Essentials Life Cover FAQs

 

 

How much Essentials Life Cover can I get?

You can choose the Essentials Life Cover Benefit Amount that you think your family will need – from $50,000 up to $350,000 , depending on your age at the time of application.

Plus, with Essentials Life Cover you can add thousands to your final payout by adding our optional extras to your cover – Trauma Cover, Total and Permanent Disability, Accident Cover or Children’s Cover or all.

 

Can I cover my family too?

Yes, with Essentials Life Cover, you can have the option to protect your family under your Policy too. You can apply for a Single Policy or Family Policy which includes your partner and/or any of you or your partner’s dependent children you may have.

A maximum of two adult lives can be insured under one Policy and they must be aged between 18 – 65.

 

What is covered under Essentials Life Cover?

With Let’s Insure Essentials Life Cover, your loved ones could receive your chosen Benefit as a lump sum payment if the Life Insured(s) passes away or is diagnosed with a Terminal Illness.

See the PDS for details.

 

What’s not covered under Essentials Life Cover?

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

We will not pay an Essentials Life Cover Benefit if the Life Insured dies or has a Terminal Illness directly or indirectly as a result of intentional or deliberate self-inflicted injury within the first 13 months of the Acceptance Date or any insured Benefit increase (which is not an automatic sum insured increase), or reinstatement date.

If you choose to add any optional covers, exclusions apply for each. Please refer to the PDS for full details.

 

What is the difference between Essentials Life Cover and Easy Life Insurance?

Let’s Insure offers two flexible life insurance options - Essentials Life Cover (underwritten life insurance) and Easy Life Insurance (guaranteed policy acceptance insurance) - to suit different needs and budgets.

At a glance, the key differences are:

Essentials Life Cover – offers affordable cover for the whole family with a maximum benefit up to $350,000 and four optional extras for added protection – Accidental Death, Children’s Cover, Total and Permanent Disability and Trauma Cover.

To apply for cover you answer a few health and lifestyle questions which can help determine your premium. A 13-month waiting period applies for death or terminal illness by suicide, self-inflicted injury or any other special term exclusions as agreed with you prior to your Policy being issued.

Easy Life Insurance – guaranteed policy acceptance life insurance (For Australian Residents aged 18-65), with a maximum benefit up to $350,000 plus an automatic cash payout at age 85. Two optional cover extras are available – Accident and Children’s Cover.

You can get cover over the phone without answering any health questions. A 5-year waiting period applies for Pre-Existing Medical Conditions, death by suicide or terminal illness, plus some overall Policy Exclusions apply.

If you need further information so you can decide which option suits you best, speak to a member of our Let’s Insure team on 1300 499 499

 

How can I pay for my Essentials Life Cover?

For your convenience, we offer Stepped Premium or Fixed Premium options to suit you and your family’s needs:

Stepped Premium option

If you choose the Stepped Premium option, your premiums will increase each year to reflect your age, plus a 5% Automatic Sum Insured Increase is added annually on your Policy Anniversary to your Benefit Amount to keep its value in line with inflation. You will be advised of your revised premium and Benefit Amounts before your Policy Anniversary

You can choose to opt-out of the Automatic Sum Insured Increase if you wish by contacting us


Fixed Premium option

If you choose the Fixed Premium option, your premium rate is determined during your Policy application based on your age and it will remain fixed for the life of your Policy to assist with household budgets. However, your Benefit Amount will decrease each year to cater for the increased cost of your cover as you age. You will receive an updated Policy Schedule every year to advise you of your Benefit Amount change.

For added flexibility to help manage your finances, you can also choose to pay your premiums weekly, fortnightly, monthly or annually. We accept payment by direct debit from a nominated credit card or bank account.

And remember, premiums are free after you reach age 92.

 

How do I arrange cover?

Essentials Life Cover is easy to apply for. There is no need for you to complete any paperwork, medicals, or have any blood tests, you’ll just need to answer some lifestyle and health questions. In most cases, you can be covered in just one phone call.

 

What is the Advance Funeral Benefit?

When a loved one passes away, it can often be a stressful time finding the money to cover the funeral and any other final expenses at what can be short notice. That’s why with Let’s Insure Essentials Life Cover, we’ll pay an Advance Funeral Benefit of $16,000 (taken from the Essentials Life Cover Benefit) whilst we are assessing the claim and upon receipt of necessary paperwork of the deceased’s age and death.

 

What is Total and Permanent Disability Cover?

