Qantas Life Insurance Review

Without a doubt, Qantas is Australians top choice for air travel. But, can you trust them to also provide the best life insurance cover? Qantas has added life insurance to their suite of travel and health insurance products. Life Insurance giant, TAL, announced their partnership with Qantas earlier this year (February 2017).

Qantas life cover

  • Earn points
  • Products offered
  • How it works

Life insurance

  • Accidents
  • Adventure sport
  • Illness cover

Also covered

  • TPD
  • Trauma
  • Income protection

If you are a Qantas frequent flyer member and take out Qantas Assure Life Protect cover, you’ll be rewarded with Qantas Points and a 10% discount on your life insurance premiums, when you have a healthy BMI between 18.5 and 25.

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Is Qantas a life insurer?

No, Qantas is not a life insurer. Backed by TAL, Australia’s leading life insurance specialist, and combined with Qantas’s rewards and wellness program, Qantas can now offer life insurance products, including TPD, Trauma Insurance and Income Protection insurance. It is essentially an insurance partnership wherein TAL provides life insurance products to Qantas frequent flyer members.

How to earn Qantas point when buying life insurance

When joining Qantas Assure Life Protect you can earn 10,000 Qantas points and 30,000 points when you take up two or more products. The points will be credited after your policy has been held for 60 continual days.

  • The number of points you earn depends on the bundle of life insurance products you buy. The more products you buy, the more points you’ll receive.
  • You’ll also get 1 Qantas point for every dollar premium you spend and earn up to 10,000 Qantas points per year when you download and use the Qantas Assure App.
  • You can receive even more points when you take out a Qantas Assure health insurance policy and take part in their health and wellness programme.

This is a great incentive. However, when choosing a life insurance policy to protect you and your family, there are many more factors to consider than simply racking up points. For example, will you be able to afford the premium payments in the long run and which part of your benefits are not guaranteed?

Qantas Assure Life Protect Products

Qantas Assurance Life Protect is made up of 4 distinct types of insurance products, each with 3 separate covers you can add to your policy.

    1. Life Insurance: Accidental cover, Illness Cover and Adventure Sports cover.
    2. Total and permanent disability: Accidental cover, Illness Cover and Sports cover.
    3. Trauma insurance: Critical injury cover, critical illness cover and cancer cover.
    4. Income Protection: Accidental cover, Illness Cover and Sports cover.

What’s included in a Qantas Assure Life Protect policy?

Inflation protection

Qantas will increase your Benefit Amount each year to keep up with inflation.

Premium relief option

For an additional premium, Qantas will waive or refund your life insurance, TPD and/or trauma insurance if you are unable to work for at least 3 consecutive months due to illness or injury. This option is available to all applicants aged 18 to 61.

Life Buy Back option

Provides you with the opportunity to buy back any life insurance that’s been reduced after a claim payout of a bundled product, up to the equivalent of the benefit amount paid. This will cost you an additional premium and is only available if you have Bundled TPD with Life Insurance.

Future Life Events

With Future Life Events, you can increase your life insurance, TPD or Trauma Insurance benefit amount without evidence of your health or pastimes when a significant event in your life has taken place. For example, you became a parent, got married or divorced, or you took out a mortgage.

How it works

Step 1: Choose between a Standalone or a Bundled insurance policy

Standalone: Each insurance type, Life Insurance, TPD, Trauma Insurance and Income Protection, is kept separate. If you were to make a claim on one, the others would remain unaffected, meaning their cover amount will not decrease.

Bundled: Insurance types are bundled together, which will initially lead to more affordable premiums. However, when you make a claim on one, the whole bundle of benefits will be affected.

Step 2: Choose your premium type

Stepped premiums: Cheaper at the beginning, but will get progressively more expensive with each year, based on your age.

Level premiums: More expensive at the start of your policy, but generally remains unchanged as you get older.

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If you want to provide financial protection for your family after you pass away, then you need life insurance. Qantas assure life insurance provides a lump sum benefit upon your death or diagnoses of a terminal illness. The minimum cover amount is $100,000, and the maximum is $1,500,000.

Cover options available

  • Accident cover: A lump sum benefit pays out in the event of your accidental death, meaning unnatural causes such as a car accident.
  • Adventure Sports cover: Works in conjunction with accident cover and pays out in the event of your death due to an extreme sport, such as bungee jumping and scuba diving.
  • Illness cover: Provides your family with financial protection in the event of your death due to an illness, such as cancer, heart disease and even when diagnosed with a terminal illness.

Pros and Cons of Qantas life insurance

ProsCons
  • Both level and stepped premiums are available, and any Australian citizen aged 18 to 74 can apply.
  • Level premiums are only provided for Australians between the ages of 18 to 59.
  • You can choose which cover options to include in your life insurance: Accidental, Illness and Adventure sports cover.
  • If you do not select all three cover options, you will not receive any benefit if you die due to an event resulting from one of the options you are not covered for. Also, if you want adventure sports cover, you must also purchase accident cover.
  • Flexible policy options, in that you can choose to add them all together as a bundle or keep them separate as standalone policies.
  • If you wish to add any of these covers to one of your policies, you must also take out that cover type under life insurance. For example, if you add an Accidental cover to your TPD, you must also take out Accident cover for life insurance.
  • Once a valid death certificate is provided, you’ll receive 10% of your benefit amount to the maximum of $25,000 to help your family take care of funeral expenses.
  • Your life insurance amount will reduce in correspondence with the funeral amount paid to your beneficiaries.
  • No medical tests are required, as stated on their website.
  • When you are not required to have medical tests done at the application stage, it is likely that the insurance company will only perform underwriting at claim stage, thus increasing the likelihood of your claim being denied.

