Receive up to $1.5 million in life cover with Woolworths life insurance
Since the opening of the first store on Pitt Street Sydney in 1924, Woolworths has grown to become the largest food retailer in Australia. Over the years, Woolworths has expanded its financial services to now offer banking and Insurance to customers with the launch of Woolworths Insurance in 2011. Woolworths Insurance provides car, home, pet, travel and life products with different cover options to meet the protection requirements of a range of customers.
The Woolworths Life Insurance product provides a simple cover solution that still offers comprehensive cover where you need it most. Woolworths Life Insurance is issued and administered by leading global insurer Swiss Re Life and Health Australia Ltd.
Why consider Woolworths?
Woolworths Life Insurance product has been designed to be a cost-effective, flexible and easy to understand alternative to other insurance products, making it simple to protect what's important to you. Woolworths rewards customers through a range of excellent benefits including;
- Long term protection: Woolworths does not intend to come and go in the finance market, and as the Woolworths Head of Insurance, George Hughes has said, 'We intend to have a long-term presence in the insurance sector.' This means you can invest in your insurance policy now, and you know that Woolworths will be there for you or your family when you make a claim.
- Easy to understand insurance: According to the market research conducted by Woolworths in launching their new products, the company found that many Australians find insurance difficult to understand, and 95% of Australian families don't have enough life cover. That is why the Woolworths Insurance products are designed to be easy to access for everyday Australians.
Policy benefits and features
With Woolworths life insurance product offers, you know you will be getting reliability and affordability, but on top of that, you will also get to benefit from:
- Your choice of cover amount: In the event that you were to pass away or suffer a terminal illness, the last thing you would want is for your family to have inadequate financial support. With Woolworths, you can apply for a benefit amount between $100,000 and $1.5 million in increments of $50,000. The level of cover available is subject to age and income.
- Easy application: If you are an Australian resident between 18 and 65 you can apply for Woolworths insurance over the phone in just a few minutes. You don't need to take blood tests or medical tests, or even worry about filling out any forms.
- Flexibility to choose your premium frequency: You can choose to pay your premiums fortnightly, monthly or annually, depending on your family budget and cash flow cycle.
- Guaranteed renewable cover: Once your policy with Woolworths is approved, your policy is guaranteed to be renewed each year, as long as you pay your premiums on time. This means that even as your lifestyle, health, occupation and other risk factors change, you can rest assured that your Woolworths life insurance will be there for you.
- Interim accidental death insurance: Woolworths will provide interim accidental death cover while they review your policy application for up to 30 days.
Additional cover options to consider
- Total and Permanent Disability: You can choose to bundle your life insurance policy with Total and Permanent Disability cover. Woolworths will pay the insured TPD benefit amount in the event that you suffer total and permanent disablement as defined in the product disclosure statement.
- Woolworths Children’s Insurance: You may also choose to bundle your life insurance with Children’s Insurance. Children’s Insurance provides cover in the event that your child suffers one of the trauma events specified in the product disclosure statement. Woolworths will pay 100% of the insured benefit in the event the child suffers the event. Maximum children's insurance benefit is up to $50,000.
Some final questions you might have
Q. Who can apply for Woolworths Life Insurance?
- A. Woolworths Life Insurance is available to Australian residents aged between 18 and 65.
In order to qualify for Total and Permanent Disability Insurance, you must:
- Be aged between 18 and 60
- Working on a regular basis in an eligible occupation for at least 20 hours per week
- Alternatively, you must be engaged in Domestic Duties full-time and between 18 and 55
Q. When does Woolworths Life Insurance cover start?
- A. Cover will commence on the acceptance date that is stated on the policy schedule.
Q. When does cover end?
- A. Cover will end:
- From the date a benefit is paid in respect of a life insured if there is no remaining policyholder listed on the policy
- The date the policy is cancelled by the policyholder
- The date the policy is cancelled following no premium payments being made
Q. Can I change my cover?
- A. You can apply to:
- Increase your cover
- Decrease your cover
- Change from smoker to non-smoker status
- Any request is subject to acceptance by Woolworths.
Q. How can I pay for my cover?
- A. You can choose to have payment for cover deducted fortnightly, monthly or annually. Payment can be made by direct debit, cheque or credit card.
Q. Is there a cooling off period?
- A. Each policy will feature a 30-day cooling off period whereby you can cancel the policy provided no claim has been made.
Q. How is my policy taxed?
- A. Premiums are generally not tax-deductible and tax will generally not be required to paid on benefits paid to beneficiaries.
These are just some of the questions that you may have regarding the Woolworths Life Insurance policy. Don’t hesitate to speak with a representative from Woolworths prior to applying for cover to ensure you are aware of all the terms and conditions of the policy.