WHAT IS LIFE PROTECT INSURANCE?
HCF’s Life Protect Insurance is designed to help you look after your family if you’re no longer able to.
We pay your loved ones a lump sum benefit if you pass away or are diagnosed with a terminal illness^ to help cover the costs that come at this difficult time, like your mortgage, school fees or day-to-day living expenses.
For more information, please read the Life Protect Insurance Product Disclosure Statement (PDS).
COVER UP TO $1.5m
Life Protect pays from $100,000 up to $1.5 million depending on your age and level of cover*.
GRIEF COUNSELLING
Access our telephone helpline for grief counselling and funeral support at no cost#.
MEMBER DISCOUNT
Eligible HCF members save 10% on Life Protect premiums+.
Life insurance that’s made for you
Life Event increase option
We get that as your life changes, your insurance needs might too. That’s why we offer a Life Event increase** option, which allows you to increase your cover amount for certain life events like getting married or your child starting high school. This means that you can increase your cover amount without needing another health and lifestyle assessment.
Support services helpline
We know that no amount of money can replace you. To assist your family if you pass away, they can access our support services helpline# to provide care when they need it most. Because there’s care – and then there’s Uncommon Care.
Our helpline provides assistance for:
- grief and trauma counselling: We’ll support you with 24/7 access to free telephone consultation on personal and work issues like depression, grief, divorce, elderly care or stress.
- funeral support: We’ll connect you to a funeral director, local to you, who can help when you’re arranging a funeral.
- legal or tax advice: We’ll organise a free initial telephone consultation with legal or tax advisor to help you with matters like preparing a will, power of attorney and tax return enquiries.
- home assistance: If you're ill and unable to do household tasks, we'll find providers to help with cleaning, gardening, shopping and more#
HOW LIFE PROTECT CAN HELP YOU
SECURING A YOUNG FAMILY’S FUTURE
Ryan and his partner Mae have built a thriving home for their 2 young children, Lennox and Aurora. Ryan has his own successful plumbing business and Mae works part-time as a hairdresser.
With Life Protect Insurance, if Ryan is taken from his family suddenly, he’s created a future where Mae can help pay off the mortgage on the family home and see the kids grow up.
For illustrative purposes only
PROVIDING A HOME BASE FOR HER BOYS
Single mum and school principal, Danielle, has always supported her two kids, including paying a mortgage alone.
Now her boys, Ethan and Jack, are young adults but they still need a home base for a few years as they build futures of their own. With Life Protect Insurance, Danielle can help protect the family home if the worst happens and she can’t be there for them.
For illustrative purposes only
Eligibility
Who can apply?
Permanent Australian residents aged 18 to 65, with cover expiring at 99.
How do I apply?
You can get an initial quote in under 3 minutes and buy your cover online. You can also call our friendly experts on 1800 560 855 if you need any help.
What does it pay for?
Depending on your age and level of cover, Life Protect covers you:
- from $100,000 up to $1.5 million* in the event of death or terminal illness^
- for an advance payment from your Insured Benefit of $15,000 that can be used to reduce the stress on your family with immediate support for living expenses, bills or funeral costs while we assess your claim^^.
How much cover do I need?
Cover requirements depend on your expenses and the needs of your loved ones. If you have a mortgage, car loan, investment properties or children, consider a limit that meets any longer-term needs. You can increase or decrease your cover level as you go through big life events.
WHY CHOOSE OUR RECOVER COVER PRODUCTS
EASY
No complex medical checks when you take out cover, just talk to our friendly member care consultants or apply online.
FAST
We pay most claims in under 5 days (once we get all the info we need) to help with your recovery.
FLEXIBLE
We pay you cash when your claim is approved, giving you the flexibility to use it to recover your way.
UNIQUE
Our products are designed to help fill the gaps not covered by traditional health insurance products.
EXPLORE RECOVER COVER
PERSONAL ACCIDENT
Recover your way from accidents big and small with a lump sum payment to help take care of costs.
KIDS’ ACCIDENT COVER
Get cash paid direct to you for common kids’ injuries to help cover costs like splints and extra treatments.
CRITICAL ILLNESS
Help deal with the financial impact of serious illness with a fast payment.
FAQs
How can Life Protect help you?
Sometimes it’s hard to think about planning for your family’s future if you’re no longer around, when you still have so much life to live. But there are certain moments that make you realise the importance of protecting the life you love.
Life Protect Insurance is designed to provide a direct payment in the event you’re diagnosed with a terminal illness^ or pass away. It means your family has financial support to continue living the life you planned.
What does it pay for?
Depending on your age and level of cover, Life Protect covers you:
- from $100,000 up to $1.5 million* in the event of death or terminal illness^
- for an advance payment from your Insured Benefit of $15,000 that can be used to reduce the stress on your family with immediate support for living expenses, bills or funeral costs while we assess your claim^^.
How much cover do I need?
Cover requirements depend on your expenses and the needs of your loved ones. If you have a mortgage, car loan, investment properties or children, consider a limit that meets any longer-term needs. You can increase or decrease your cover level as you go through big life events.
Are there any waiting periods with Life Protect Insurance?
You’re covered for death and terminal illness^ from the commencement date listed on your policy schedule.
If you’ve chosen to take out a life event increase, the increased amount has a 6 month waiting period except in the event of your accidental death. The waiting period also does not apply if the life event is the birth or adoption of a child.
