RACQ life insurance provides three main covers to meet different requirements. If you die, it pays up to $1 million to your chosen beneficiary. This is an indication that you keep on paying other living expenses or mortgages after you are gone. On the policy, you can include permanent disability, total or trauma cover so that you are covered in the event you become overwhelmed by any illness making it difficult to work.
Life Insurance types offered by RACQ
- Life insurance: This policy pays a total of up to $1 million in case you suffer a terminal illness or die.
- TPD insurance: This is an optional add-on with your life insurance. It pays your insurance sum insurer or a total of up to $750,000 if you suffer total and permanent disability.
- Trauma insurance: This is another optional add-on with your life policy. The cover pays a lump sum in the event of a stated medical event. The maximum coverage for this policy is 50% of your life cover sum insured, up to $250,000.
RACQ Life Insurance quick summary
|Maximum cover amount||Life cover. $1,000,000Total and permanent disability cover. $750,000Trauma cover. $50,000Children’s trauma cover. $50,000|
|Entry age||18-65 (grounded on insurance cover)|
|How should I apply?||Directly with the insurer|
Pros and Cons
|Enjoy a 10% discount when you purchase online||As you get older you get lower sum insured|
|Access to the AIA Vitality rewards program||Super cover not available|
|Several linked cover options||$1 million is the maximum sum insured|
The features available with RACQ policy
AIA Vitality: With the RACQ policy, you enjoy access to this incredible lifestyle reward program.
Funeral advance: This is the sum paid in advance to help cover immediate expenses.
Multiple TPD definitions available: This is an inclusion provided by RACQ life insurance if you are working or not or if you are a casual, full time or part-time worker. In case you are working full time, you may qualify for “any duty” disability definition, which allows you to receive a payment if you are not able to handle your professional duties. On the other hand, others may qualify for “home duties” TPD cover in the event they are not able to perform their daily living activities independently, like getting out of bed or eating.
Personal and children’s trauma cover: You can have personal trauma cover, which offers cover if you are diagnosed certain injuries or illnesses. In addition to this, you can get children’s trauma cover if your children suffer from certain diseases or injuries. With this cover, you can receive payment on top of other covers, like TPD. In each case, this cover makes sure that you are covered for everything thus allowing you to pay much attention to your own or your child’s recovery.
Personal trauma injuries and illnesses
This cover provides cover up to $250,000 in case you are diagnosed with the following:
- Heart attack
- Loss of hearing
- Chronic kidney failure
- Coronary artery bypass surgery
- Loss of speech
- Multiple sclerosis
- Severe burns
Children trauma injury and illness cover
If you are holding this cover, you can receive up to $50,000 when your child is diagnosed with:
- Bacterial meningitis
- Major head trauma
- Severe burns
More concerning RACQ
The main focus of RACQ is car insurance, however, members get a chance to access other forms of cover such as life insurance.
RACQ is a major insurer with great experience and reputation, and with its approach of community focus, makes it ideal for those in search of a life cover.
Does RACQ life insurance offer any reward programs?
You can get more out of RACQ life insurance through the aid of loyalty bonuses and other reward programs.
- Numerous loyalty bonuses: You can grow separate loyalty rewards from your bundled TPD cover, life cover, and bundled trauma insurance. Your cover for these policies increases by 1% each year at no added cost until 10%.
- AIA Vitality: RACQ allows you to access this program. The program provides other rewards and discounts but most importantly, it provides you with a number of health management assistance, comprising easy access to health checks and incentive programs.
- RACQ membership benefits: As an RACQ member or policyholder, you can receive additional benefits. This comprises freebies, rewards that grow over time, and discounts on other insurance types.
Am I qualified for cover from RACQ?
|Cover||Age of entry|
|Life cover||18 – 65|
|TRD cover||18 – 59|
|Trauma cover||18 – 59|
How do I pay my premiums?
Using your credit or direct debit card, you can pay premiums annually, monthly, or fortnightly.
Your life insurance premium costs are based on the following factors:
- Health and lifestyle
- Discounts that apply
- Smoking status
- Number of children insured by your policy
If you add TPD insurance, your premiums are also affected by:
- Your profession
- Hours worked
- Your works location
Generally, your policy will increase every policy anniversary based on Inflation, age, and other elements.
Are there additional charges to be mindful of?
Normally, all the costs are included in the premium, such as government stamp duty and policy fee.
Other charges that will be excluded from the premiums are those from other service providers. For instance, you might incur a fee from the bank when you make RACQ payments. Other than this, you will incur charges when acquiring the essential documents to make a claim.
The main exclusions of the insurer
Your claim won’t be paid if the loss results from:
- War of any kind
- Unlawful acts, criminal acts, or legal imprisonment
- Suicide or a deliberate self-inflicted injury within 13 months of reinstating or taking out life cover or at any time for TPD cover
- Participating in aerial activity, excluding when you are a fare-paying passenger with a charter company or licensed airline.
- Illicit drugs, alcohol, or any misuse of drugs of any kind, whether directly or indirectly.
- Participation in motorized sports
- Dangerous professional duties such as working offshore, underground, underwater, at heights, armed forces, with explosives, or professional sports
The children’s trauma cover specifically does not allow you to make claims for the first 90 days for pre-existing or congenital health conditions.
How will I make a claim with RACQ?
You ought to Inform RACQ immediately after an insured event in order to make a claim.
Reach out by calling 1800 722 777 or emailing [email protected] Racq.com.au to get a claim form, complete it, and then mail it to the RACQ claims team.
You might be required to add some evidence to support your claim depending on the claim type. These may constitute:
- Documents showing proof of death
- Evidence from medical provided by the physician
- Documents of earning
- Proof showing disability
- Proof showing age.