What makes Final Expenses Insurance so important?
No-one would want to leave their family in a financial mess would they? That’s why Australian Seniors Final Expenses Insurance has been designed to help you protect your family from the financial burden of your funeral and other unforeseen costs, if you were to unexpectedly pass away.
I’m healthy why would I need this Insurance?
No-one knows what lies around the corner, whether it’s an accident or illness – and securing cover early ensures the financial assistance is there when needed.
How much insurance cover can I get?
You can select a cover option that suits your needs and budget, from $3,000 through to $15,000 Insurance benefit (in the first 12 months benefit is paid only in the event of Accidental Death, thereafter a benefit is payable on death by any cause).
If death is the result of an Accident, then an additional 2 times the Insurance benefit will be paid, to a maximum of $45,000. This means if you have chosen a $10,000 Insurance benefit, you are also provided with a further $20,000 of Accidental Death Insurance providing a total benefit payable to your loved ones of $30,000.
Please note, if cover ends no benefit is payable and there is no refund of premiums after the cooling off period. Please be aware that if you hold your Policy for an extended period of time, it is possible that you could pay more in premiums than the Benefit Amount.
Are there any optional benefits I can add to my Australian Seniors Final Expenses Insurance?
Yes. You can add Accidental Serious Injury Insurance to your Australian Seniors Final Expenses Insurance, which provides a benefit in the event of Quadriplegia, Paraplegia, Hemiplegia, Blindness, Deafness or Total and Permanent Loss of Use of Two Limbs.
Am I eligible for Australian Seniors Final Expenses Insurance?
If you are an Australian resident aged 18 to 79 you’re guaranteed acceptance for this cover.
Is it necessary to have a medical or blood test?
No, and there are no intrusive questions about your health and lifestyle.
Are there any exclusions?
During the first year of cover under the Australian Seniors Final Expenses Insurance, a benefit will only be paid if death is due to an Accident, thereafter the benefit is payable on death from any cause, including sickness and accident.
What is meant by “Accident” or “Accidental Death”?
Accident means an event resulting in bodily injury where the injury is directly and solely caused by violent, external and visible means without any other contributing causes and where the injury is not self inflicted.
Accidental Death means death occurring as a direct result of an Accident and where death occurs within 90 days of the Accident.
Does cover extend around the world?
Absolutely! Once your Australian Seniors Final Expenses Insurance is in force, you are covered around the clock, anywhere in the world as long as your Policy remains in force. If you are on a temporary Australian work visa and no longer reside in the country, your Policy will be cancelled.
Can I cover my partner and children too?
Yes. The Australian Seniors Final Expenses Insurance has been designed to be family friendly. You can choose to cover your life (single plan), or cover yourself and your partner and all children who are dependent on you until they reach age 21 (family plan), provided they are Australian residents. There is no limit on the number of dependent children that can be covered under the family plan.
Isn’t funeral cover like this expensive?
Just get a quote to see how affordable it can be for you.
Cover starts at $2.84 per week (age-based premium for single plan providing $5,000 benefit [or $15,000 Accidental Death benefit] for a person aged 50).
If you choose the age-based premium option, your premium rate will increase on each Policy Anniversary if the oldest Life Insured on the Policy is aged between 44 and 80. While the oldest Life Insured on the Policy is younger than 44, or older than 79, your premium rate won’t increase due to age.
If you choose the fixed premium rate option, your premium rate will be fixed at the rate you are paying at the commencement of your Policy.
Whichever premium option you select, to help your level of insurance keep pace with the cost of living, your Benefit Amount will automatically increase by 5% each Policy Anniversary with a corresponding increase in premium. You can decline these automatic increases if you wish. Your premium will increase with any Benefit Amount increase that you request or accept.
What is the difference between the aged based and fixed premium options?
We understand that everyone’s needs are different, that’s why we allow you to choose the premium structure that suits you and your budget. There are two options to choose from:
Age-based premium option
If you’re looking for cost-effective cover now, with an automatic increase feature to ensure your cover keeps up with rising costs, then take a look at our age-based premium option. Your premium starts lower than with a fixed option, and is calculated when you take out your Policy and again at each Policy Anniversary.
