What is Classic Life Insurance?
Classic Life Insurance is a term life insurance product that can help your family manage household debts, provide for your children’s education or cover general living and medical expenses if you were to be diagnosed with a Terminal Illness, or if you were to pass away.
How can Classic Life Insurance help you?
- You can:
- choose the amount of cover (benefit amount) you need, up to $1,000,000
- enjoy low cost cover starting from only $15 per month*
- Nominate your beneficiaries
- Be covered 24/7
- Helps those you leave behind cover costs with:
- Up to $1 million Life Cover
- $10,000 fast cash advance to assist with immediate funeral and legal expenses while we assess your claim
See the PDS for more information.
* Based on a 30-year-old female, non-smoker with a nominated benefit of $300,000
How much does it cost?
Who can apply?
You can apply for cover if you are:
- aged 18 to 60 years of age; and
- a permanent Australian resident.
Refer to the PDS for the definitions.
How much cover can I apply for?
You can apply for a Benefit Amount between $100,000 and $1,000,000, which is available in increments of $25,000.
Can I change my cover?
You can apply to increase or decrease your Benefit Amount/s at any time provided you have not been eligible to claim any benefits. Your Application is subject to our assessment and we do not guarantee to accept your Application. If we do not accept your Application, your existing policy will continue subject to the terms and conditions in the PDS.
Who will receive the benefit if I claim?
In the event of your being diagnosed with a Terminal Illness, we will pay the benefit to you.
In the event of your death, we will pay the benefit to your nominated beneficiary or beneficiaries. If there is more than one nominated beneficiary, we will pay the benefit in the shares you nominate or, if you do not nominate shares, in equal shares.
Who can I nominate as my beneficiary?
You can nominate one or more persons as your beneficiaries and the proportions in which they will receive the benefit. We will pay your benefit to your beneficiaries in the proportions you tell us or divide the benefit equally between them if you do not.
You can change your nomination at any time, by providing us with an original, signed, dated and clear written notice. We will rely on any notice we receive which we reasonably believe you have given.
How do I apply?
- Online - Simply obtain a quote and follow the process to apply online here
Do I need to have a medical examination?
No medical examinations or lengthy medical forms are required.
From when am I covered for Classic Life Insurance?
Your cover begins on the day we accept your application, this is the commencement date. The commencement date for your policy will appear on your policy schedule (which we will send you along with a letter confirming acceptance of the policy).
What if I change my mind?
If you are not completely satisfied with your policy, you can cancel this policy in writing within the first 30 days (or otherwise as permitted by law) from the Commencement Date. If you cancel within this period we will refund any premiums paid in full unless a claim has been made or can be made.
After the initial 30 day cooling off period, you may cancel this policy by giving us 30 days written notice of cancellation and cancellation will take effect from the date we process your request for cancellation.
How can I pay for Classic Life Insurance?
Your premium is payable by direct debit from your nominated bank account or credit card. Your first premium payment will be debited within 10 days of the Commencement Date. A minimum direct debit of $15 per month applies. If a premium debit payment is returned unpaid, you may be charged a fee from your financial institution for each returned item.
What about inflation and my benefit amount?
To help protect the value of your Classic Life Insurance, your Benefit Amount is automatically increased by 5% each year, up to the maximum benefit of $1,500,000. Your premium will increase each year on your policy anniversary in line with this change.
This automatic yearly increase in your Benefit Amount is optional and you may opt out at any time by notifying us in writing.
What is the $10,000 advance cash payment?
If you die while covered by this policy, we may pay $10,000 as an advance cash payment to your nominated beneficiary (or, if you have nominated more than one beneficiary, first nominated beneficiary), while we assess the claim to assist with the immediate costs of arranging your funeral and covering legal expenses.
Can I claim tax benefits?
Generally, the premium is not tax deductible and the policy benefits are not assessable either as ordinary income or as a capital gain to the recipient.
These statements are general in nature and do not take into account your specific circumstances. We recommend that you seek specific tax advice from your accountant or taxation adviser.
How do I obtain more information?
Download a Product Disclosure Statement here or contact St Andrews on 1300 363 159