ClearView Insurance Insights Revealed

Published: January 26, 2018

ClearView insurance is a leading life insurance company who has been operating in Australia for over 40 years. They offer a range of insurance products that might suit your budget and unique need, including:

clearview-insurance

However, part of your search to finding affordable, quality life insurance should always include a thorough review of the insurer, in this case, ClearView life insurance, and how they compare to other top life insurance companies in Australia.

Of course, a careful investigation of a company’s Product Disclosure Statement (PDS) is pertinent to making a confident and fully informed decision.

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ClearView Life Insurance review

ClearView Life Insurance was previously known as NRMA and have been protecting Australian families since 1976. Their LifeSolutions products include Life cover, trauma cover, TPD, income protection and business expenses insurance. With their reinsurance treaty with Swiss RE and Health Maintenance Rewards program, they’ve opted to provide even more value to their customers by removing their policy fee.

ClearView LifeSolutions Benefits

  • Guaranteed renewable
    Your policy will generally get renewed every year until your policy expiry date, so long as you keep up-to-date with your premium payments and don’t cancel or let your policy lapse.
  • Worldwide cover
    You’ll receive cover anywhere in the world, 24 hours a day.
  • Indexation Benefit
    Your benefit amount will automatically increase by 5% or the CPI percentage (whichever is higher) every year to keep up with inflation. This will also increase your premium, so you can request this benefit to be removed.
  • Future Increase Benefit
    If any major life changes occur, such as getting married or having children, you can typically choose to increase your cover without providing additional medical information.
  • Premium choice
    You can choose between stepped, level or hybrid premiums.
  • Premium Freeze Benefit
    Available if you have selected stepped premiums. This benefit fixes your premium at the level that applies before your next policy anniversary and reduces the benefit amount each year to an amount in line with your fixed premium.
  • Suspending Cover Benefit
    Suspend your cover for up to 12 months so that your policy remains intact when going through financial hardship. You won’t pay any premiums, however, you won’t be able to claim during this period.
  • Disability Premium Waiver Option
    You can add this benefit to your policy so that you won’t have to pay Life Cover premiums if you’re totally disabled for over 3 months or receiving total disability benefits under Income Protection Cover or Business Expense Cover.

ClearView LifeSolutions products

Carefully review ClearView’s PDS to confirm which of the below benefits and options are added free and automatically to your policy and which requires you to pay an extra fee.

Life Cover

Pays out a lump sum to your nominated beneficiaries if you die or are diagnosed with a terminal illness. You can choose the amount you want to be covered for,  however, this must be reasonable to your financial circumstances.

Keep in mind, the higher the cover amount, the more expensive your premium will be, so it’s important to consider the long-term affordability of your policy before making a decision.

  • Entry age: Between 18 and 75 years old if you choose stepped premiums and 18 to 60 years if you choose level or hybrid premiums.
  • Expiry age: On the date you pass away or at your age 99.

Life Cover is available as a stand-alone policy, linked, or flexi linked with TPD or Trauma Cover.

Stand-alone cover

Operates independently from your other LifeSolutions products. When a benefit gets paid it does not reduce the benefit amount of any other cover you hold.

All cover can be purchased as stand-alone, except for Child Cover and Parent Cover.

Linked cover

Interacts with other cover, to which it is linked. When a benefit is paid all other linked cover will be reduced by the benefit amount paid.

The linked cover option is usually lower than stand-alone options.

Flexi linking

Similar to linked cover, but you can choose to have different policy owners for each of your cover types, for example, your trauma and life cover could be linked, but you chose your SMSF to own your life cover, while you own the trauma cover.

Only 2 policies can be connected with flexi linking.

Funeral advancement benefit

  • An advanced amount will be paid upon receipt of a valid death certificate to help your loved ones pay for your final expenses.

Grief support benefit

  • Reimburses the cost of up to 4 hours of grief counselling sessions (up to $1,000 for each person) for you, the person insured or an immediate family member of the person insured.

