In this review, we’ll delve into ClearView’s range of coverage options, including Life Insurance, Total and Permanent Disability (TPD), and Income Protection. We’ll also examine the key benefits that set ClearView apart, such as flexibility in policy ownership, comprehensive protection, and tailored cover options, and how these features can impact your financial planning. Additionally, we’ll break down the costs, including available discounts and factors that influence premiums so that you can choose a policy with confidence.
Key facts
- ClearView Life Insurance offers up to $20 million in Life Cover, providing significant financial protection for beneficiaries
- Offers Life, TPD, Critical Illness, Income Protection, and Child’s Critical Illness Insurance.
- Select policies can be owned inside or outside superannuation.
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Types of Cover
Understanding the different types of coverage available is crucial u, as it empowers you to make informed decisions that align with your financial requirements. ClearView offers a variety of insurance products to meet diverse requirements, ensuring that policyholders can find the right fit for their circumstances. Here’s a breakdown of the types of cover provided by ClearView:
- Life Insurance: This cover provides a lump sum benefit in the event of the policyholder's death or if they are diagnosed with a terminal illness. The maximum benefit amount is up to $20 million, which could help you settle outstanding debts, replace lost income, or provide for dependents in the future.".
- TPD Insurance: TPD Insurance offers a lump sum benefitif the policyholder becomes totally and permanently disabled and unable towork again. ClearView provides two definitions under TPD, including 'Own Occupation' (covering disabilities that prevent you from performing your specific job) and 'Any Occupation' (covering disabilities that prevent work in any occupation).
- Income Protection: This cover replaces up to 70% of yourincome if you cannot work due to illness or injury. With various options for waiting periods and benefit periods, the policy provides flexible financial support to fit different employment scenarios, helping to maintain the policyholder's standard of living during recovery.
- Trauma Cover: ClearView's Trauma Insurance provides a lump sum payment upon diagnosis of specific serious medical conditions, such as cancer or a heart attack. This payout can cover medical expenses, rehabilitation, or loss of income, providing vital financial relief during recovery. It’s important to check the policy document for the list of covered conditions.
- Child’s Critical Illness Insurance: This cover provides a lump sum benefit if the policyholder's child is diagnosed with a critical illness, becomes terminally ill, or passes away. This insurance helps families manage the financial strain of caring for a critically ill child, covering costs like medical expenses or time off work. Be sure to check for any exclusions and specific conditions covered under the policy.
- Total and Permanent Disability (TPD) cover: Total and Permanent Disability (TPD) cover provides financial support if a policyholder becomes permanently disabled and is unable to work due to sickness or injury. ClearView offers different TPD definitions, such as Own Occupation Any Occupation as well as None Occupational TPD Cover, allowing policyholders to select the option that best aligns with their needs. With cover amounts up to $5 million, TPD insurance can help cover medical expenses, rehabilitation, or lifestyle adjustments following a permanent disability.
- Business Expense Cover: This cover provides a monthly benefit to help business owners manage fixed operating costs, such as rent, utilities, and staff wages if they are unable to work due to illness or injury. With coverage up to $60,000 per month, this policy ensures your business continues to run smoothly while you recover.
About ClearView
ClearView Life Insurance is an Australian-owned company dedicated to providing comprehensive insurance products including life, total and permanent disability and trauma insurance. The company is based in Australia, ensuring that all operations are locally managed, further strengthening its commitment to supporting Australians with reliable insurance solutions.
ClearView is not just focused on providing products; it is committed to exceptional customer service and building trust with its clients. The company’s mission centres on helping everyday Australians achieve their financial and well-being goals by protecting their wealth. With a robust foundation and a focus on customer needs, ClearView has built a reputation for reliability and trustworthiness in the industry.
Financial Ratings
Financial ratings are crucial for evaluating an insurance company’s stability and reliability. These ratings provide insight into the company’s financial health and ability to meet policyholders’ long-term commitments. For those considering life insurance, a strong financial rating is a key indicator that the insurer can be trusted to deliver on its promises, providing peace of mind to policyholders.
ClearView Life Insurance ranks ninth among life insurance companies in Australia, with a market share of 1.9% as of 2024. This ranking reflects ClearView’s established presence in the market and its commitment to providing reliable and comprehensive insurance solutions. Despite being a smaller player than some competitors, ClearView’s focus on customer service and its fully Australian operations underpin its reputation for reliability and trustworthiness in the industry.