Carefully consider which life insurance company you’ll trust with your family’s financial future. It might be worth getting a few quotes from different companies to ensure you receive value for money.

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Total permanent disability (TPD) insurance

A lump sum benefit is paid if you become totally and permanently disabled because of an illness or injury. Only available to Australians aged 18 to 59.

Qantas TPD benefits include:

  • The cover amount of $100,000 to $1,500,000, however, when bundled with life insurance the minimum cover amount drops to only $10,000.
  • The choice between Any Occupation and Own Occupation for TPD.
    When covered for Any occupation it means that for a TPD claim to be valid, you must be completely incapable of doing work in any capacity, taking into account your training, education and experience.
    When submitting a TPD claim for Own occupation, you merely need to prove you are completely incapable of performing the work you did immediately before your sickness or injury. Premiums for Own occupation is generally more expensive.
  • If you are not employed, you can still be covered for TPD. To make a valid claim, you must be unable to perform at least two of the five Activities of Daily Living. For example, unable to bathe or groom yourself, no longer able to dress or feed yourself, unable to use the bathroom unassisted and incapable of moving yourself from seated to standing.

Qantas trauma insurance

Trauma insurance provides financial protection if you’re diagnosed with a specific critical illness or experience a critical injury.
You can again choose between a Standalone policy with a minimum cover amount of $100,000 and a maximum amount of $500,000 or Bundle your covers together and start with a minimum of $10,000. Only available to Australians aged 18 to 59.

Trauma benefits include:

  • Cancer cover: A lump sum benefit will be paid if you are diagnosed with cancer covered in your policy documents. Qantas will make an advanced payment of 25% of your total benefit amount, up to $50,000, for certain conditions; early stage prostate cancer, chronic lymphocytic leukaemia and melanoma for example.
  • Critical injury cover: Pays a lump sum in the event of you being injured as a result of an accident.
  • Critical illness cover: Provides a lump sum payment if you were to suffer a major illness, other than cancer. For example, major heart conditions, neurological disorders and organ failures.

Income protection insurance from Qantas

If you are totally disabled or partially disabled, you will receive 75% of your monthly salary, meaning what you earned before becoming disabled, up to $10,000 per month. Benefits will be paid for as long as you are totally disabled or partially disabled.

To apply for Qantas income protection, you must be employed full-time or self-employed for a minimum of 20 hours a week.

Waiting period and benefit period options

The shorter the waiting period, the more expensive your premiums become. You can choose between 2 weeks, 4 weeks, 13 weeks or 2 years.

You can also select the length of time you want your benefit to pay out for. 1 year, 2 years or 5 years. The longer the benefit period, the higher your premiums.

Income Protection benefits include:

  • Total disability benefit: A monthly benefit is paid when you are completely disabled and can no longer perform one or more of your income-producing duties in your own occupation.
  • Partial disability benefit: A monthly benefit is paid when you are partially disabled because of an illness or accident and have a suffered a reduction of 20% or more in your ability to generate earnings.
  • Recurrent Disability: Your disability improves, but then recurs within 12 months due to the same or related cause. In such an instance there will be no waiting period before payment commences.
  • Concurrent Disability: When you have become either totally or partially disabled as a result of two distinctly separate illnesses or injuries you will receive the benefit of the larger payment.
  • Waiver of premium benefit: You will not have to pay premiums at the time of receiving income protection payments.
  • Rehabilitation expense benefit: Qantas may reimburse you for the expenses incurred during your rehabilitation, if approved by them, of up to six times your monthly benefit.

Optional extras:

  • Day one accident option: If you have accident cover or sports cover you can add this option for an additional premium. If you are totally disabled for the entire waiting period, Qantas will backdate your monthly benefit payments to the date you became disabled. Only available if a two or four week waiting period was selected.
  • Increasing claim option: If you have inflation protection, you can add this option for an additional premium. It ensures your benefit keeps up with inflation, capped at 3%.

Exclusions | What’s not covered by Qantas Assure Life Insurance

When choosing a life insurance product, it is extremely important you know what circumstances and situations are excluded from cover.

  • If diagnosed with a terminal illness, your life expectancy must be less than 12 months for a claim to be valid.
  • You are not covered for any claim that resulted in a country which there is an active ‘Do not travel’ warning in force.
  • When Qantas cover is taken out through your superannuation, your claim must also satisfy the Superannuation Industry (Supervision) ACT (ASIS) and their definition of the cover you’re claiming for.
  • You are not covered if death is due to suicide within the first 13 months of your policy commencing or during the first 13 months following an increase in cover.
  • Neither TPD nor Income protection will payout if it is as a result of an intentional, self-inflicted injury.
  • With TPD and Trauma insurance, if you opted for the standalone option, you must remain alive for at least 14 days after the illness or injury before you are eligible for a claim.
  • Income protection for occupations focused on manual work, like a truck driver, farmer or nurse, will be limited to age 54.
  • A maximum benefit period for income protection from claims arising from mental health related illnesses is two years.
  • Income protection rehabilitation expense does not reimburse medical consultations and medical therapy consultations.
  • War, criminal offences, terrorism and civil commotion, are all excluded.
  • Income protection cover will not be paid when claiming for mental health related illnesses that resulted due to an accidental injury.

If you have a life cover policy with Qantas and are questioning their value or you’re thinking of joining Qantas life insurance, it might be worth comparing a Qantas life insurance quote with other companies and then choosing the best option for you and your family’s specific needs.

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Published: July 21, 2017
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