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Ozicare Life Cover

Find out if Life Cover from Ozicare offers the right benefits for you. Get a quote and apply.

Life Cover is a straightforward life insurance offering from Ozicare and is underwritten by Hannover Life Re of Australasia. Continue reading to

  • Get a quote
  • Find out if Ozicare Life Cover is the right policy for you

Get a quote for Ozicare Life Cover

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Maximum life cover benefit payment$1 million
Age of entry17 to 63
How can I get a quote?Online with Ozicare

Note: Maximum sum insured varies based on age.

ProsCons
  • Relatively simple and straightforward policies. May be more affordable than more complex cover types
  • No option to bundle with income protection insurance
  • Guaranteed renewability until age 100
  • Premium rates may be changed in the future (for all policyholders)
  • Flexible trauma cover options available

Note: Conditions apply, always consult the product disclosure statement (PDS)

What does Ozicare Life Cover offer?

Ozicare Life Cover pays a benefit in the event of death or terminal illness. Life Cover offers the following benefit:

  • A lump-sum payout. This can be up to $1 million in the event of death or terminal illness, with cover being renewable until the age of 100.

Can I add additional cover to my policy?

You can add the following cover to an Ozicare Life Cover policy. They are not available as standalone policies.

  • Total and Permanent Disablement (TPD) Cover. This cover will pay up to $1 million in the event of total and permanent disablement. Cover can remain in place until the age of 65.
  • Trauma Cover. This cover will pay up to $500,000 in the event of cancer, coronary artery bypass surgery, heart attack or stroke. Cover can remain in place until the age of 65.
  • Trauma Plus Cover. This will pay in the event of the same trauma conditions as Trauma Cover as well as a range of others, such as chronic organ failure, loss of hearing, sight or speech, major head trauma, severe burns and others. Cover can remain in place until the age of 65.
  • Children’s Cover. This is life cover that you can purchase for a child aged 1 to 16. It will pay up to $50,000 in the event of an insured child dying, being diagnosed with a terminal illness or suffering from a range of trauma or disability conditions. Once you have purchased cover, it can remain in place until the policy anniversary after the child’s 21st birthday.

What features are available?

The following policy features are included with Life Cover, Children's Cover and Interim Accidental Death Cover.

  • Funeral benefit. You can get up to $7,500 of the benefit amount payable in advance (of the rest of your life insurance payment) in order to assist with funeral expenses and other immediate costs.
  • Terminal illness benefit. This will pay in the event of a terminal illness, where an insured person is diagnosed with a terminal illness that results in a life expectancy of less than 12 months.
  • Interim accidental death cover. After applying for life cover, you are given interim accidental death cover until the specified policy commencement date. This cover will remain in effect until your application is accepted or declined.
  • Indexing benefit. Benefit amounts automatically increase annually by either 5% or the published change in the Consumer Price Index (CPI), whichever is greater. This can increase your benefit amounts and payouts beyond the set maximums.

All cover types also include a 30-day cooling-off period and provide worldwide cover 24/7 within the conditions of your policy.

Note: Make sure you refer to the product disclosure statement (PDS) for terms and conditions.

What are the ages of entry for life cover?

Sum InsuredEntry age*
$ 1,000,000Between 17 and 43
$750,000Between 44 and 53
$ 500,000Between 54 and 58
$ 300,000Between 59 and 63

*Conditions apply.

How much will it cost?

Ozicare life cover premiums are calculated each policy anniversary and are based on the following criteria:

  • Your age, or the age of the insured individuals, at the time of the calculation
  • The benefit amount (total sum insured) provided under your cover
  • Health, lifestyle and individual factors, such as smoking status, gender, family history, occupation and participation in hazardous activities
  • Any discounts you can claim. For example, existing Ozicare home, contents or car insurance policyholders may be able to get a 10% discount on Ozicare life insurance

Because policy premiums are re-calculated each policy anniversary, your premiums will typically increase with age in a stepped premium structure.

When will a benefit be paid?

Each cover type will pay benefits in different circumstances.

  • Life Cover. This will pay in the event of death or if the insured individual is diagnosed with a terminal illness.

What about the other cover types?

With the add-on cover types, the benefit amount paid will decrease your total life cover amount by the sum paid.

  • Children’s Cover. This will pay in the event of the insured child dying, being diagnosed with a terminal illness or suffering one of the specified traumas or disabilities listed on the policy. See below for a list of trauma conditions under which Children’s Cover can pay out.
  • Accidental Death Cover. This will pay in the event of accidental death, subject to policy exclusions.
  • TPD Cover. This will pay in the event of permanent disability, as specified in your policy and subject to any conditions or exclusions.
  • Trauma Cover. This will pay in the event of cancer, stroke, heart attack or coronary artery bypass surgery.
  • Trauma Plus Cover. This will pay in the event of a range of medical or health events. See below for a list of the conditions under which Trauma Plus Cover can pay out.

You can find the precise definitions of each trauma and disability payout condition in the Ozicare Life Cover product disclosure statement.

When won’t a benefit be paid?

Different cover types and add-ons can carry different exclusions, which are conditions under which a benefit may not be paid. For Life Cover, TPD Cover, Trauma Cover and Trauma Plus Cover, no benefits are payable for deliberately self-inflicted injury or death, disabilities accelerated by deliberate actions on the part of the insured or other deliberate self-harm.

For Life Cover, this only applies for 13 months after the following:

  • The policy commencement date
  • A non-automatic increase in cover, but only in respect of the increased amount
  • Policy reinstatement, where Ozicare has agreed to reinstate a policy after it was cancelled

For all cover types and add-ons, exclusions may be applied to your policy for certain pre-existing medical conditions or risk factors. You will have the opportunity to either accept or decline these terms before policy commencement.

It’s also important to note that, depending on the situation, your cover may cease if you stop residing in Australia. If you are moving overseas, it is important to check how this may impact your cover.

Specific exclusions apply to Children’s Cover and Accidental Death Cover.

Andrew Munro

Andrew writes for finder.com, comparing products, writing guides and looking for new ways to help people make smart decisions. He's a fan of insurance, business news and cryptocurrency.

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