These products offer great value, with a good score across both features and price.
7+
Great
These are competitive products, though they didn't quite get top scores.
5+
Standard
These products might offer less value or command a higher premium than others in the market.
0+
Basic
These products might only offer a basic set of features or aren't very competitive on price.
Our Verdict:
The major Aussie bank offers a maximum entry age of 69, placing it in-line with award-winning brands like NobleOak.
St.George offers no fewer than seven life plans to choose from – starting from just $30 per month – along with income protection cover.
You may want to shop around and compare a few options. For example, Allianz's Life Plan offers up to $1,500,000 million in death benefit cover and you're able to insure up to two people on a policy.
Review by our life insurance senior writer James Martin
If you're looking for mid-range life insurance cover from an established name, then St.George Life Insurance is a decent option to consider. Its flexible plans can include assistance with estate planning, injury protection cover, family payments and more. Let's take a closer look.
St.George Life Insurance and other products
There are a number of different protection plans that St.George offers 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.
Packaged life insurance: The BT Protection policy is a flexible life insurance product that lets you tailor your policy around a death benefit and terminal illness benefit. These benefits make up 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.
Potentially high benefit limits: According to BT's PDS, the maximum cover is 'any financially justifiable' amount
Apply and stay covered: If you are an Australian resident between 15 and 69 you can apply for cover, and once approved you will remain covered with guaranteed renewals until you are 100 years old.
You can also select income protection, sickness and injury cover, needlestick benefit and a children's benefit if you want to bolster your insurance
TPD Cover
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
Key points of 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
Key points of 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.
More cover benefits
Key points of More cover benefits (some are optional)
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.
Am I eligible for a policy with St.George?
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.
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:
Contact St.George on 1300 366 416 within 30 days for Income Protection, Business Overheads and Key Person Income claims and within six months for Term Life, TPD and Living Insurance claims.
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).
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.
Frequently asked questions
Because it protects your family's financial future if something happens to you and you aren't there to provide for them.
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.
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.
The sum insured and premium amounts are automatically increased on each policy anniversary to keep pace with inflation.
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.
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 25 days of receiving your policy or within 30 days of the policy start date.
Finder Score - Life Insurance
Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 30 products and gave each one a score out of 10.
But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.
James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, Insurance News, 7NEWS and The Guardian. An experienced journalist, James' work has featured in publications including The Irish Times, Companies100 and In Business. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146).
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