St. George Life Insurance Review
Last updated on August 17th, 2022
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There are quite a number of life insurance providers on the market today. Therefore, it is crucial to determine the type of cover you need and the reputation that will put your mind at ease.
St. George Bank has been in the business for more than 80 years and has already established its name in the life insurance field. Their Quick Cover enables you to purchase an insurance policy without the need for a medical check.
What cover options does St. George offer?
St. George provides various insurance plans that include estate planning assistance, family payments and injury protection cover. Here are some products that you can consider.
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Lifetime Protect
Key features:
- Packaged life insurance - This is a flexible life insurance policy covering disability, injury, child care benefits and estate planning.
- Death benefit and terminal illness benefit at the core – You can tailor your policy so that the death and terminal illness benefits are at its core. All you need to do is add or remove some of the benefits so that you only pay for what you need. These optional benefits that can be added or removed include child care cover, injury protection and funeral cover.
- Policies for singles – St. George offers a tailored package for persons who are single. This package includes injury protection cover, terminal illness benefit and death benefit. You can also create a package tailored for your specific needs.
- Policies for families – George life insurance offers cover for the entire family. This policy covers terminal illness, death, guardian, education, funeral and child care benefits.
- Benefit amounting up to $1 million – You can choose a policy that pays a benefit from $50,000 to $1 million. This flexibility allows you to choose a benefit amount depending on your needs and circumstances.
- Covered up to 100 – Australian residents aged 18 to 69 are eligible to apply. Once your application is approved, your annual renewal is guaranteed until you reach 100 years old.
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Term Life
Key features:
- Death benefit – Your appointed beneficiary will receive a lump sum payment upon your death.
- Terminal illness benefit – This pays you a lump sum amount in case you become seriously or terminally ill.
- Financial planning benefit – This allows you to reimburse up to $5,000, which you can use for the preparation of a financial plan after a payout.
- Future insurability benefit – This allows you to increase your sum insured without the need for medical tests.
- Counselling benefit – This offers a reimbursement of up to $5,000 to be used for up to 10 counselling sessions after a payout.
- Funeral advancement benefit – This allows your family to advance 10 per cent of the death benefit payable amount to cover immediate funeral costs.
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Total Permanent Disability Cover
Key features:
- TPD benefit – You will receive a lump sum payment in case you become disabled totally and permanently.
- TPD partial benefit - You will also receive a lump sum payment in case you become disabled partially and permanently.
- TPD continuation benefit – This allows you to continue your cover no matter your occupation after you turn 65.
- Future insurability benefit - This benefit allows you to increase your sum insured without the need for medical underwriting.
- Financial planning benefit – You are allowed to reimburse up to $5,000. You can use this amount for the preparation of a financial plan after a payout.
- Counselling benefit – This offers a reimbursement of up to $5,000 to be used for up to 10 counselling sessions after a payout.
- TPD death benefit – Your beneficiaries will receive a lump sum payment of $10,000 if you die and the TPF benefit hasn’t been paid.
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Living Insurance
Key features:
- Living benefit – You will receive a lump sum payment in case you suffer a medical event that is listed on a standard table of events.
- Living benefit plus - You will receive a lump sum payment in case you suffer a medical event that is listed on a more comprehensive table of events.
- Advancement benefit – This is a partial benefit that you will receive for a specified medical event.
- Future insurability benefit - This benefit allows you to increase your sum insured without the need for medical underwriting.
- Financial planning benefit – You are allowed to reimburse up to $5,000. You can use this amount for the preparation of a financial plan after a payout.
- Counselling benefit – This offers a reimbursement of up to $5,000 to be used for up to 10 counselling sessions after a payout.
- Child support cover – You will receive a lump sum payment of up to $10,000 if a dependent offspring dies or suffers a specific medical event.
- Living buy-back option – This allows you to reinstate the linked death benefit after you have received the living benefit.
- Double living benefit – This is a lump sum payment of up to $10,000 that your beneficiary will receive if you suffer a specific medical event and die within two weeks.
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Income Protection
Key features:
- Income protection insurance – This pays you a monthly benefit to replace a portion of your lost salary in case you are not able to work because of an illness or injury.
- Business overheads insurance – This pays you a monthly benefit to help keep your business operating if in case you are not able to work because of an illness or injury.
- Flexible coverage – You can select one or all (or anything in between) these Income Protection insurance options to suit your needs.
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Quick Cover
Key features:
- Easy application – The application for this cover is quick and easy and doesn’t require medical tests. Acceptance is also guaranteed, as long as you are 18 to 55 years old. Fixed premiums are affordable, at just $30 per month for the duration of the policy.
- Life and terminal illness benefit – This includes both life insurance and terminal illness cover. It will pay you a lump sum benefit of up to $450,000.
Compare Up to 14 Life Insurers
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Our St. George Life Insurance Review is just one of many. You can also read reviews on many more Life Insurance Reviews at MakesCents.
