Evaluate Insuranceline Policy Features and Benefits

Published: July 17, 2018

Insuranceline life insurance built their business on the promise of providing ‘life insurance your way’, giving customers the option to choose from a range of cover options and payment methods.

Insuranceline-small

The company is a direct life insurance provider selling policies to Australians online and over the phone. Their life insurance policies are issued and underwritten by TAL Direct PTY Limited, with their funeral insurance product having won the Canstar’s 2017 Award for Outstanding Value.

If you’re curious about the policies they offer or already have a policy and want to know how they compare to other leading life insurance companies in Australia, the Insuranceline review below might be helpful.

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Who is Insuranceline?

Insuranceline has been offering simple life insurance products directly to customers since 1999 and is part of TAL Life (formerly known as TOWER Australia), one of the oldest and largest insurance company’s in Australia.

In 2017, Insuranceline received a customer satisfaction rating of 79.2% (Roy Morgan Single Source survey). This was the highest of 13 leading life insurance companies in Australia, beating out Allianz, AIA and Real Insurance.

Policies available from Insuranceline

Insuranceline advertises flexible and affordable life insurance, optional illness and injury cover, income protection insurance and funeral cover. If you are between the ages of 18 and 65, you can usually apply for a life cover policy.

Life Insurance

The company offers two life insurance options, each providing a lump sum benefit upon your death or diagnosis of a terminal illness.

Please ensure that you read their product disclosure statement (PDS) to determine whether their products are suited to your circumstances and requirements.

Life cover

  • Includes a Life Event feature which can be used to increase your cover amount whenever a significant life event occurs, for example, taking out a mortgage or having kids.
  • Maximum cover of up to $1.5 million.
  • Medical history is required at application time

Basic life cover

  • Less comprehensive cover. No benefit will be paid if death is due to a pre-existing medical condition or known genetic condition or because of you participated in a dangerous occupation or pastime, during the first 5 years of your policy commencing.
  • Maximum cover of up to $250,000.
  • Excludes the Life Event feature
  • Does not require your medical history when applying for the policy.

Exclusions

  • Suicide or intentional self-injury during the first 13 months of your policy commencing.

Optional Injury and Illness Cover

You can add one or more of the three optional illness and injury covers onto your life insurance policy for an extra fee. This cover type pays up to 95% of your life insurance benefit, up to a maximum of $250,000 when you suffer an illness or injury as listed in your PDS.

Your life cover benefit will then reduce by the amount claimed and paid for a major illness, serious injury or cancer. Your beneficiaries can then claim the remaining life insurance benefit when you pass away.

You can choose to add cancer or serious injury cover separately, or you can mix and match illness, injury and cancer cover together.

Major illness cover

  • Includes both Specified Critical Illnesses and Serious Injuries cover.
  • Medical history is required.
  • You’ll have to wait 90 days after your policy commences before you can claim on cancer, heart attack, strokes, or coronary artery bypass surgery.

Cancer cover

  • Pays a lump sum benefit when diagnosed with life-threatening cancer.
  • The insurer will ask for your medical history when applying for a policy.
  • 90 day waiting period before you can claim.

Serious injury cover

  • Covers you for specified injuries that occur due to an accident only.
  • No medical history is required when applying.

Common Exclusions

No cover benefit will be paid if the event you’re claiming for was because of:

  • An intentional self-inflicted act or suicide.
  • You were under the influence of alcohol or drugs not prescribed by your medical practitioner.
  • Injuries not caused by accident.
  • War, hostilities or war-like operations.
  • Partaking in a dangerous occupation or pastime.

Carefully review your product disclosure statement (PDS) for the full list of exclusions.

Compare Features & Benefits of Other Leading Life Insurers

Insuranceline Income Protection Insurance

Insuranceline offers customers two types of income protection products, both paying up to 85% of your regular income in the event you are unable to work for a specified period due to an illness or injury. However, there is some crucial difference between the two options.

Income protection policy options from Insuranceline

Specifics Income protection plus Time Saver Income protection plus Rate Saver
Medical information Limited information needed, making it faster to apply. Ideal for those with some health or lifestyle concerns. More comprehensive cover but requires extensive medical information.
Maximum Benefit $7,500 per month. $10,000 per month.
Waiting Period 28 days 14, 28, 60 or 90 days
Benefit Period 6 months, 1 or 2 years 6 months, 1, 2 or 5 years

Optional cover you can add for an extra fee

  • Redundancy cover: Cover for up to $3,000 per month for 3 months if you are involuntarily unemployed due to redundancy or insolvency.
  • Permanent disability cover: Up to $5,000 worth of protection should you become permanently disabled and unable to perform your daily activities because of a sickness or injury.
  • Holiday injury benefit: You’ll get an extra once off payment of up to $3,000 when injured during state school or public holidays or if injured more than $200km away from your home.
  • Kids injury cover: A benefit of up to $50,000 will be paid for a range of common childhood injuries.
  • Homemaker cover: Pays up to $3,000 per month when you added your partner and they are not able to perform their usual household duties.
  • Family discount: 5% premium discount when you add your partner or another adult to your policy.

There is quite a list of exclusions for an income protection policy from Insuranceline; please have a look at the complete list in their PDS.

Insuranceline funeral insurance

Australians between the ages of 21 and 80 can apply for a funeral policy which pays out up to $15,000 when you die. After you turn 90 years old, on the anniversary of your policy, Insuranceline will cover you for free.

Once your policy is accepted, you'll be immediately covered for accidental death. The insurer will generally pay you double your cover amount if death is because of an accident. After the first 12 months of your policy commencing you'll also be covered for death due to natural causes.

Insuranceline life insurance FAQs

Who owns Insuranceline?

Insuranceline is wholly owned by TAL Direct PTY Limited who purchased all remaining shares in 2008 with the intention of providing more Australians with direct access to life insurance options.

Where can you find Insuranceline contact information?

You can call the Insuranceline phone number, 13 77 87, between 8 am and 6 pm EST Monday to Friday or connect with them online. 

How much does Insuranceline life insurance cost?

The price of an Insuranceline policy depends on various factors, including your age and gender, how much cover you want, if you're a smoker and your overall health. You can get a quote by calling the insurer directly or visiting their website and applying online. 

However, you might want to compare the premium they offer with the average premiums of other top life insurance companies in Australia to make sure you're getting value for money.

How do you make a claim?

To claim on your Insuranceline policy, you first need to contact them via phone or email and then download and complete the required claim form which can be found on their website. When claiming a death benefit, you’ll need to provide a certified copy of the insured person’s death certificate and proof that you are his/her beneficiary.

How can you cancel your Insuranceline policy?

If you're policy no longer serves your requirements or have become too expensive, and you want to cancel or change your policy, you can give them a call or send an email with your request and include your policy number.

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