pet insurance

Life Insurance

29 Jun 2020


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.


How much life insurance do you need?

A calculator like the one provided by ASIC Moneysmart can help you work out:

  • whether you need life cover
  • what expenses you want your policy to cover after you die
  • how much life cover you might need

 


 

Do you need life insurance if you’re a stay-at-home parent?

If you're a stay-at-home parent or primary care giver at home and your financial and physical contribution was suddenly compromised, life insurance could help your family cope, with help towards taking care of debts left behind, child care costs, domestic help and even school fees. Every families situation is different.


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 permitted to pay under the Life Insurance Act, 1995).

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?
 

Easy to apply
online#

Buy Life Insurance online. No medicals or blood tests needed. Please call us for a Funeral Insurance policy or for Life Insurance with the Total & Permanent disability cover option

Affordable Life
Insurance premiums

Everyday Rewards members get 10% off for the life of the policy+, so cover can start as low as $2.55 a week**  
 

Freedom to
change your mind

30 day cooling off period - cancel your policy within this time frame and as long as you haven't made a claim, we'll refund your premium


 

Thinking about life insurance?

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** Premium based on $100,000 Life Insurance benefit for a female non-smoker aged 34. Premium payment options are monthly, fortnightly and annually.

The Woolworths Life Insurance Benefit Amount cannot be increased to an amount greater than the maximum for your age at the time of the increase, as outlined in the PDS.

+ You must be an Everyday Rewards member to receive a 10% discount on your Woolworths Life Insurance policy. Everyday Rewards Membership is subject to the Everyday Rewards Terms and Conditions available at everydayrewards.com.au

# Depending on your answers to the health and lifestyle questions, or if you wish to add optional Total and Permanent Disability cover, you may be required to speak with a sales agent to clarify your situation.

This is general advice only and does not take into account your objectives, financial situation or needs. Before acting on advice, consider whether it is appropriate for you. Before you purchase this product you should carefully read the Financial Services Guide and Product Disclosure Statement to decide if it is right for you. Benefits are subject to the terms and conditions including the limits and exclusions of the insurance policy. The Life insurer, Swiss Re Life & Health Australia Limited ABN 74 000 218 306 AFSL 324908 has adopted the Life Insurance Code of Practice (the Code), the life insurance industry’s commitment to mandatory customer service standards and it’s designed to protect you, the customer. Click here for more information about the Code or visit www.fsc.org.au