Your family is the most important thing in your life and you can help secure their financial future if the main income owner suddenly passed away.
Citibank's CoverPlus Life insurance helps protect your loved ones from whatever the future may hold. Get a CoverPlus Life insurance quote, apply online and you'll be covered immediately once accepted.
CoverPlus Life insurance benefits:
- Simple application process - Apply online or over the phone, with no medical or blood tests required.
- Extensive cover - Depending on your age you can get cover up to $1,500,000.
- Extensive cover - Depending on your age you can get cover up to $1,500,000.
- Premiums you can afford - Choice of flexible and affordable payment options to suit you from around $7 per week*.
- Get cover immediately - Once your application is accepted you'll be covered immediately.
- Extra cover on top of your super - If you have life insurance cover with your superannuation it may be lower than you expect and may not be enough to cover your family's needs.
- Cover that grows - Your cover can increase each year to keep up with inflation.
- Payment when you need it - Receive a $15,000 advance payment from the Life Benefit to help with costs such as funeral expenses.
- Benefits where they're needed - Be comfortable knowing your money goes directly to your loved ones. Nominate up to five beneficiaries to receive the Life Benefit including the primary beneficiary who will be eligible to receive the $15,000 Advance Assistance Benefit.
- Optional Critical Illness Benefit - Additional financial protection against critical illnesses and injuries such as cancer, heart attack or paralysis.
- Choice of payment frequency - You can pay your premiums fortnightly, monthly or annually.
- Save with combined cover - Receive a discount if you combine your cover with your partner's cover under the same policy.
- Pay annually and save - Enjoy a further discount on your premium and avoid the hassle of fortnightly or monthly payments.
* Premiums vary depending on factors including your age, gender, medical loadings and smoking status. For example, the premium for a female non-smoker aged 40 with a Life Benefit of $500,000 is $28.80 a month and for a male non-smoker aged 38 with a Life Benefit of $350,000 is $27.88 a month.
Customise your CoverPlus Life insurance policy.
CoverPlus Life insurance provides the flexibility to customise your policy to suit your needs and your budget.
|Features||The benefit to you:|
|Life Benefit||Choose your level of cover - from $50,000 through to $1,500,000. The maximum amount you can apply for is based on your age when you apply:|
|Ages 18 to 44 can apply for up to $1,500,000|
|Ages 45 to 54 can apply for up to $750,000|
|Ages 55 to 59 can apply for up to $250,000|
|Optional Critical Illness Benefit cover||For an additional premium, you can nominate any amount from $25,000 up to 50% of your Life Benefit sum insured as an optional Critical Illness Benefit. This amount will be paid if you are diagnosed with one of eight specified conditions and meet the relevant qualifying period.|
|Note: The Life Benefit sum insured will be reduced by the amount of any Critical Illness Benefit paid. If the Critical Illness Benefit is paid, the premium payable for your policy will be recalculated based on the reduced sum insured for your continuing Life Benefit. Refer to the CoverPlus Life Product Disclosure Statement and Policy (PDS) for more details.|
How much is my premium?
CoverPlus Life insurance premiums vary depending on factors including your age, gender, medical loadings and smoking status. Here are some examples of how much it may cost:
- 30 year old male, non-smoker with $500,000 of Life Benefit cover only is $29.50 per month
- 45 year old female, non-smoker with $300,000 of Life Benefit cover only is $30.99 per month.
To make a claim under your CoverPlus Life insurance, simply:
- Call 1800 016 284
- Write to OnePath
12/347 Kent St
- Fax 02 9234 5015
- Email firstname.lastname@example.org
We will then send the claims forms for you or your family to fill in and return.
You or your family will need to supply supporting documentation for the event being claimed. With a claim for terminal illness or the Critical Illness Benefit, your condition must be diagnosed and certified by a medical practitioner approved by the insurer. In the event of your death, documentation will need to include an Australian death certificate stating the cause of death, or other evidence of the cause of death as required by the insurer. If death was caused by an accident, the full Coroner's report will be required. It is also possible that medical reports and Medicare records may be required to properly assess the claim.
