If there is anything none of us like thinking about is the prospects of our mortality. Nevertheless, we’ve got our own busy lives to reflect on. However, sparing some time to plan how your family is going to manage when you pass away is crucial for all Australians.
Do a comparison on direct life insurance policies
|Insurer||Maximum cover||Maximum age entry||Full underwritten?||Terminal illness benefit||Optional Extras|
|NobleOak Life Insurance Compare||$15,000,000||69||✓||$3,000,000||Trauma cover, TPD Cover||Finder Award Get Quote See details|
Enjoy a free month when you purchase NobleOak Life Insurance policy. Offer ends 30 September 2021. Terms and Conditions apply.
Zuirch Ezicover Life Insurance
|Zurich Compare||$1,500,000||69||X||$15,000,000||No optional||Get Quote See details|
Enjoy a free first month and a 10% discount when you take a second life insurance policy. T&Cs apply.
Real Family Life Cover
|Real Insurance Compare||$1,000,000||64||X||$1,000,000||TPD cover, Trauma cover||Get Quote See details|
Enjoy a refund of 10% of the premiums you’ve paid (the first 12 months) with The Real RewardTM.
Medibank Life Insurance
|Medibank Compare||$2,500,000||70||X||$2,500,000||TPD cover, Trauma cover||Get Quote See details|
Each year save 10% on your premiums if you are a Medibank health member. T&Cs apply.
ahm Life Insurance
|ahm Compare||$1,500,000||65||✓||$1,500,000||TPD cover, Trauma cover||Acquire quoteSee details|
Members of ahm members can save 10% off premiums.
Insuranceline Life Cover
|Insuranceline Compare||$1,500,000||65||✓||$1,500,000||Trauma cover||Get quote|
After 2 months, receive a $100 bonus. The offer is until 30 September 2021. Receive 12 months cover for the cost of 11 months if you pay lifetime insurance yearly. T&Cs apply.
A summary of Let’s Insure Life Insurance
|Maximum amount of cover||$350,000|
|Entry age||18-65 years|
|How to apply?||Online with Let’s Insure|
Pros and cons
|Free coverage of your accident as you wait the assessment of your cover||Your policy’s cost may change in the future as it isn’t guaranteed|
|Able to choose a premium structure that addresses your needs||Premiums on your policy together with sum insured will increase each year in order to meet the cost of inflations unless you opt out.|
|You are allowed to increase your sum insured after 12 months without a health assessment.|
Note: Consult the PDS always as T&Cs apply.
Life insurance is made to aid your family cope with the financial impact when you suffer a serious injury or pass away. Let’s Insure is an insurer from Australia that provides a variety of cover options to help fulfil the insurance needs of you and your family. St Andrews Life Insurance which has been providing Australians with vital financial protection since 1998, and underwrites Let’s Insure policies.
The key features of Let’s Insure Life Insurance policy
30-day cooling-off period. You are guaranteed a full premium refund if you cancel your policy within 30 days.
Increase guaranteed benefits. You can increase your life cover every 12 months without undergoing an additional health assessment; however, specific terms and conditions must be met.
Interim Accidental Death Cover. You will receive a 30 day free temporary Accidental Death Cover from the insurer if you apply via the phone and the insurer asks for further information to evaluate your application correctly.
Financial Planning Benefit. If you hold Let’s Insurer cover for three years or so, your policy will be upgraded automatically to contain Financial Planning Benefit. This benefit covers up to $3000 for financial advice you get from a licensed financial planner during the 12 months of an accepted Life Cover Claim. Furthermore, the benefit requires no additional cost.
Financial Assistance Benefits. Your policy will be upgraded automatically to include a free financial assistance benefit if you have held it for 12 continuous months. If you are having financial hardship, you can waive your premiums for up to three months with this benefit.
Your choice of premiums. Let’s Insure gives you the option of fixed or stepped premium, allowing you to pick the most acceptable option for your family’s budget and your coverage needs.
Automatic sum insured increases. If you select stepped premiums each year, your sum insured increases by 5% to maintain your real insurance value.
Payment options are flexible. Let’s Insure allows you to pay your premiums annually, monthly or fortnightly. The Premiums will be deducted from your selected credit card or bank account automatically.
The products offered by Let’s Insure
In case you die or suffer from a terminal illness, Let’s Insure provides cover up to $350,000, and the minimum benefit is $50,000. There is also an advance funeral benefit that your family is given to deal with immediate expenses after you die.
Total and Permanent Disability (TPD) Cover
TPD cover is an optional extra on your Let’s Insure Life Cover policy. In the event you suffer total and permanent disability, the policy provides a lump-sum payment of $50,000 to $350,000.
This is an additional cost option offered by Let’s Insure Life policy. In case you suffer a specific trauma event such as heart attack, cancer, coronary artery bypass surgery or stroke, a total of $350,000 is provided. The policy covers a total of 20 trauma events.
Accidental Death Cover
Accidental Death cover is an optional cover offered with Let’s Insure Life Cover. A benefit of $100,000 to $350,000 is provided in the event of your accidental death. This sum is paid on top of the Life Cover Benefit.
If an insured child dies due to a specific trauma event or an accident Lets Insure Children’s cover provides a sum of up to $60,000. Examples of trauma events comprise major head trauma, cancer, significant burns or paralysis. An amount of $10,000 is the minimum benefit, and Let’s Insure Life Cover is the only policy available with this cover.
