD and Living Insurance claims.
  2. Fill in a claim form and submit it to St George along with proof-of-identify and age(certified copies) along with supporting documents such as medical evidence from a specialist or proof-of-earnings, business expenses and business income (if relevant).
  3. St George will then assess your claim in a timely manner and if approved, your benefit will be paid either in a lump sum or monthly payments depending on the type of policy.

Who's eligible for these policies? 

The age eligibility range for St George Life Insurance depends on the type of premium structure selected: 

  • Term Life Insurance
    • 15 to 69 for those on stepped premiums.
    • 15 to 59 for those on level premiums to age 65.
    • 15 to 49 for those on level premiums to age 55.
    • Maximum sum insured varies according to individual circumstances.
  • TPD Insurance
    • 15 to 59 for those on stepped and level premiums to age 65.
    • 15 to 49 for those on level premiums to age 55.
    • Maximum insured sum is $5 million.
  • Living Insurance
    • 15 to 59 for those on stepped and level premiums to age 65.
    • 15 to 49 for those on level premiums to age 55.
    • Maximum insured sum is $2 million.
  • Income Protection
    • 17 to 59 for those on stepped and level premiums to age 65.
    • 17 to 49 for those on level premiums to age 55.
    • Maximum insured sum is $60,000 if gainfully employed and $5,000 if not.
  • Business Overheads and Key Person Income
    • 17 to 59 for those on stepped and level premiums to age 65.
    • Maximum insured sum is $60,000.

Other questions you might want answered

Why is life insurance so important?

Because it protects your family’s financial future if something happens to you and you aren’t there to provide for them.

What do I need life insurance if I'm young and fit?

Life Insurance premiums increase with age, so the longer you wait to take out insurance, the higher your premiums will be. Also while your personal health and fitness is within your control, accidents and other events that could cause you injury or death are not.

How much cover do I need?

It depends on your wealth protection requirements. Someone with a family and a mortgage would usually opt for more cover than someone single with no financial commitments.

What does it mean if my policy is indexed?

The sum insured and premium amounts are automatically increased on each policy anniversary to keep pace with inflation.

Who receives my St. George Life Insurance benefits?

If you die, benefits are paid to your beneficiaries, your personal legal representative or your estate. It is advisable to nominate a beneficiary to avoid having your death benefits paid to your estate, as this can slow down the release process.

What happens if I cancel my St. George Life Insurance policy?

As long as you cancel it during the cooling off period, you will get a refund of any premiums you have paid. You must cancel within 23 days of receiving your policy or within 28 days of the policy start date.

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