Click on to expand and on to minimise the details.
Check these frequently asked questions for valuable information about CoverPlus Life insurance.
Life insurance can help secure your family's financial future, allowing them to maintain their lifestyle if the main income earner were to pass away. It provides financial assistance to help your family pay for household expenses, such as the mortgage, everyday bills and education costs.
CoverPlus Life insurance is issued by OnePath Life Limited - a registered life insurance company holding Australian Financial Services License Number 238341. The distributor of CoverPlus Life insurance is Citigroup Pty Limited (Citibank), ABN 88 004 325 080 AFSL/ACL 238098. CoverPlus Life insurance is not a product of, nor is it guaranteed by Citibank.
Most people take out life insurance at key stages in their lives such as getting married, having children or starting a new job, business or partnership. CoverPlus Life insurance lets you choose your level of cover depending on your age and circumstances. Whatever level you choose, your amount of cover is guaranteed to never decrease, unless you request for your cover to be reduced, which you can do at any time.
No blood tests or medicals are required, however we do ask various health, occupation and pastime questions.
With the optional Critical Illness Benefit cover, the following specified conditions are subject to a 90-day qualifying period after your policy commences, is reinstated or cover is increased (but only in respect of the increased portion of the cover):
- Coronary artery by-pass surgery
- Heart attack
Qualifying period means that the symptoms leading up to the condition did not first occur, were not first diagnosed or were not first reasonably apparent during the first 90 days of cover.
Yes, there are no long-term contracts. If you cancel within the 21 day cooling off period, and have made no claims for this period, you will receive a full refund of any premiums paid. If you cancel outside the 21-day cooling off period no premiums will be refunded if you have elected to pay fortnightly or monthly. However, we will pay a pro rata refund where premiums are paid annually and you cancel the policy before the next annual payment is due. To cancel, you can notify us by phone, fax or in writing. Your policy does not have any savings, investment, cash or surrender value.
Some exclusions do apply. These include any claim arising from:
- Suicide within the first 13 months of the policy acceptance date, reinstatement date or cover increase date
- Your intentional or deliberate act or omission
- War, hostilities, civil commotion or insurrection
- Travel to a country currently subject to a DFAT 'Do not travel' warning
- You contracting HIV or AIDS.
This is a summary of the important information you should know about CoverPlus Life insurance. It is designed to help you decide whether or not to purchase or keep CoverPlus Life insurance.
No, generally premiums for this type of policy are not tax deductible.
The premium is calculated based on the cover level you choose, your age, gender, smoker status and the answers you have given to occupation, health and pastime questions. In general terms, the healthier you are, the lower your premiums will be.
You can pay annually, monthly or fortnightly, with payments charged automatically to your credit card or debited from your bank account.
The latest technologies are used to keep your details confidential and secure. When you request an online quote, look for the small closed padlock () displayed by your browser in the status bar at the bottom of the screen. This tells you the connection between your computer and the servers is secure.
To get a quote or obtain more information for CoverPlus Life insurance:
- Get a quote online
- Call 1300 248 424
You are eligible to apply for CoverPlus Life insurance if you:
- Are aged 18 years or older and less than 59 years of age
- Are an Australian or New Zealand citizen or hold an Australian Permanent Residency visa
- Reside in Australia at the time of applying and receive the PDS in Australia.
- Please ensure you read the Product Disclosure Statement as it contains important information about the CoverPlus Life product.
CoverPlus Income Protection is distributed by Citigroup Pty Limited ABN 88 004 325 080 AFSL/ACL 238098 (Citibank). The issuer of this product is OnePath Life Limited (OnePath Life) ABN 33 009 657 176, AFSL 238341. This product is not a deposit or liability of Citibank. The information provided is of a general nature and does not take into account your personal needs and financial circumstances. You should consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. You should read the Product Disclosure Statement (PDS) and consider whether this product is right for you.