Why consider St.George term life insurance?
Life insurance is something that can help protect and provide for your loved ones and your family, no matter how old you are – or how old they are. When a family member suffers an illness or injury, or when someone close to you dies, there is no way to continue with your life the way you did before.
It is not just you and your heart that is forever changed because of this loss or devastation, but it is also reflected in your day to day life, from what you buy at the supermarket to how you spend your weekends. Most of us have suffered the loss or illness of a loved one at some time in our lives, often more than once, but no matter how many times loss has touched your family, it doesn’t make it any easier the next time.
Therefore, think about what you’ve gone through when you’ve lost someone close to you, and look at how you can make that process easier for your family when you’re no longer able to be there with them. While you can’t minimise the emotional loss and stress your loved ones will feel when you die, you can protect them from financial stress and hardship with life insurance cover.
Different types of term life insurance plans from St.George Bank
Term life insurance cover available through St.George from the following two plans:
- St.George Protection Plans: St.George offers comprehensive insurance solutions through its Protection Plans range to suit a wide range of different needs.
- St.George Lifetime Protect: Lifetime Protect is an innovative insurance solution for applicants who are looking for more flexibility in their life insurance policies to accommodate their needs as their life changes. St.George Lifetime Protect range offers various optional benefits that can be added or removed as your needs change throughout different life stages.
It is important to read the Product Disclosure Statement (PDS) of each plan to determine which term life insurance policy is most suitable to your needs, as each plan has their own unique features and benefits.
Different features and benefits of St.George term life insurance plans
St.George term life insurance can provide the financial support that your family will need should you pass away or be diagnosed with a terminal illness with less than 12 months to love, which can help the initial period of loss, and the intervening years easier to manage and navigate financially.
As previously mentioned, there are two types of term life insurance plans that are offered by St.George through its Lifetime Protect and Protection Plans range.
St.George Lifetime Protect Term Life Insurance
Some of the core features of St.George Term Life Insurance available through the Lifetime Protect plan include:
- Customisable cover options: St.George makes it easy to either choose one of the specially designed life insurance packages for different stages of life, or basic package with the flexibility to add and remove the features you may or may not require to suit your circumstances in the future.
- Death Benefit: You can nominate a death benefit amount of $50,000 up to $1 million in the event of your death.
- Terminal Illness Benefit: Your death benefit amount is payable in advance in the event that you are diagnosed with a terminal illness with less than 12 months to live.
Lifetime Protect – Optional benefits
- Funeral Benefit: St.George will provide a benefit of $10,000 in advance from your death benefit to cover funeral related expenses within 48 hours of receiving a funeral invoice.
- Final Affairs Benefit: St.George will pay a benefit of $10,000 in addition to your death benefit in the event of your death or terminal illness.
- Disability benefit: If you suffer from a loss of limbs, sight or loss of independent existence, St.George will provide an advance payment of your death benefit of up to $75,000.
- Injury Protect ad Injury Protect Plus Benefits: St.George will provide a benefit amount specified of up to $200,000, in addition to your death benefit, if you suffer from any of the listed fractures or burn in your policy.
- Child Care Benefit: If your child, between the age of 0 and 7, suffers from one of the illness or injuries listed in the policy, St.George will pay a benefit amount of $500 per year.
- Education Benefit: St.George will provide a benefit payment of $30,000 in addition to your death benefit if you pass away or are diagnosed with a terminal illness.
- Guardian Benefit: A benefit amount of $50,000 will be payable in addition to your death benefit in the event of your death or diagnosis of a terminal illness.
- Family Cover Benefit: If you are diagnosed as terminally ill, you will receive an additional benefit of $20,000 on top of your death benefit.
Lifetime Protect – Bonus features
- Financial Hardship Benefit: St.George can waive your premiums of up to three months in the event that you are experiencing financial hardship.
- Premium Relief Benefit: You can nominate one month every year in which no premium is payable if you are paying monthly premiums.
- Partner Discount: If you are applying for a joint policy with your partner, St.George will waive your policy fee every year.
- Interim Accident Cover: Your nominated death benefit amount is payable in the event of your death as a result of an accident while your application is being assessed.
- Accidental Death Benefit: St.George will pay your accidental death benefit amount if you die as a result of an accident.
- Guaranteed renewable: Your policy will be renewable each year until the expiry date of your policy, provided your premiums are paid when due.
- Indexation: St.George offers automatic indexation of your benefit amount, to increase your life insurance by 3% each year, to keep in line with the Consumer Price Index (CPI).
- Worldwide cover: You can also take peace of mind from knowing that your St.George life insurance goes with you wherever you are, so you have worldwide cover, 24/7.
Applying for St.George Term Life Insurance with a Lifetime Protect Plan
You can apply for St.George Term Life Insurance if you are an Australian resident, between 18 and 69 years old. You are not required to take a medical test and instead, simply make a health declaration with your application. You can then rest secure in the knowledge that your life insurance policy will be renewed with St.George each year, until you are 100 years old.
St.George Protection Plans Term Life Insurance
Some of the main features of St.George Term Life Insurance available through the Protection Plans range include:
- Death Benefit: You have the flexibility to nominate your benefit amount that will be sufficient to cover your family's financial obligations in the event of your death.
- Terminal Illness Benefit Your death benefit amount is payable in the event that you are diagnosed with a terminal illness with less than 12 months to live.
- Future Insurability Benefit: You can increase your benefit amount when a specified personal or business event occurs without having to go through another medical exam.
- Financial Planning Benefit: St.George will reimburse the costs of preparing a financial plan of up to $5,000 in addition to your Death, Terminal Illness, TPD or Living Benefit.
- Funeral Advancement Benefit: St.George will provide advance payment of 10% of your Death Benefit to a maximum of $25,000 to cover the immediate costs of your funeral.
- Counselling Benefit: St.George will reimburse the costs of up to ten counselling sessions to a maximum of $5,000 following the payment of a Death, Terminal Illness, TPD or Living Benefit.
- Cover within superannuation: You can choose to structure your St.George Term Life Insurance policy inside or outside of your superannuation account. The choice you make will depend on your financial situation, your tax bracket and your plans for life insurance benefit, so it is best to discuss this choice with a financial adviser who knows all the details of your financial situation and goals.
- Loyalty Benefit: Once you have held your policy for three years, St.George will reward you for your loyalty by adding an extra 5% to your Death, TPD, Living or Children’s Benefit without any additional charge.
- Premium Holiday: if your financial circumstances change, St.George allows you to suspend your policy after you have held your policy for more than six months.
- Multi-Policy Discount: If you have more than one policy cover in St.George Protection Plan, you will be eligible for a multi-policy discount of 5% on your premiums.
Protection Plans – Optional benefits
Some optional features that are available through St.George Protection Plans Term Life Insurance include:
- TPD Benefit: St.George will provide a benefit payment in the event that you become totally and permanently disabled.
- Living Benefit: In the event that you suffer from a specified medical event, such as cancer, stroke or heart attack, St.George will provide a benefit payment.
Applying for St.George Term Life Insurance with Protection Plans
To be eligible to apply for St.George Term Life Insurance via its Protection Plans range, you must be:
- Between 15 to 69 years old for stepped premium, 15 to 59 years old for level 65 premium or 15 to 49 years old for level 55 premium
- An Australian resident
Whatever your protection needs may be, St.George offers comprehensive term life insurance policy options that you can tailor to suit your needs and circumstances. With St.George Term Life Insurance cover in place, you can have the peace of mind knowing that your loved ones will be cared for, regardless what happens to you.