Life cover buy back benefit

  • Generally allows you to reinstate your life cover benefit amount if you claimed from your TPD or trauma policy. This benefit is only available where TPD or trauma cover is linked or flexi linked to your life cover policy.

Life cover conversion benefit

  • Generally allows you to cash in some or all of your life cover at a predetermined rate if you suffer a specific medical condition listed in the ClearView LifeSolutions PDS, for example, severe cancer, motor neuron disease and severe heart attack or stroke.

Key exclusions

The Death Benefit won’t be paid if your death is caused directly or indirectly by suicide or an intentional self-inflicted injury within 13 months of your policy commencing, or from the date of an increase in your benefit amount (only pertaining to the increased amount), or from the reinstatement date of your policy.

Accidental Death Cover

You receive a lump sum in the event of death as a result of an accident. This cover type is not subject to medical assessments and may be a good option for those not able to obtain life cover at an affordable rate.

Choose between a stand-alone Accidental Death cover or link or flexi link with Accidental TPD cover.

Built-in benefits at no extra cost include the funeral advancement benefit, grief support, financial advice benefit and suspending cover benefit. However, these benefits are not included if cover is held inside Super.

Trauma Cover

ClearView trauma insurance pays out a lump sum if you have been diagnosed with one of the specified trauma condition listed and survive 14 days from the date of your diagnosis.

This money can be used for anything relevant to you and your family’s needs, including medical expenses, household bills, and living expenses.

Trauma cover reinstatement benefit

  • Generally, when a full Trauma benefit is paid out, then you can reinstate your cover for that same amount without providing additional medical information.

Accommodation benefit

  • Accommodation costs of up to $250 for an immediate family member will generally be reimbursed if you are confined to a bed for a maximum of 30 days and are 100kms away from home and need this family member to be with you.

Trauma plus option

  • You can choose to cover an extra 13 trauma conditions.

Key exclusions

  • No Trauma Cover benefit will be paid if your condition is caused directly or indirectly by an intentionally self-inflicted act or if the specified trauma conditions occur within the 90 day qualifying period, as defined in the PDS.

Request a ClearView Life Insurance Quote

Total and Permanent Disablement (TPD) Cover

TPD Cover pays out a lump sum if you become totally and permanently disabled due to a sickness or injury listed in the PDS. You are able to choose the TPD definition most closely related to your specific circumstances.

Any occupation TPD

Pays a benefit if you are unable to work for 3 consecutive months or are disabled at the end of the 3 months and can’t work in Any occupation to which you’re training and education could reasonably suit and is likely to generate a monthly income of at least 25% of your average monthly income in the 12 months prior to your claim.

Own occupation TPD

A benefit will be paid when you can’t work in your Own or specific occupation for which you’ve been trained for or if you suffer at least 25% permanent whole person impairment as defined by the American Medical Association.

Home duties TPD

  • A lump sum will be paid if, due to an illness or injury, you can’t perform home duties for 3 consecutive months, for example, cook family dinners or take care of the children.

Non-working TPD

  • As a result of sickness or injury you suffer from cognitive loss, loss of independent existence, or loss of limbs or sight (as defined by the PDS) your benefit will generally be paid.

Specific loss benefit

  • A partial TPD benefit (up to 25% of the whole benefit amount) is generally paid if you lose a single limb or become partially blind.

Death benefit

  • If you have stand-alone TPD Cover, then if you die and no TPD benefit has been paid, your beneficiaries will generally receive $10,000.

Life cover purchase option

  • Life Cover Purchase Option If the full TPD benefit is paid, you can buy Life Cover under your TPD Cover, up to the amount of the TPD benefit that has been paid out – and you usually won’t have to supply any additional medical evidence.

Key exclusions

  • No benefit under TPD Cover will be paid if your total and permanent disablement are caused directly or indirectly by an intentional self-inflicted act.

Carefully review ClearView’s PDS to confirm which of the benefits and options above are added free and automatically to your policy and which requires you to pay an extra fee.

