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Woolworths Life Insurance
Woolworths Rewards members will appreciate a 10% premium discount on Woolworths Life Insurance. And you might find one or two other perks with this no-frills cover.
Our Verdict:
- You can pay for your premiums fortnightly, monthly or annually depending on your needs. Woolworths Life Insurance offers a funeral benefit of $15,000 and maximum cover of up to $1.5 million. Keep in mind that some other brands do go quite a bit higher for these two benefits.
- Your policy comes fully underwritten – the majority of providers we compare don’t offer this added peace of mind.
- Cover options are quite limited. You can't beef out your policy with a trauma option and there's no child benefit option.
Review by our life insurance senior writer James Martin
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$1,500,000
Maximum Cover
65
Maximum Entry Age
$1,500,000
Terminal Illness Benefit
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Details
| Product Name | Woolworths Life Insurance |
|---|---|
| Maximum Cover | $1,500,000 |
| Funeral Benefit | $15,000 |
| Guaranteed Renewability | |
| Online Quote | |
| Cooling-off (days) | 30 |
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 expanded its financial services and now offers banking and insurance products to consumers. Woolworths provides car, home, pet, travel and life products – most of these are competitively priced, and so it's worth digging a little deeper into Woolworths Life Insurance.
| Maximum cover amount | $1,500,000 |
|---|---|
| Age of entry | 18 - 65 |
| How do I apply? | Over the phone with Woolworths Life Insurance |
Age of entry varies with the sum you insure.
| Pros | Cons |
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Note: Conditions apply, always consult the Product Disclosure Statement (PDS)
Why consider Woolworths?
Woolworths Life Insurance 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 its 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 take out your insurance policy now, and 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 of Woolworths Life Insurance
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 life insurance, 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 life 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.
Additional cover options to consider
- Total and Permanent Disability: You also have the option of Total and Permanent Disability cover benefit. 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.
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
Are you a Woolworths Rewards member? Take out a life insurance policy, save up to 10% on cover.
There are many good reasons to take out Woolworths Life Insurance, the main one being that if you're a Woolworths Rewards member, you're entitled to a 10% discount on your premium.
What are the membership benefits of Woolworths Rewards?
The benefits of being a Woolworths Rewards member don't end with taking out an insurance plan. Members also enjoy the following:
- One point for every dollar spent instore and online at Woolworths supermarkets, or at BWS and Caltex Woolworths fuel outlets. This excludes outlets in Tasmania, as well as Star Mart and Star Shop.
- Exclusive member-only offers instore, online and via email.
- A discount of 4 cents per litre at Caltex Woolworths fuel outlets when you spend $30 or more at a Woolworths supermarket.
- The option to convert your savings to Qantas Points in the Qantas Frequent Flyer program. Each 2000 Woolworths Points = 1000 Qantas Points.
What other insurance discounts does Woolworths offer?
As well as the 10% discount on life insurance if you a Rewards member, you can enjoy discounts on a variety of other types of Woolworths insurance as well, including the following:
- Car Insurance. Woolworths will beat any quote on comparable comprehensive car insurance if you are over 25 years of age. Save up to 15% online.
- Home & Contents Insurance. Save up to 30% if you purchase your policy online.
- Pet Insurance. Woolworths will better any quote you find on comparable pet insurance.
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 of payment of the total benefit amount in respect of a life insured and there is no surviving partner life insured
- 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.
