What you need to know: life insurance for new parents

When your family is growing there are many things to plan for. As well as thinking about nappies, feeding and sleep routines, it could also be a good time to start thinking about providing financial security for your family if you’re not around.

What is life insurance?

While nobody likes to think about what would happen if they pass away, life insurance is designed to provide financial security for your loved ones after you're gone. A life insurance benefit can be used to cover living expenses like rent or mortgage repayments, childcare, and education for the kids.

It's easy to increase your cover in the first 90 days

If you have an existing Woolworths Life Insurance Policy in place, the good news is that we guarantee you can increase your benefit during the first 90 days after giving birth or adopting a child without answering any further questions about your health. There’s a minimum increase of $10,000. The maximum amount you can increase your benefit is the lesser of  $200,000 or 50% of the benefit amount at the commencement of your policy. Also the maximum benefit amounts for your age will still apply.^*

You can only increase your cover once per year using this feature, provided no claim has been made or is pending.

Who does the benefit get paid to?

You can nominate up to five beneficiaries who will receive allocated shares of the life insurance benefit amount if you die. Otherwise the benefit will be paid to your legal representative or any other person we are legally permitted to pay.

If your nominated beneficiary is aged under 18 when the benefit amount is payable, his or her allocated share will be paid to a trustee or legal guardian for the benefit of the child until they turn 18. 

Why pick Woolworths Life Insurance?