ClearView Income Protection

If you are unable to work for a specified period of time due to sickness or injury, then ClearView Income Protection will provide you with a monthly benefit.

This monthly benefit generally replaces up to 75% of your income so you can pay your bills and maintain your standard of living. However, you are only eligible for this benefit if you have been gainfully employed for at least 20 hours per week.

You can choose between Income Protection Cover and Income Protection Plus Cover. The Plus option provides you with additional cover to the standard option and extra benefits and features. For instance, with Income Protection Plus Cover you don’t need to be totally disabled during the waiting period, while with Income Protection Cover you must have been totally disabled for 14 out of the first 19 days of your waiting period.

  • Choice of Waiting period: 14, 30, 60, 90 or 180 days, or 1 or 2 years.
  • Choice of Benefit period: 2 or 5 years, or aged 60, 65, or 70 years of age.

To find out which option is best suited to your personal and financial circumstances, you should carefully read the ClearView PDS and speak with a financial planner.

Relapse benefit

  • If you have received benefits for total or partial disability and suffer a relapse of the same or related sickness/injury within 12 months of your claim ending, then the waiting period will be waived and your relapse will be treated as a continuation of your original claim.

Extras package option

  • Provides additional benefits, including a trauma benefit, a family support benefit, specific injuries benefit, and a bed confinement benefit.

Medical professional's benefit

  • If you are classified as a medical professional during application stage and immediately prior to claiming this benefit, then you will usually receive an additional lump sum payment of 50 times the total monthly benefit amount or $1million, whichever is lesser. Please see details on PDS, page 47.

Key exclusions

No benefit will be paid if sickness/injury is caused (directly or indirectly) by:

  • An intentional self-inflicted act or suicide;
  • war or an act of war;
  • normal or uncomplicated pregnancy or childbirth; and/or
  • elective surgery or voluntary treatment within the first 6 months of your cover starting or being reinstated.

Business Expenses Cover

Business Expenses Cover provides a monthly benefit for up to one year if you are disabled due to sickness or injury and unable to work. This monthly benefit helps you pay the fixed expenses of your business, like electricity, rent, or rates

You must be self-employed or a be a small business owner with no more than 5 staff including yourself and other owners and work a minimum of 20 hours per week.

Accident option

  • If you’re totally disabled due to an accident for a minimum of 3 days, you will receive 1/30th of the monthly benefit amount for each day that you’re disabled during the waiting period.

Key exclusions

No benefit will be paid if a disability, sickness, or injury is caused (directly or indirectly) by:

  • An intentional self-inflicted act or suicide;
  • normal or uncomplicated pregnancy or childbirth; and/or
  • elective surgery or voluntary treatment within the first 6 months of your cover starting or being reinstated.

Frequently asked questions

How does Health Maintenance Rewards work?

ClearView encourages you to improve your health and wellbeing through their health maintenance rewards program that gives you the chance to reduce your premiums by up to 10%.

How the program works

  • As a new customer, the Health Maintenance Reward membership process forms part of your policy application process.
  • As an existing customer, you merely need to fill in an online questionnaire on their website to gain access.
  • The questions include whether you have seen a doctor within the last 3 years if you are a smoker, and what your height and weight are at the time of filling in the online form.
  • Your discount will be determined by the answers to this questionnaire.

ClearView Life Solutions will continue to send you an invitation to reset your discount every two years, even if you have declined in the past.

Who owns ClearView Insurance Australia?

Since mid-2010, ClearView was listed on the Australian Stock Exchange (ASX) under the code, CVW, however they started out as NRMA Life in 1976.

How much does a LifeSolutions policy cost?

How much you’ll pay for a LifeSolutions policy depends on your specific requirements person information like your age, gender, smoking status, overall health, occupation, pastimes, and the level of cover that you want.

However, to get a ClearView Insurance quote and start comparing their benefits, features and premiums simply fill in the form above.

Get a ClearView Life Insurance Quote

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