How Much Does ClearView Life Insurance Cost?
Understanding the cost of life insurance is crucial, as premiums can vary significantly based on age, type of cover, and premium structure. ClearView Life Insurance offers competitive pricing tailored to individual requirements. For example, premiums for a 35-year-old non-smoking male residing in NSW start at $31.48 per month for $1 million in coverage.
ClearView provides several discounts to help manage costs, including a 10% Health Reward discount by completing a online health questionnaire this discount can be maintained. Additionally, new policyholders may qualify for up to a 25% discount in the first year, with the discount reducing by 4% annually until year 7. ClearView also provides a sliding scale of discounts for new policies, including up to 15% in the first year, 10% in the second year, and 5% in the third year.
Pros and Cons of ClearView Life Insurance
Pros | Cons |
Cooling-off Period: Allows policyholders to cancel within 30 days if the policy doesn't meet their requirements, providing a full refund of premiums paid, subject to conditions. | Exclusions such as intentional self-inflicted harm: Exclusions include self-inflicted harm and other high-risk activities. These can limit the applicability of benefits under certain circumstances. |
24/7 Worldwide Cover: ClearView policies provide 24/7 worldwide coverage, ensuring that policyholders are protected regardless of where they are. | Specific conditions for claim payouts: In some scenarios, specific conditions for claim payouts can make it challenging for policyholders to qualify for benefits. |
Guarantee of Upgrade: If enhancements are made, policyholders are automatically eligible for product upgrades without an increase in premiums. | Limited Cover for Certain Occupations: Certain high-risk occupations may have limited coverage or be subject to additional exclusions under ClearView’s policies. If you work in hazardous professions, such as mining or construction, you may need to explore special insurance options, as standard policies may not offer full coverage. |
Optional Benefits: A range of optional benefits allows policyholders to findcoverage to suit their requirements. Options such as the Disability Premium Waiver and Business Guarantee Option give you flexibility ensuring you receive the coverage that best fits your lifestyle. | X |
Review ClearView Life Insurance
ClearView Life Insurance provides a range of coverage options designed to meet different personal and financial requirements. This review is based on the ClearView Product Disclosure Statement (PDS) published on 13 May 2024. Here’s an overview of the various types of cover included under ClearView Life Insurance:
Life Insurance
Life Insurance under ClearView provides a lump sum benefit in the event of death or if the policyholder is diagnosed with a terminal illness.
- Immediate Expenses Benefit (non-super only): Provides an advance payment of up to $25,000 to help cover urgent costs, such as funeral expenses, while the full death claim is being processed. This ensures that your loved ones have immediate financial support during a difficult time.
- Indexation Benefit: Automatically increases your cover amount each year to keep up with inflation, ensuring your policy maintains the same level of financial protection as the cost of living rises.
- Future Increase Benefit: Allows you to increase your cover amount at certain life events (such as marriage or the birth of a child) without the need to provide additional medical evidence. This gives you flexibility to adjust your coverage as your circumstances change.
- Premium Freeze Benefit: Only available on a variable age-stepped premium, lets you lock in your premium at its current rate. While your premium remains unchanged, the cover amount will reduce over time as you age, helping you maintain affordable coverage.
- Suspending Cover Benefit: Allows you to temporarily suspend your cover and premiums if you face financial hardship. The suspension ensures your coverage resumes when you’re ready, without the need to reapply.
Optional Paid Benefits
- Disability Premium Waiver Option: This option waives your premiums if you become totally disabled, ensuring that your life cover, Total and Permanent Disability (TPD), and Trauma Cover remain active without requiring further payments.
- Business Guarantee Option: This option is available for business owners and allows you to increase your Life Cover, TPD, and/or Trauma Cover without needing further medical evidence, under specific circumstances such as business expansion or loan guarantees.
Total and Permanent Disablement (TPD) Cover
TPD Insurance offers financial protection if the insured becomes totally and permanently disabled due to sickness or injury and cannot work again.
Benefits
- TPD Benefit: Provides a lump sum payment if the policyholder becomes totally and permanently disabled. This payment can help cover medical expenses, rehabilitation costs, or adapting the home to new accessibility needs.
