- Frequently Asked Questions
The level of insurance that you require is unique to your individual circumstances. Some things to consider include:
- How much cover would be required to replace your monthly income for a specific number of years?
- How much money would you need to pay off major expenses?
- How much money would you need to pay for basic living expenses?
If you are unsure about what level and type of cover is best for you, we can arrange for a Relationship Manager to contact you.
Various factors are taken into consideration when calculating your premium rates, such as your age, the amount of cover you select, whether you are a smoker or a non-smoker and the type of optional benefits you have selected.
Various payment options are available depending on the type of personal insurance and payment frequency selected. Details can be found in the relevant Product Disclosure Statement (PDS), available at your local Citibank branch.
Most of the personal insurance options protect you 24 hours a day, anywhere in the world. Complete details of coverage are disclosed in the relevant PDS.
Refunds are available, providing you cancel your policy during the Cooling Off Period disclosed in your PDS.
If you wish to cancel your policy after this period, you will need to send a written request. Cancellations will be effective from the next premium due date and no refund of premiums paid can be made.
Under most of the personal insurance options offered, immediate cover is provided whilst the application is being assessed. However we advise all customers to refer to the PDS for complete details.
Life Insurance premiums are not tax deductible for an individual, however some premiums may be tax deductible where the insurance is for business purposes.
Income Protection premiums are generally tax deductible. However, as individual circumstances differ, you should seek professional advice in relation to your particular circumstances.
Yes, you may apply to change your level and type of cover at any time whilst your cover is still current. Any increase in your cover amount or additional cover such as TPD (Total and Permanent Disablement) will be assessed using the current medical and financial requirements.
Yes, children can be insured under some Life Insurance policies.
No, most policies are guaranteed renewable. In other words, regardless of any change in your health, they guarantee your insurance cover, provided that you pay your premiums when they are due.
You can nominate up to 5 beneficiaries to receive the death proceeds on your policy.
Yes, under some Life Insurance policies,by insuring your partner on the same policy, you save on policy fees.
|Minimum Age||Maximum Age|
|Life Insurance - 18||Life Insurance - 60|
|Total and Permanent Disablement - 16 Next Birthday||Total and Permanent Disablement - 64 Next Birthday|
|Trauma Recovery Insurance - 18||Trauma Recovery Insurance - 59|
|Child Care Option - Age 1 Attained||Child Care Option - 15 Next Birthday|
|Guaranteed Benefit Increase Option, Life Insurance Only - 60|
|Income Insurance - 18||Income Insurance - 60|
The benefit paid if you suffer a trauma event can help you with living expenses if you're illness stops you from working, or can pay for any adjustments to your home should it be required. Health insurance pays for the cost of your treatments, but not the cost to your lifestyle.
In other words, if any of the features of your personal insurance product are enhanced in the future, your policy will be automatically upgraded to reflect these enhancements upon your policy anniversary date.
Contact your Relationship Manager or the insurance provider to make a claim. In some cases further medical evidence may be required.
If payment is not received within 30 days of the premium due date, then the cover may lapse. Depending on the circumstances surrounding the lapse, the insurance provider may reinstate the policy at their discretion upon receipt of outstanding premiums and in some instances a reinstatement form may be required.
Your family's ability to cope in a crisis primarily depends on your actions now. If you are still quite young with little superannuation or other funds available, Life Insurance can be an inexpensive approach to filling the gap in the event of your death or total and permanent disability.
Yes your premiums will increase in line with your age at the Anniversary Date of the commencement of your policy and will be recalculated taking into account your new sum insured after CPI (Consumer Price Index) has been added.
Citibank is committed to communicating openly and honestly with all our customers. This includes making it easier for you to share the parts of your Citibank experience that did not meet your expectations. This feedback is valuable to us and allows us to improve the services we offer you.
If you would like to make a complaint, please follow the steps below to help us resolve your issue.
- Speak to your Relationship Manager, or branch that helped you with your personal insurance policy.
- If you have raised your concern with a Citibank Relationship Manager and the matter has not been resolved to your satisfaction, our Customer Advocacy Unit can assist. To contact the Customer Advocacy Unit, go to the 'Contact us' link and then click on 'get details' next to 'lodging a complaint'.
Products are distributed by Citigroup Pty Limited ABN 88 004 325 080, AFSL No. 238098 ("Citibank"). The issuers for these products are MetLife Insurance Limited ABN 75 004 274 882 AFSL No. 238096 and QBE Insurance (Australia) Limited ABN 78 003 191 035 AFSL No. 239545. This website contains general advice only and does not take into account your individual objectives, financial situation or needs. Before acting on this advice you should assess whether it is appropriate for you. You should also consider the relevant Product Disclosure Statement ("PDS") before making a decision about the product.