Life Insurance FAQs

Life is unpredictable and we never know what lies around the corner. If you wait until you are unwell, the cost of getting life insurance could substantially increase, and it may also be difficult to obtain. Once Guardian Life Insurance is in place, you will have continuous cover for life as long as you pay your premiums on time (some optional covers may expire), regardless of changes to your health or pastimes.

Your maximum benefit amount will depend on your age at the time you apply. With Guardian Life Insurance, if you’re an Australian resident aged 18 to 44, you can apply for up $1.5 million. Those aged 45 to 54 can select up to $800,000, those aged 55 to 59 can select up to $500,000 and those aged 60 to 64 can select up to $300,000. Homemakers are eligible for a maximum of $1 million. The minimum benefit amount is $100,000, and you can select your chosen benefit in increments of $50,000, up to the maximum.

To help ensure that your level of insurance cover keeps up with increases in the cost of living and your changing lifestyle, your Guardian Life Insurance benefit amount and all optional benefits (if applicable) is automatically increased on each policy anniversary by 5%, and premiums are adjusted accordingly (this does not apply to Guardian Term Life Insurance). You can decline the automatic increase by calling us or writing to us. The automatic increases stop at the policy anniversary after you reach age 75.

With the terminal illness benefit you can elect to claim your full benefit if you are diagnosed as being terminally ill (with 12 months or less to live). This means you can use the money to prepare any final arrangements ahead of time and make things easier for your loved ones.

Yes, there are a range of options so you can tailor your cover to suit your needs. Optional covers include Children’s Insurance, Total & Permanent Disability Insurance and Serious Illness Insurance. Terms and conditions apply.

All Australian residents and their partners aged between 18 and 64 can apply for Guardian Life Insurance. A medical examination is not required when you apply as your eligibility will be determined by your answers to a few health and lifestyle questions.

Once accepted, you’re immediately covered for death by any cause except for suicide or intentional self-injury in the first 13 months of cover. A terminal illness benefit is also not payable if the terminal illness is the result of a self-inflicted injury or illness by the life insured.

We recommend you read the PDS for a detailed list of exclusions to your cover.

Absolutely. Once your application is accepted, you can enjoy the assurance of being covered 24/7, anywhere in the world.

Guardian Life Insurance is a stepped premium policy which means that it will generally increase each year as you age. To learn more about how premiums are structured, read the Key Fact Sheet.

Life insurance premiums are usually not tax deductible in Australia, which also means that there is no tax payable on any benefit paid under your policy. However, it’s advised to speak to a financial planner if you are uncertain about any tax obligations as your individual circumstances may vary.

You can keep your cover for life, as long as you pay your premiums on time (some optional covers may expire).

If you cancel your cover within the first 30 days of commencement, you’ll receive a full refund of premiums that have been paid, provided no claim has been made. As Guardian Life Insurance is not a savings plan, if you cancel your cover after 30 days, you won’t be eligible for a refund. However, if you have paid annually in advance and cancel your policy after the 30-day cooling off period has expired any pro rata premium refund due will be paid into your nominated account.

You are able to take out a single policy for yourself or a joint policy to include your partner, as long as they consent to the cover agreement, answer the underwriting questions and meet the eligibility criteria. To find out more you can call our friendly team on 1300 709 560 Monday to Friday 8am – 8pm AEST.

As the policyowner, you have the option to nominate up to 5 beneficiaries to receive benefits payable under your policy on your death. The option to nominate a beneficiary is subject to the conditions listed in the Product Disclosure Statement (PDS) and Nomination of Beneficiary Form.

You can nominate a beneficiary or beneficiaries by calling us on 1300 709 560 Monday to Friday 8am – 8pm AEST, or by simply downloading a Nomination of Beneficiary Form, completing and mailing it to:

Guardian Insurance
Customer Support
Reply Paid 6728
Baulkham Hills NSW 2153
(no stamp required)

Or
email: claims@guardianinsurance.com.au 
fax: 1300 260 792

If you don’t think Guardian Life Insurance will suit you, we also have a product called Guardian Term Life Insurance that you may wish to consider. Every Australian resident aged 18-70 can get at least $50,000 to safeguard their family’s lifestyle, with a maximum benefit of $2 million for those eligible. Cover is for a term of up to 25 years (depending on underwriting) or until age 80, whichever occurs first.