Introducing Guardian Life Insurance
With Guardian Life Insurance there is a range of insurance combinations to suit your needs. There’s Life insurance - providing lump sum cover in the event of death or Terminal Illness1 - which you can apply for on its own.
Plus there is a range of optional benefits that you can apply for with your Life Insurance:
- Children’s Insurance – lump sum Benefit Amount is paid in the event of a death, diagnosed with a Terminal Illness or suffers a defined serious injury or illness of the Child Insured;
- Serious Illness Insurance – lump sum Benefit Amount is paid in the event the Life Insured suffers a defined serious illness;
- Total & Permanent Disability Insurance – lump sum Benefit Amount is paid in the event of Total & Permanent Disability.
Whatever combination you choose, with Guardian Life Insurance, the Life Insured is protected 24 hours a day, 7 days a week, worldwide while your Policy is in force.
1. What is Life Insurance?
Life Insurance provides a Benefit Amount in the event that a Life Insured under the Policy suffers an Accidental Death or dies of natural causes, or is diagnosed with a Terminal Illness1 (with less than 12 months to live) while covered under this Policy.
2. Who can take out Life Insurance?
You can apply for a single plan on your own life (Key Life Insured) or you can apply for a joint plan to also include your spouse, partner, or de facto (Partner Life Insured). You (and your Partner Life Insured, if relevant) must be Australian Resident/s aged between 18 and 64 years of age.
3. Complimentary interim Accidental Death Insurance
If you apply for Insurance by phone, and we require further information to assess your application, you will automatically be provided with interim Insurance for up to 30 days against Accidental Death while we assess your application except in the circumstances explained under the heading “What is not covered under your interim Accidental Death Insurance?” The amount of interim Accidental Death Insurance cover is the Life Insurance Benefit Amount you apply for subject to the maximum cover amount indicated in “The amount of Life Insurance you can apply for”. This cover is provided at no additional cost to you and is subject to the terms explained in this PDS.
Your interim Accidental Death Insurance cover will cease after 30 days, or on the Acceptance Date, whichever occurs first.
4. Life Insurance Benefit Amount
The minimum Benefit Amount is $100,000. The maximum Benefit Amount for a Life Insured under the Policy at the Commencement Date is:
Maximum Benefit Amount (at Commencement Date)
If you are a Homemaker aged 18 to 44 (at Commencement Date) a maximum Benefit Amount of $1,000,000 applies.
When you apply with a Partner Life Insured, you both apply for individual sums insured based on the limits above.
5. When we will pay the Life Insurance benefit?
We will pay the Benefit Amounts explained below if the Life Insured suffers an insured event, namely death or Terminal Illness1, while covered under the Policy except in the circumstances explained in “What is not covered under your Life Insurance?” in the PDS.
We will pay the Life Insurance Benefit Amount as a lump sum on the death of a Life Insured. While assessing your claim, for deaths that are not the result of a self-inflicted injury, we may advance $15,000 of the Life Insurance Benefit Amount to assist with the costs associated with funeral or other similar expenses without waiting for full claim proofs, but we must have satisfactory evidence of the Life Insured’s age and death. This advance payment is subject to approval.
We will pay the Life Insurance Benefit Amount as a lump sum if a Life Insured is diagnosed with a Terminal Illness while covered under the Policy.
Limit on benefits
The total benefits payable for a Life Insured under the Policy cannot exceed:
- the maximum Benefit Amount for Life Insurance for the Life Insured’s age at the Commencement Date, plus
- any automatic Benefit Amount increases under the Policy.
If the Life Insured is covered under more than one Guardian Life Insurance Policy, we will apply this limit to the total of the Benefit Amounts payable for the Life Insured under all Guardian Life Insurance Policies. Any reduction in the Benefit Amount will be applied to the Insurance most recently commenced and we will refund the premiums paid referable to the amount by which the Benefit Amount is reduced.
Only one Life Insurance Benefit Amount is payable per Life Insured.
