Woolworths Life Cover

Information verified correct on September 27th, 2016

Benefits of Woolworths Life Cover Policy

As much as you get out of the intangible aspects of your life, your presence and contribution may often seem equally intangible, but will be sorely missed each and every day if you’re no longer around for your family and friends. Therefore, while you can’t put a price on the home, the love, the support and the comfort you’ve built for your family, life insurance does allow you to continue to provide for your family after you’re gone, with a financial benefit.

Woolworths life insurance provides a lump-sum benefit of up to $1.5 million in the event of your death or permanent illness, depending on your age and income. Read this review to learn more of the benefits of Woolworths life cover to find out if it's the right option for you.

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Features of the policy

There are so many life insurance products available in Australia, and this is because Australians are living their lives so differently each day, that the life insurance product which suits your neighbour, may not suit you. Instead, you need to consider the ways your family would be financially impacted the most if you were to die or be diagnosed with a terminal illness, and find a life insurance product which will easily and affordably support them when they need it most.

With Woolworths Life Insurance, you can continue to provide for and protect your loved ones with:

  • No medical application. You don’t need to take a medical test or blood test to apply for Woolworths life insurance. This means you have no excuse not to quickly and easily apply for cover over the phone in just a few minutes, and you don’t even need to fill out any forms. If you are an Australian resident between 18 and 65 years old, you can apply for cover.
  • Single or joint cover. It can make good sense for your family if you cover yourself and your partner with life insurance. Even if only one of you earns an income, or if one of you only works part time, both of you should have life insurance if you have children, family members or each other relying on you. Woolworths easily allows you to create a joint life insurance policy so that if the non-income earning partner dies for example, the other can still receive a benefit to cover things like housekeeping and child care, or to cover living expenses if they choose to switch to part time work after the loss, to spend more time as a family.
  • Choose your premium frequency. Woolworths Insurance allows you to pay your premiums fortnightly, monthly or annually, to suit your budgeting needs.
  • Lump sum benefit amount. You can receive a life insurance benefit amount from $100,000 to $1.5 million which is calculated based on your age and your income. The benefit amount is then paid as a lump sum when you or your family make a claim.
  • Benefit advance. Once your claim has been submitted, but before the full benefit is paid, you or your family will receive an advance payment of $15,000 while the claim is being processed. This advance is deducted from the total benefit amount, but is provided promptly to allow for the payment of medical expenses, final expenses or funeral arrangements.
  • Terminal illness benefit. If you are diagnosed with a terminal illness, with less than 12 months to live, you can make a claim for 100% of your life insurance benefit amount. This means you can use the funds to make your last few months easier and more comfortable, to make alterations to your home, to pay medical bills, or to take a restorative family holiday.
  • Cooling off period. You have 30 days after you apply for Woolworths Life Insurance to change your mind and cancel the policy. If you cancel the policy within the cooling off period, you will receive a full refund of any premiums you have already paid, as long as you haven’t made a claim on your policy.
  • Worldwide cover. You are protected by Woolworths Life Insurance 24 hours a day, 7 days a week, wherever you are in the world.

Tailor your policy to suit your needs

In addition to the features and coverage of the Woolworths Life Insurance policy, you can also add cover for:

  • Total and permanent disability. This feature pays a lump sum benefit if you become totally and permanently disabled as the result of illness or injury, and are unable to return to normal work.
  • Children’s insurance. Can pay your family a lump sum benefit if your insured child suffers an eligible trauma, or in the event of their death. Eligible children must be Australian residents, between 2 and 18 years old. You can cover both natural and adopted children and the maximum benefit is up to $50,000.

Who's eligible for cover?

  • If you're applying for Woolworths Life Insurance you must be an Australian resident aged between 18-65 years old.
  • If you're adding TPD Cover you must be aged between 18-60 years old and working on a regular basis in an eligible occupation for at least 20 hours per week. The majority of occupations are eligible for TPD Cover from Woolworths, although some particularly hazardous occupations may be limited or not covered.
  • If you're engaged in domestic duties full time and are applying for TPD Cover, you must aged between 18-55 years old.
  • If you're applying for Woolworths Children's Insurance you must be an Australian resident aged between 2-18 years old.

Exclusions to be aware of

Exclusions that apply to Woolworths Life Insurance policies are as follows:

  • A Woolworths Life Insurance benefit will not be paid if the insured dies or has a terminal illness caused by an intentional or deliberate self-inflicted injury within 13 months of the policy commencing, being reinstated or while the benefit amount is being increased. 
  • A Woolworths TPD Insurance benefit will not be paid if the condition being claimed for is the result of an intentional or deliberate self-inflicted injury.
  • A Woolworths Children’s Insurance benefit will not be paid if the claim arises from an intentional or deliberate act by the insured child, their parents, their guardian or someone otherwise entitled to the benefit. A benefit will also not be paid if the claim relates to a congenital or pre-existing medical condition.
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