Am I qualified for cover?
|Total and Permanent Disability Cover||18-55|
|Accidental Death Cover||18-65|
*This can differ with sum insured
About the insurer
A Section of BlueInc Group, Let’s Insure provides several covers to customers all over Australia. Some of the policies comprise Life Cover, Funeral Cover, Accident Cover, and Easy Life Insurance. Each of these policies is made to provide peace of mind and financial support for you and your family.
Who issues Let’s Insure cover?
St Andrews Life Insurance issues the company’s insurance policies. The company has been providing life insurance solutions and consumer credit to Australians since 1998. Moreover, the products from Let’s Insure are re-insured by Munich Reinsurance Company of Australasia Limited, which is a part of the world’s largest re-insurer, Munich Re group.
How do l pay my premiums?
You can pay your Let’s Insure Life Cover premiums yearly, monthly or fortnightly. As a customer, you are flexible in selecting the day of the month you would like your premium payment to be subtracted from the bank account or credit card you have selected.
You can either pick fixed or selected premiums depending on your financial situation or cover needs. Every year, the premiums are recalculated and an automatic 5% increase in the sum insured if you opt for stepped premiums. On the other hand, your premiums will be determined by your age if you choose fixed premiums. With fixed premiums, the premiums will remain the same for the life of your policy. So that the premiums can remain the same, the sum insured will decrease every year. Irrespective of the cover you choose, once you reach 92 years, the premiums are free.
The premium amount is calculated grounded on:
- The cover you hold and the benefits you select for every life insured.
- The age of each individual insured, with premiums lower for younger people.
- Personal health and lifestyle factors like smoking status, gender, overall health, family history, occupation and involvement in dangerous hobbies and activities
Other charges to be aware of
Your premiums will increase by 5% each time you renew your policy if you select stepped premiums. It is important to note that premium rates on Let’s Insure cover are not assured and may change anytime; however the insurer needs to make changes that apply to all policy owners.
Making a claim with Let’s Insure
The insurer can be contacted by mail, email or phone in case you need to make a claim. You can also download a form from the insurer’s website or request the insurer to post the form to you.
You will be required to fill out the form and return it together with other supporting documents the insurance company may request, like:
- A form completed by the specialist or doctor treating you
- Other relevant medical info such as tests or medical results
- Claim proof, such as a death certificate, a medical practitioner’s confirmed diagnosis of death or injury.
- Financial or occupational information
After all the requisite documentation have been presented, claims are assessed immediately and paid in Australian Dollars.
The key exclusions of Let’s Insure life Insurance
It is important to understand that there are certain situations that an insurer won’t pay your claim. No cover will be availed if the policyholder has a terminal illness or dies due to self-inflicted or intentional injury during 13 months of the following:
Commencement of cover
Increase of the cover (in respect to the increase only)
Cover being restored after having being cancelled
Furthermore, your claim won’t be paid if the insurer has explicitly agreed to a special term of your policy that excludes an event or a condition that leads to your claim.
There are other exclusions that may occur as a result of Let’s Insure specific covers. For instance, if you pick Accidental Death Cover, your claim will not be paid if it occurs as a result of:
- Illness, an intentional self-inflicted act injury or suicide
- Engaging in illegal acts or criminal activity
- Consumption of drugs and liquor that are intoxicating
- Participating in professional sport
- Being an aircraft’s crew member or pilot
Other questions you might have
How will I know when my coverage begins?
Your cover begins on the Acceptance Date, the day that your application for cover is accepted. The date will be outlined in your policy schedule.
What can result in my Let’s Insure cover end?
There are a number of circumstances that can lead to the end of your cover, like the insurance stopping your policy because of failure to pay premiums, terminating your policy, submitting a claim for certain benefits, or hitting a particular age.
Do I receive cover while I’m overseas?
Yes, Let’s Insure provides worldwide cover 24/7.
How are my premiums decided by Let’s Insure?
Several factors influence your insurance premiums, such as your age, your smoking status, your gender, the benefit amount you choose, and the benefit amount you select. Other factors which will be considered when you take your life insurance constitutes your occupation, health and medical history of your family.
How do I stipulate who will get the benefits from my cover?
You will be asked to choose a beneficiary or beneficiaries when applying for Let’s Insure policy.
My conditions have transformed and I need to increase my cover level- how am I supposed to do this?
Contact Let’s Insure and fill in a new application form. If you wish, you can include more family members or decrease the cover amount in your policy.
What are the premium options with this policy?
You can pick fixed or stepped premiums with your life cover. When it comes to stepped premium, the policy will be calculated each time you renew your policy depending on your age and an automatic 5% sum insured increase, resulting in the rise in your premiums each year. On the other hand, Fixed premium structure is grounded on your age when you apply for cover and remains the same for the life of your policy. Irrespective of the policy you pick, once your reach age 92, the premiums are free.
Does Life Cover have a cooling-off period?
Yes, the policy has a 30-day cooling-off period in which you can cancel the policy and get a total refund for payments made. The payment date of the first premium is when the cooling-off period begins.
How do I pay my premiums?
For your convenience, payment options are flexible. Payments can be made by your choice of bank card, credit card, or credit union card either yearly, monthly or fortnightly.
How should I make a claim?
In case you, your legal representative or your beneficiary needs to make a claim, the number one step is to contact Let’s Insure. You can get in touch with Let’s Insure via phone (1300 355 355 Monday- Friday, 8 am-6 pm AEST), by mail (Claims Manager Let’s Insure, PO BOX 1192, Chatswood NSW 2057) or by email ([email protected]).
Let’s Insure will then contact you and take you through the steps you need to make a claim.