You can choose to add Total and Permanent Disability Cover to your Essentials Life Cover Policy if you are aged between 18 - 60. You simply choose your Benefit Amount – from $50,000 up to $350,000 and this amount is paid to your family as a lump sum in the event of you or another life insured suffer any of the following Total and Permanent Disabilities:

  • The total and permanent loss of use of:
    • Two limbs (a whole hand or a whole foot); or
    • Sight in both eyes; or
    • One limb and the sight in one eye
  • As a result of an Accident or Illness:
    • Has suffered the Loss of Independent Living for six consecutive months and after consideration of evidence has permanently and irreversibly suffered the Loss of Independent Living; or
    • Been absent from work for six consecutive months (who was previously gainfully employed for at least 20 hours per week in the six months prior to ceasing work) and unable to follow his or her usual occupation and after consideration of evidence, is unable to ever engage in any Regular Remuneration Work for which he or she is qualified by education, training or experience; or
    • Been unable to engage in Normal Domestic Duties for six consecutive months (who was not engaged in any other occupation and was the full-time provider of Normal Domestic Duties within the family home six months prior) and after consideration of evidence, is unable to ever engage in Normal Domestic Duties, or to engage in any other occupation for which he or she is qualified by education, training or experience

For full inclusions and exclusions of Total and Permanent Disability Cover, please refer to the PDS.

 

What is Trauma Cover?

You can choose to add Trauma Cover to your Essentials Life Cover Policy if you are aged between 18 - 60. You simply choose your Benefit Amount – from $50,000 up to $350,000 and this amount is paid to your family as a lump sum in the event of you or another life insured suffer any of the following Trauma events:

  • Big 4 – Cancer*, Heart Attack*, Stroke*, Coronary Artery Bypass Surgery*
  • Benign Brain or Spinal Cord Tumour*
  • Heart Valve Surgery*
  • Triple vessel Coronary Angioplasty for Coronary Artery Disease*
  • Coma
  • Kidney Failure
  • Liver Failure
  • Loss of Hearing
  • Loss of Independent Living
  • Loss of Sight
  • Loss of Speech
  • Loss of or Paralysis of 2 or more Limbs
  • Lung Failure
  • Major Burns
  • Major Head Trauma
  • Major Organ Transplant
  • Paralysis

For full definitions, inclusions and exclusions of Trauma Cover, please refer to the PDS.

*A 90 day waiting period following the policy Acceptance Date applies for these Trauma Events

 

What is Accidental Death Cover?

Accidental Death Cover provides a lump sum payment from $50,000 up to $300,000 in the event you or another life insured dies as a result of an Accident or within 90 days of that Accident. The combined Essentials Life Cover and Accidental Death Cover Benefit Amount cannot exceed $350,000.

 

What is Children’s Cover?

For you or your Partner’s children aged between 2 – 18, who are Australian residents, you can choose to add Children’s Cover to your Essentials Life Cover Policy. Choose a Benefit Amount – from $10,000 up to $60,00 for each Insured Child and this additional amount is paid to your family as a lump sum in the event they die as a result of an Accident, or suffer one of the following Child Trauma events:

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

Children’s Cover ends once the insured child/children reach the age of 21.

For full definitions, inclusions and exclusions of Children’s Cover, please refer to the PDS.

 

What is the Financial Assistance Benefit?

Once you have continuously held your Policy for 12 months, your cover will automatically be upgraded to include a Financial Assistance benefit at no extra cost to you.

This benefit allows for up to three months of premiums to be waived once every three years, following the initial 12 months. Giving you comfort, that you can still keep your insurance cover in times of hardship.

 

What is the Financial Planning Benefit?

By choosing Essentials Life Cover, you’re already taking an important step in securing the financial future for your loved ones. Once you’ve held your Essentials Life Cover continuously for 3 years, you will be automatically rewarded with a Financial Planning Benefit at no extra cost to you to learn how to maximise the most of their Benefit.

Under this Benefit, we will reimburse up to $3,000 for financial planning advice from a licensed financial planner. This benefit is available once over the life of your Policy.

 

Will my premiums increase?

With Let’s Insure Essentials Life Cover, your premiums will increase each year in line with your age, if you’ve selected the Stepped Premium option. They may also increase with our Automatic Sum Insured Increases, designed to help protect your Benefit Amount value against inflation or if major rate changes have been made to this type of policy.

Your Essentials Life Cover 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 and various other factors which affect the premium rating for each Life Insured such as gender, smoking status, state of health, family history, occupation and participation in hazardous activities.

If you select the Stepped Premium option, your premium will be determined each year at your Policy Anniversary to reflect your age plus the 5% increase in your benefit level (Automatic Sum Insured Increase), unless you decline the Automatic Sum Insured Increase. Generally, premiums increase each year as your age increases.

As with 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 Essentials Life Cover policy owners (or all Let’s Insure Essentials Life Cover 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