At a glance
Superior Life Insurance Cover gives you peace of mind, knowing your loved ones will be taken care of financially if you die suddenly or suffer from a terminal illness.
It pays a lump sum of between $100,000 and $1,500,000* depending on the amount of cover you choose. This money can used for anything from paying off a mortgage to covering medical expenses.
You may also include Total and Permanent Disability (TPD) Cover within your Life Insurance policy and Trauma cover can be included as well but is limited to a maximum of $500,000*.
When is it payable?
Your life insurance lump sum is paid when you die with $10,000 of your life insurance benefit advanced as a funeral benefit to assist with immediate funeral costs.
If you are diagnosed with a terminal Illness 100% of your life benefit will be paid to help you and your family.
TPD and/or Trauma payments are made as per your pre-agreed policy conditions.
Who can have this cover?
As of 1 April 2021, Insure Me Now is no longer accepting applications for new Superior Life Insurance policies. Existing policies will remain unaffected.
Australian residents aged 18-64 years were able to apply for Superior Life Insurance Cover until 31 March 2021. As long as premiums are paid it continues for your whole life.
For Total and Permanent Disability and Trauma cover you must be 59 or under and cover continues up to the Policy Anniversary following your 65th birthday.
(*Maximum cover depends on your age at the Policy Commencement Date)
Summary of Cover
|Product feature||Life Cover||TPD Cover||Trauma Cover|
|Minimum age at entry||18 yrs||18 yrs||18 yrs|
|Maximum age at entry||64 yrs||59 yrs||59 yrs|
|Benefit expiry date||Policy cancellation||Policy Anniversary following your 65th birthday||Policy Anniversary following your 65th birthday|
|Minimum sum insured||$100,000||$50,000||$50,000|
|Maximum sum insured at Policy Commencement|
|Age 18-44||$1,500,000||$1,500,000||$ 500,000|
|Age 45-54||$1,000,000||$1,000,000||$ 500,000|
|Age 55-59||$ 750,000||$ 750,000||$ 500,000|
|Age 60-64||$ 500,000||N/A||N/A|
(automatic unless you opt to decline the increase)
|5% p.a. each Policy Anniversary up to age 70||5% p.a. each Policy Anniversary up to age 64||5% p.a. each Policy Anniversary up to age 64|
|Built in benefits||Terminal Illness Benefit - an advance payment of 100% of your life insurance benefit.|
Advance payment of $10,000 to assist with funeral and other final expenses.