Life Insurance FAQs

Life insurance generally provides a lump sum payout in the event of the policyholder’s death or diagnosis of a terminal illness. Each policy has different terms of cover, so always make sure you read the relevant PDS to ensure the product suits your needs.

Yes, you may still be eligible for life insurance if you are a smoker, however this will impact your premiums. Please note that every life insurance policy has a specific criterion to determine smoking status so it’s important to answer accurately.

If you are classified as a smoker, you may be able have your premiums adjusted in the future if you cease smoking.

Life insurance offers peace of mind that your family will be financially protected if you pass away or are diagnosed with a terminal illness.

The life insurance benefit amount is usually paid as a lump-sum and can be used in any way your beneficiaries desire, such as covering educational costs, mortgage repayments or personal debts. You can feel confident knowing that the benefit can help maintain your family’s lifestyle, even if you were no longer there to support them.

This will depend on what you’re hoping to achieve through your financial planning. Some factors to consider include the size of your family, their quality of life, the cost of the cover and your budget, your income and living situation.

Always read the relevant PDS, as this contains all the details you need to know about the policy terms and exclusions. If you purchase a policy, your life insurance provider will also issue you with a certificate of insurance and a copy of your PDS to refer back to.

There is no limit on the number of life insurance policies you can take out, however your total sum insured can impact your eligibility for additional policies depending on the provider. Taking out multiple policies means you’ll need to pay premiums for each one, so it’s important to consider your long-term financial goals.

Term life insurance is a specific type of life insurance that expires after a set period of time (e.g. 25 years) or once a certain age is reached and can sometimes be purchased online by those meeting the insurer’s eligibility criteria. Some of these types of term insurance policies are for a shorter term such as 10, 15 or 20 years.

Other types of life insurance still may have a term of cover however will generally only expire at a certain age, regardless of when the cover starts. These may be a longer term of cover for this reason, some covers may even not expire at a set age but instead only once a claim for the full benefit amount has been made.

The cover provided under these policies may also differ greatly and not just the term in which they are active for. It’s always best to consider the full Policy Disclosure Documents when considering which type of policy would be suitable for your individual circumstances.

Your life insurance benefit will go to your nominated beneficiaries if you pass away. If you do not nominate any beneficiaries, your benefit amount will usually pass to your estate.

The easiest way to make a claim is by calling our claims team on 1300 308 578 or emailing claims@guardianinsurance.com.au. We will provide you with any required forms or information needed to process your claim.

For more information about claiming, visit our claims page.

We value your time as much as you do, so we make every effort to process claims as quickly as possible. To avoid any delays, please ensure you provide all the required documentation when submitting a claim. We’ll reach out to you if we need any further information.

Once your claim has been approved, payment will be made promptly into your nominated bank account.

Your premium will be calculated during the application process and is based on a number of factors including your age, cover amount, and smoking status. Adding optional benefits to your policy, will also affect your premiums.

Some policies also have a stepped premium, where your premium amount may increase each year based on age or percentage. This will be made clear to you during the application process.   

Yes, you can cancel your cover any time by calling us on 1300 709 560. If you intend to take out a new policy, please remember that you will likely need to serve any applicable waiting periods again and will lose any benefits that you are entitled to under your current policy.

Yes, you may nominate anyone you wish to have access to your policy. Please be aware that any authorised parties will be able to make a claim on your behalf.

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. 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.

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 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 to: enquiries@guardianinsurance.com.au 
You can also complete the form electronically via the DocuSign website.
 

If you don’t think Guardian Life Insurance will suit you, we also offer Guardian Funeral Insurance. Every Australian resident aged 40-79 years of age are guaranteed acceptance and can apply for a level of cover anywhere from $3,000 to $15,000. This benefit amount can then be used by your family to help cover your funeral costs, ensuring your loved ones are able to arrange the perfect farewell, when you’re gone.