- Indexation Benefit: Automatically increases your TPD cover amount each year to keep up with inflation, helping maintain the value of your coverage over time as the cost of living rises.
- Suspending Cover Benefit: Provides the option to suspend your cover and premium payments during periods of financial hardship. This allows you to maintain coverage without having to reapply when you’re ready to resume payments.
- Waiver of Monthly Premium While Involuntarily Unemployed Benefit: Waives your monthly premiums for up to three months if you become involuntarily unemployed, ensuring your TPD cover remains active while you are out of work.
- Financial Advice Benefit (non-super only): Covers up to $3,000 in financial advice after a claim is paid, ensuring you receive professional guidance on how to manage your payout effectively.
Optional Paid Benefits
- Life Cover Buy Back Option (where TPD is linked): Allows you to restore a portion of your Life Cover 12 months after a TPD claim has been paid, up to the amount paid out under the TPD benefit. This option ensures continued protection without requiring further medical evidence, and premiums will be based on current rates.
- Disability Premium Waiver Option: Waives your premiums if you become totally disabled, ensuring that your TPD, Life Cover, and Trauma Cover (if applicable) remain active without further payments. This provides financial relief during periods of total disability, so your coverage continues without added financial burden.
- Business Guarantee Option: Available to business owners, this option allows you to increase your TPD, Life Cover, or Trauma Cover without the need for further medical evidence. You can use this option under certain circumstances, such as business expansion or loan guarantees, ensuring your coverage grows with your business needs.
Income Protection Insurance
Income Protection Insurance offers a monthly benefit to replace a portion of the policyholder’s income if they cannot work due to sickness or injury.
Benefits
- Relapse Benefit: If you suffer a relapse of the same or a related condition within 12 months of returning to work, this benefit allows you to resume your claim without a new waiting period.
- Extended Cover Benefit: Provides continued coverage beyond the policy’s expiry date, offering an additional benefit period if you're still receiving Income Protection payments at the time your policy is set to expire.
- Flexibility to Reduce Two-Year Waiting Period Benefit: Allows you the option to reduce the standard two-year waiting period for specific circumstances, offering flexibility to access benefits sooner when needed.
- Waiver of Monthly Premium While Involuntarily Unemployed Benefit: Waives your monthly premiums for up to three months if you become involuntarily unemployed, ensuring your Income Protection cover remains active while you are out of work.
- Suspending Cover Benefit: Allows you to temporarily suspend your cover and premium payments during times of financial hardship, ensuring your coverage resumes when you're ready to continue.
Paid Benefits
- Income Support Booster Option (available with 30, 60, or 90-day waiting period only): Provides an additional income benefit for a limited period to help boost your financial support during the initial stages of a claim, ensuring more immediate assistance while waiting for full benefits to start.
- Specified Events Option (available with 30, 60, or 90-day waiting period only): Pays an additional lump sum benefit if you suffer a specified event, such as the loss of a limb or major trauma. This provides extra financial support in the event of severe injuries or illnesses.
- Increasing Claim Option: Increases your Income Protection payments annually while you are on claim, keeping pace with inflation and ensuring that your benefit amount maintains its purchasing power over time.
Critical Illness Insurance
Critical Illness Insurance provides a lump sum payment if the insured is diagnosed with a serious medical condition specified in the policy.
- Future Increase Benefit: Allows you to increase your Trauma Cover at certain life events (such as marriage, the birth of a child, or taking on a mortgage) without needing further medical evidence. This gives you the flexibility to adjust your coverage as your financial responsibilities grow.
- Financial Advice Benefit: Covers up to $3,000 for financial advice after a claim is paid, ensuring you receive professional guidance on managing your payout effectively.
- Premium Freeze Benefit: Lets you freeze your premiums at their current level, ensuring affordability over time. While the premium stays fixed, your cover amount will reduce as you age.
- Suspending Cover Benefit: Allows you to suspend your cover and premium payments during financial hardship. This benefit ensures your coverage resumes without the need to reapply once you are ready to continue.
- Waiver of Monthly Premium While Involuntarily Unemployed Benefit: Waives your monthly premiums for up to three months if you become involuntarily unemployed, ensuring your Trauma Cover remains active during unemployment.
Optional Paid Benefits
- Trauma Plus Option (only available on Trauma Standard): Provides enhanced coverage by including additional trauma conditions or extending the payout for partial trauma claims, offering broader protection.