The Life Insurance Benefit Amount will be reduced by the amount of:
- any Total & Permanent Disability benefit paid for a Life Insured; and
- any Serious Illness Insurance benefit paid for a Life Insured; and
- any advance payment of the Life Insurance Benefit Amount.
If we reduce the Life Insurance Benefit Amount, we will reduce the premiums accordingly.
6. The cost of your Life Insurance
Premiums are the cost of your Insurance. The premium you are required to pay when the Policy starts is shown in the Policy Schedule.
Your premium is a stepped premium, which means that it will increase each year as you age. Your premium will be calculated at each Policy Anniversary and is based on:
- the age of each Life Insured at that time; and
- the Benefit Amount provided for each Life Insured; and
- the Insurance Plan chosen by you (joint plan or single plan); and
- various factors which may affect the premium rating for each Life Insured such as gender, smoking status, state of health, family history, occupation and participation in hazardous activities.
When a Life Insured on the Policy attains age 99, the premium will stay the same for the remaining term of the Policy in respect of that Life Insured.
For a premium quote, or to understand more about the cost of your Insurance, please contact a Guardian Insurance Consultant on 1300 709 560 (Monday to Friday between 8am and 8pm AEST).
7. What is not covered under your Life Insurance?
We will not pay a Life Insurance Benefit Amount in respect of a Life Insured, if the Life Insured dies, or has a Terminal Illness1, as a result of a self-inflicted injury, within 13 months of:
- the Acceptance Date; or
- the date that any increase in cover starts (but only in respect of the increase); or
- where we have agreed to reinstate the Policy after it was cancelled, the date on which we reinstate the Policy (reinstatement date).
We will not pay any Benefit Amounts where we have agreed a special term with you in respect of your cover that specifically excludes the event or condition leading to the claim. Any such special term will be agreed with you before your Policy is issued and will appear on your Policy Schedule.
What is not covered under your interim Accidental Death Insurance?
We will not pay an interim Accidental Death Insurance Benefit Amount in respect of a Life Insured if the Life Insured suffers Accidental Death as a result of:
- intentional self-inflicted bodily injury; or
- engaging in any criminal activities or illegal acts; or
- suicide or attempted suicide; or
- the consumption of drugs (unless it was under the direction of a Medical Practitioner and not in connection with treatment for substance abuse, drug addiction or dependence); or
- the consumption of intoxicating liquor, including having a blood alcohol content over the prescribed legal limit whilst driving; or
- engaging in any professional sport (meaning the Life Insured’s livelihood is substantially dependent on income received as a result of playing sport); or
- engaging in any motor sports as a rider, driver and/or passenger; or
- war (whether declared or not) or war-like activity, or taking part in a riot or civil commotion; or
- being a pilot or crew member of any aircraft, or engaging in any aerial activity except as a passenger in a properly licensed aircraft.
8. When your Life Insurance starts and ends
If your application for Life Insurance is accepted by us, cover starts for a Life Insured and/or Partner Life Insured (if applicable) on the Acceptance Date set out in the Policy Schedule.
Your first premium is deducted from the Commencement Date, which is also set out in the Policy Schedule.
We will provide continuous cover for life provided you pay your premiums on time (some optional covers may expire).
Life Insurance ends for a Life Insured when the first of the following occurs:
- the date of payment of a death claim for that Life Insured; or
- the date of payment of a Terminal Illness claim for that Life Insured; or
- the date you cancel the Policy; or
- the date we cancel the Policy.
Where the Policy ends solely as a result of the Key Life Insured’s cover ending, if there is a Partner Life Insured who wishes to retain cover, the Benefit Amount for the Partner Life Insured, and any Child Insured under this Policy, can continue under a new policy. We will issue a new Policy to the surviving Partner Life Insured in his or her name as the Policyowner. The new Policy will be issued on the same terms as this Policy and takes effect subject to payment of the first premium.
1. Except if you pass away as a result of a self-inflicted injury within the first 13 months of your policy or other exclusions applied to your policy.