For more information on conditions that apply to a Life Event increase, read the Life Protect Insurance PDS.
What’s a health and lifestyle assessment?
It’s a process where we ask you questions about your health such as your medical history and your family’s medical history, and lifestyle factors such as alcohol and drug use, and your recreational and occupational activities. This helps us assess whether we can provide you cover and helps to calculate your premiums. This is also called underwriting.
What’s not covered by Life Protect Insurance?
Certain events are not covered by Life Protect Insurance, which means claims are not payable for these events. Exclusions for Life Protect include:
- suicide within 13 months of the commencement date, or within 13 months of your policy being reinstated;
- acts of war, whether declared or not, hostilities, civil commotion, terrorism or insurrection; or
- any special conditions agreed with you after your health and lifestyle assessment. These conditions will be detailed in your policy schedule.
For full terms and conditions, read the Life Protect Insurance PDS.
Am I covered outside of Australia with Life Protect Insurance?
Yes, you're insured worldwide while temporarily travelling abroad, if:
- the travel is for 90 days or less in total, during a 12 month period; and
- you are not travelling to any level three or level four locations which have been classified as “Reconsider your need to travel” or “Do not travel” by Smart Traveller Advice (for more information, please visit the Australian Government travel advice website smartraveller.gov.au/destinations).
Claims must be made and will only be paid in Australia. Terminal illness^ diagnosis has to occur in Australia and in the event of death, we require evidence that the death is recognised in Australia.
Can I nominate a beneficiary for my Life Protect Insurance policy?
No, the proceeds of your policy will be paid to your estate.
Do I need a medical test to get Life Protect insurance?
No, you’ll be asked a series of health and lifestyle questions as part of your application, but you don’t need to do any medical tests to apply for Life Protect Insurance.
Can I still apply for Life Protect Insurance if I already have a life insurance policy with another insurance company?
The sum insured amount will be paid even if you have other life insurance policies.
At what age will my cover expire?
Your policy ends when you turn 99.
How do premiums work for Life Protect Insurance?
Your Life Protect Insurance premium changes each year on your policy anniversary date. It will generally increase over time, with increases typically getting larger as you get older.
Your premium is based on factors like:
- age
- gender
- smoking status
- insured benefit amount
- inflation
- health and lifestyle factors as assessed at the time of application
You can make changes to your policy to manage premium increases. For example, you can reduce your level of cover or decline the automatic inflation increase applied each year#. You should consider whether these features suit your needs before deciding what to do.
From time to time, we may also change the Life Protect Insurance premium for all policy holders to allow us to cover rising claims costs and better support our members’ needs. You’ll be notified at least 30 days in advance if your premium will change.
For more information, please call us on 13 13 34.
# If you decline the automatic inflation increase on 2 consecutive occasions, we will not offer the inflation increase again.
IMPORTANT INFORMATION
* This is the maximum benefit amount depending on your age and level of cover. Premiums will vary depending on age, gender, smoking status, level of cover, any applicable inflation increases and discounts and your health and lifestyle assessment and level of cover.
^ Less than 24 months life expectancy. Subject to terms and conditions, exclusions, limitations and definitions. Please refer to the Life Protect Insurance PDS and Policy Document for further information.
+ To be eligible HCF Members must have HCF hospital or extras cover. Excludes Ambulance Only and Overseas Visitors Health Cover.
# In some instances, the professionals are only available during business hours. These include tax and legal professionals, tradespeople, home help and funeral assistance services. Your initial consultation with a legal or tax adviser will be covered. You’ll be responsible for the fees associated with additional tax and legal consultations, home service providers and funeral arrangements. With Home assistance we may also be able to recommend government funded organisations that offer fee free services.
** Subject to terms and conditions, exclusions, limitations and definitions. Please refer to the Life Protect Insurance PDS and Policy Document for further information.
^^ Payment of the advance payment does not mean your claim for the death benefit is approved. The advance payment will be subtracted from the total Insured Benefit and the balance remaining will be payable on settlement of the death claim.
Terms and conditions apply. Please read the relevant Product Disclosure Statement, Policy Document and Financial Services Guide available by calling 1800 560 855 or visiting hcf.com.au/lifeinfo, and consider your financial situation, objectives, and needs before deciding on these products as any advice provided does not take these into account. In addition to these documents, you should also read the Target Market Determination (TMD) for the product, which is available at hcf.com.au/lifeinfo. Our Recover Cover products are issued by our own HCF Life Insurance Company Pty Ltd. ABN 37 001 831 250, AFSL 236 806 (HCF Life). HCF Life is a wholly owned subsidiary of The Hospitals Contribution Fund of Australia Limited ABN 68 000 026 746, AFSL 241 414 (HCF). The premiums for Recover Cover products are paid to HCF Life. HCF receives commission from HCF Life for their sale of up to 40% of the first year’s premium plus an additional commission of 80% of HCF Life’s underwriting profit each year calculated as premiums less claims and expenses. HCF’s staff may receive an incentive depending on the annual premium of these products which they sell. This will not exceed 15% of the first year’s premium.
LIFE INSURANCE CODE OF PRACTICE
HCF Life is bound by the Life Insurance Code of Practice which sets out the Australian life insurance industry’s key commitments and obligations to customers. Further information is available at CALI Life Insurance Code of Practice.