- Extras Option (only available on Trauma Standard): Adds extra benefits to your standard Trauma Cover, providing more comprehensive coverage for various medical conditions and related financial support.
- Trauma Cover Reinstatement Option (only available on Trauma Standard): Allows you to reinstate your Trauma Cover 12 months after a claim, ensuring continued protection without requiring further medical evidence.
- Life Cover Buy Back Option (where Trauma Cover is linked or flex-linked to Life Cover): Allows you to restore a portion of your Life Cover 6 to 12 months after a trauma claim, up to the amount of the payout. No medical evidence is required, and premiums are based on current rates.
- Disability Premium Waiver Option: Waives your premiums if you become totally disabled, ensuring that your Trauma Cover (and any linked Life or TPD cover) remains active without the need for further payments.
Child Critical Illness Insurance
Child Critical Illness Insurance provides coverage for children diagnosed with serious medical conditions or if they pass away.
- Immediate Expenses Benefit: Provides an advance payment to help cover urgent costs, such as funeral expenses, while a full claim is being processed, offering immediate financial support during difficult times.
- Grief Support Benefit: Covers the cost of grief counseling services for family members after a claim is paid under the Child Cover policy, ensuring emotional support during a challenging period.
- Continuation of Cover Benefit: Allows Child Cover to continue even if the main policyholder’s cover is canceled, ensuring that the child's protection remains in place.
- Conversion of Child Cover Benefit: Provides the option to convert Child Cover into an adult policy without requiring further medical evidence, allowing continued protection as the child reaches adulthood.
- Indexation Benefit: Automatically increases the Child Cover amount each year to help keep pace with inflation, ensuring that the cover retains its value as the cost of living rises.
- Suspending Cover Benefit: Allows you to temporarily suspend Child Cover and premium payments in times of financial hardship, ensuring coverage can resume when you are ready.
How to Apply
To apply for ClearView Life Insurance, applicants must meet specific eligibility requirements. Generally, applicants must be over 18 years old and under the maximum entry age which varies depending on the type of cover you have. You’ll also need to provide information about your health, occupation, and lifestyle, as ClearView may require medical assessments to determine eligibility.
Cooling-Off Period
If the application is approved, a policy certificate outlining the coverage details is issued. Applicants have a 30-day cooling-off period to cancel the policy and receive a full refund if it doesn’t meet their requirements, provided no claims have been made. Potential policyholders are encouraged to consult with a financial adviser or fill out a quote form for more details to get started.
Frequently Asked Questions and Answers
What factors affect the cost of a ClearView life insurance policy?
The cost of a ClearView life insurance policy is determined by factors such as the type of cover chosen, the coverage amount, and personal details like the policyholder’s age, health, occupation, and lifestyle (e.g., smoking). Optional extras and the frequency of premium payments also play a role. These factors together help ClearView assess the risk and set the premium rate for each policyholder.
Who owns ClearView Life Insurance?
ClearView Life Insurance is owned by ClearView Wealth Limited, an Australian company. Operating entirely within Australia, its local operations ensure that it understands the specific requirements and preferences of its Australian customer base.
How do I claim a ClearView life insurance policy?
To claim a ClearView life insurance policy, contact ClearView’s claims department immediately. Complete the required claim forms and submit them with supporting documents, such as medical reports or proof of identity. ClearView may require additional evidence or an independent medical examination to process the claim. It’s essential to provide accurate and complete information to avoid delays.
What happens if I miss a premium payment on my ClearView life insurance policy?
Missing a premium payment initiates a 30-day grace period, during which coverage remains active. If payment isn’t made within this timeframe, the policy may be cancelled. Contact ClearView’s claims department immediately to claim a ClearView life insurance policy, resulting in loss of coverage. To avoid cancellation, it’s important to pay your premiums promptly. If your policy lapses, you may need to reapply, which could involve undergoing new underwriting and providing updated medical information. In some cases, this could result in higher premiums or reduced coverage depending on your current health and circumstances.
How to cancel my ClearView policy?
To cancel a ClearView policy, notify ClearView in writing or by phone. Once cancelled, all coverage ends, and no claims can be made for events occurring after the cancellation date. Refunds are generally not provided for already-paid premiums except for possible pro-rata refunds on annual payments made in advance.