Easy Life Insurance FAQs

 

 

How much Easy Life Insurance can I get?

You can choose the Easy Life Insurance Benefit Amount that you think your family will need – from $15,000 up to $350,000.

Plus, with Easy Life Insurance you can be covered for even more by adding our optional extras to your cover – choose to add Accident Cover or Children’s Cover or both.

 

How do I arrange Easy Life Insurance?

Easy Life Insurance is so easy to arrange. There is no need for you to complete a medical, have a blood test or even go through lengthy underwriting questions.

Provided you are an Australian resident aged 18 – 65 your policy acceptance is guaranteed, and your cover can be arranged quickly and easily over the phone, in a single call.

 

Can I cover my family as well?

Yes, with Easy Life Insurance, you can have the option to protect your partner under your Policy too. You can apply for a Single Policy or Joint Policy which includes your partner too. A maximum of two lives can be insured under the one Easy Life Insurance Policy.

 

What is covered under Easy Life Insurance?

With Let’s Insure Easy Life Insurance, your nominated beneficiaries could receive your chosen Benefit as a lump sum payment if the Life Insured passes away or is diagnosed with a Terminal Illness. See the PDS for more information.

 

What’s not covered under Easy Life Insurance?

Like similar life insurance policies, there are some exclusions with this cover, and it is important to understand what you are covered for.

During the first 5 years of your Policy, we will not pay an Easy Life Insurance Benefit Amount for a Life Insured, if the Life Insured dies, or has a Terminal Illness, directly or indirectly as a result of:

  • suicide or intentional or deliberate self-inflicted injury or
  • a Pre-Existing Medical Condition

We will not pay an Easy Life Insurance Benefit Amount at any time, if the claim is directly or indirectly as a result of:

  • engaging in criminal activity or illegal acts
  • a Dangerous Occupation or Pastime
  • where the Life Insured had symptoms, was diagnosed or a reasonable person would have sought a diagnosis, advice, care or treatment from a Medical Practitioner prior to the Policy Acceptance Date with HIV infection; Hepatitis C; Multiple Sclerosis; Cancer; Polycystic Kidney Disease; Familial Adenomatous Polyposis; Huntington’s Disease; Cystic Fibrosis; or Muscular Dystrophy

Please refer to the PDS for more details and a full list of exclusions.

 

What is a Pre-Existing Medical Condition?

A Pre-Existing Medical Condition means a sickness, injury or disability, which during the Relevant Period:

  • the Life Insured has been subject to; or
  • the Life Insured experienced signs or symptoms leading to diagnosis of the sickness, injury or disability (whether such diagnosis occurred before or after the Acceptance Date), or that the Life Insured or a reasonable person would have been aware of the existence of such signs or symptoms; or
  • medical advice, treatment or medical investigation was recommended by, or received from a registered doctor/health professional.

Without in any way limiting the wording above, claims resulting from the Life Insured suffering a stroke, brain haemorrhage, heart attack or coronary heart disease will be deemed to be a Pre-Existing Medical Condition where, during the Relevant Period:

  • the Life Insured had a Body Mass Index of 40 or greater; or
  • the Life Insured had a total blood cholesterol above 7.0 mmol/L; or
  • the Life Insured had a resting systolic blood pressure above 160 mmHg and resting diastolic blood pressure above 100 mmHg on 3 separate assessments from a health care provider; or
  • the Life Insured was a diabetic suffering proteinuria, kidney disease, retinopathy, neuropathy or were admitted to hospital for treatment of diabetes or any condition resulting from diabetes

Note: For the purposes of this definition, the “Relevant Period” is the 5 year period prior to any of the following:

  • the Acceptance Date of the Policy; or
  • the Acceptance Date of any increase in cover requested by you, (but only with respect to the increase) which is not an Automatic Sum Insured Increase; or
  • any reinstatement date of the Policy

 

What is the Cash Payout at age 85 benefit?

With Easy Life Insurance, you will automatically receive a full Cash Payout at age 85. This means that you will receive 100% of your Easy Life Insurance Benefit Amount when the Life Insured turns 85, rather than on death, so if for example you have selected a $300,000 Easy Life Insurance Benefit, you will receive this amount in full, plus any Automatic Sum Insured increases, when you turn 85.

 

What is Accident Cover?

You can choose to add Accident Cover to your Easy Life Insurance Policy. You simply choose your Benefit Amount – from $15,000 up to $335,000 and this amount is paid to your family as a lump sum in the event of your Accidental Death or Accidental Serious Injury. This lump sum benefit is in addition to the Easy Life Insurance Benefit Amount. The combined Easy Life Insurance and Accident Cover Benefit Amount cannot exceed $350,000.

Accident Cover is an optional cover, which can be taken out with Easy Life Insurance. If you apply for Accident Cover and we accept your application, it will be shown on your Policy Schedule.

 

What is Children’s Cover?

You can also choose to add Children’s Cover to your Easy Life Insurance Policy. Children’s Cover provides a lump sum payment up to $50,000 if an Insured Child suffers an Accidental Death or one of the following Child Trauma events:

  • Bacterial Meningitis
  • Specified Cancer
  • Encephalitis
  • Loss of Hearing
  • Major Burns
  • Major Head Trauma
  • Loss of Sight
  • Paralysis

Children’s Cover is an optional cover, which can be taken out with Easy Life Insurance. If you apply for Children’s Cover and we accept your application, it will be shown on your Policy Schedule.

 

How can I pay for my Policy?

To make your cover as easy as possible to manage, and easy to budget, you can choose to pay your premiums weekly, fortnightly, monthly or yearly. You can also select which day in the month you would like your premiums to be deducted from your nominated credit card or bank or credit union account.

You can change your nominated account or preferred billing frequency at any time by calling us on 1300 355 355

 

Will my cover keep up with inflation and the cost of living?

To help you maintain the real value of your insurance, your Benefit Amount will be automatically increased by 5% on each Policy Anniversary. A new Policy Schedule will be issued before your Policy Anniversary showing your new Benefit Amounts and premium. You can choose not to accept an Automatic Sum Insured Increase if you prefer.

 

Will my premiums increase?

With Let’s Insure Easy Life Insurance, your premiums will increase each year to reflect your age. They may also increase with our Automatic Sum Insured Increases, designed to help protect the Benefit Amount value against inflation or if major rate changes have been made to this type of policy.

Your Easy Life Insurance premiums are calculated at your First Premium Payment Date and on each Policy Anniversary based on the benefits and Benefit Amounts chosen, the age of each Life Insured, the gender of each Life Insured and the smoker status of each Life Insured.

Generally, premiums increase each year as your age increases. Your premium will be determined each year at your Policy Anniversary to reflect your age plus the 5% increase in your benefit level (to assist you in maintaining the real value of your insurance), unless you decline the Automatic Sum Insured Increase.

Like many insurance policies, premium rates under all options are not guaranteed. We may change the amount we charge for your cover under this policy, but only if we change the premium rate applying to all Let’s Insure Easy Life Insurance policy owners (or all Let’s Insure Easy Life Insurance policy owners in the same group). If we make a change to your premium rate we will send you written notice at least 30 days prior to the effective date of the change, and that change will only be effective from the next anniversary date of your Policy.

 

Still have more questions?
Call us on 1300 499 499