Like everything else, funeral costs and living expenses are affected by inflation. If you select an age-based premium, your cover is automatically increased by 5% each year on your Policy Anniversary. However, you can choose not to accept this increase. We will write to you at each Policy Anniversary and give you this option.
While the oldest Life Insured on the Policy is younger than 44, or older than 79, your premium rate won’t increase due to age. What’s more, from age 90 you will no longer have to pay premiums, and your cover will still continue, so you can enjoy the benefits without the expense.
Fixed premium rate option
If you want that little bit of extra help managing your budget, along with the peace of mind knowing your premium won’t change based on your age, consider our fixed premium option. Although your premium starts higher than the age-based premium option, each Policy Anniversary your premium will be calculated based on the rate you were charged at the commencement of your Policy – even though you’re getting older!
As funeral costs and living expenses are affected by inflation, your Benefit Amount will automatically increase by 5% each year each Policy Anniversary. Because we consider your age to be fixed, your premiums will only increase in line with any Benefit Amount increases that you accept. We will write to you at each Policy Anniversary and give you the option to decline the increase. With this future knowledge, you’ll have extra help managing your budget.
Plus, from age 90 you will no longer have to pay premiums, and your cover will still continue.
Are there any tax benefits?
In most cases your premium will not be tax deductible and tax will not be payable on any benefit paid under your Policy. This information is based on continuance of present tax laws and is general in nature. Your individual situation may differ and you need to decide if you should seek qualified professional advice in relation to your particular circumstances.
How long can I keep my insurance cover?
As long as you pay your premiums, the cover is guaranteed renewable for the rest of your life and you’ll be covered anywhere in the world, 24 hours a day – even if your health and circumstances change. Premiums are waived after age 90. If you hold your Policy for an extended period of time you may pay more in premiums than the Benefit Amount, depending on the circumstances.
Will I get anything back if I cancel my Australian Seniors Final Expenses Insurance?
If you cancel your Australian Seniors Final Expenses Insurance within the first 30 days of commencement, you’ll receive a full refund of premiums that have been paid, unless you have already lodged a claim. However, if you have chosen a yearly payment option, we’ll refund the unused portion of your premium. If cover ends, no benefit is payable and there is no refund of premiums after the cooling off period.
Can I decide who will receive the benefit?
Yes. You can nominate a person as a beneficiary to receive the benefit on death by simply downloading a Beneficiary Form, complete and mail it to:
Australian Seniors Customer Service
PO Box 6728
Baulkham Hills NSW 2153
If you do not nominate a beneficiary, then we make all payments for claims in the first instance to the Policyowner. For a Joint Plan, this means that payments are made to the surviving Life Insured. If there is no surviving Life Insured, benefits will be paid to the Nominated Beneficiaries. Where there are no Nominated Beneficiaries, we will pay the benefit to the Policyowner’s estate.
Claims will usually be assessed within 2 business days, after the completed claim documents are received with any additional information required. Accepted claims will be paid without any unnecessary delay.
Do you accept payment by credit card?
Yes. You can pay your fortnightly or monthly premiums on the date selected by you – and you can pay either by automatic debit from your bank, credit union or building society account or by charge to your Visa or Mastercard.
Who is the insurer?
Hannover Life Re of Australasia Limited ABN 37 062 395 484 (Hannover) is the issuer of Australian Seniors Final Expenses Insurance. Hannover is a wholly-owned subsidiary of Hannover Re and is part of the Hannover Re Group worldwide. Hannover Re Group is one of the largest life reinsurers in the world and has a Standard and Poor’s Insurer Financial Strength of AA- (Very Strong), and has maintained this rating for a number of years. The life insurance business of Hannover has been operating in the Australian market since 1958, and as at 31 December 2012 had total annual in force premium in excess of AU$750 million.
How can I get cover for my funeral costs?
Call 1300 132 542 and we can give you more information about Australian Seniors Final Expenses Insurance, answer any questions you may have, provide a quote and take your application over the phone – it’s as easy as that and you could be covered immediately.
Call for a quote on 1300 132 542.