Life Insurance FAQs

Life insurance generally provides a lump sum payout in the event of the policyholder’s death or diagnosis of a terminal illness. Each policy has different terms of cover, so always make sure you read the relevant PDS to ensure the product suits your needs.

Yes, you may still be eligible for life insurance if you are a smoker, however this will impact your premiums. Please note that every life insurance policy has a specific criterion to determine smoking status so it’s important to answer accurately.

If you are classified as a smoker, you may be able have your premiums adjusted in the future if you cease smoking.

Life insurance offers peace of mind that your family will be financially protected if you pass away or are diagnosed with a terminal illness.

The life insurance benefit amount is usually paid as a lump-sum and can be used in any way your beneficiaries desire, such as covering educational costs, mortgage repayments or personal debts. You can feel confident knowing that the benefit can help maintain your family’s lifestyle, even if you were no longer there to support them.

This will depend on what you’re hoping to achieve through your financial planning. Some factors to consider include the size of your family, their quality of life, the cost of the cover and your budget, your income and living situation.

Always read the relevant PDS, as this contains all the details you need to know about the policy terms and exclusions. If you purchase a policy, your life insurance provider will also issue you with a certificate of insurance and a copy of your PDS to refer back to.

There is no limit on the number of life insurance policies you can take out, however your total sum insured can impact your eligibility for additional policies depending on the provider. Taking out multiple policies means you’ll need to pay premiums for each one, so it’s important to consider your long-term financial goals.

Term life insurance is a specific type of life insurance that expires after a set period of time (e.g. 25 years) or once a certain age is reached and can sometimes be purchased online by those meeting the insurer’s eligibility criteria. Some of these types of term insurance policies are for a shorter term such as 10, 15 or 20 years.

Other types of life insurance still may have a term of cover however will generally only expire at a certain age, regardless of when the cover starts. These may be a longer term of cover for this reason, some covers may even not expire at a set age but instead only once a claim for the full benefit amount has been made.

The cover provided under these policies may also differ greatly and not just the term in which they are active for. It’s always best to consider the full Policy Disclosure Documents when considering which type of policy would be suitable for your individual circumstances.

Your life insurance benefit will go to your nominated beneficiaries if you pass away. If you do not nominate any beneficiaries, your benefit amount will usually pass to your estate.

The easiest way to make a claim is by calling our claims team on 1300 308 578 or emailing claims@guardianinsurance.com.au. We will provide you with any required forms or information needed to process your claim.

For more information about claiming, visit our claims page.

We value your time as much as you do, so we make every effort to process claims as quickly as possible. To avoid any delays, please ensure you provide all the required documentation when submitting a claim. We’ll reach out to you if we need any further information.

Once your claim has been approved, payment will be made promptly into your nominated bank account.

Your premium will be calculated during the application process and is based on a number of factors including your age, cover amount, and smoking status. Adding optional benefits to your policy, will also affect your premiums.

Some policies also have a stepped premium, where your premium amount may increase each year based on age or percentage. This will be made clear to you during the application process.   

Yes, you can cancel your cover any time by calling us on 1300 709 560. If you intend to take out a new policy, please remember that you will likely need to serve any applicable waiting periods again and will lose any benefits that you are entitled to under your current policy.

Yes, you may nominate anyone you wish to have access to your policy. Please be aware that any authorised parties will be able to make a claim on your behalf.