Integrity Life Insurance

A newbie in Australia’s life insurance arena, Integrity Life is poised to revolutionise life insurance game by integrating technology in their products. This savvy and innovative approach aims to simplify life insurance processes and change the insurance landscape shrouded in complexities. Integrity Life believes that transparency, product flexibility, and personalised claims system will bring back people’s trust and confidence in life insurance.

Integrity Life was founded by former CFO of Zurich Insurance, Chris Powell. This insurance firm is funded by local and offshore investors. Among them are Daido Life, a Japanese subsidiary insurance arm of T&D Holdings, and four investment funds managed by London-based expert insurance investor Leadenhall Capital Partners.

Integrity Life Insurance Product Lines

The Integrity Life has four core cover types styled “Here for You.” You can choose one or all, or any combination, of these cover types:

• Income Insurance — helps protect your income if you become totally or partially disabled due to an illness or injury and are unable to work and make income.
• Life — provides a lump sum benefit in case of your death or if you get diagnosed of a terminal illness.
• Critical Illness — provides a lump sum benefit in the event you get diagnosed with any serious medical condition specified in the policy.
• Total and Permanent Disablement (TPD) — you will receive lump sum benefit should you become totally and permanently disabled as a result of an illness or injury.

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The policy is also customisable with options and extra benefits:

• Care Support Package — is available as an additional benefit and provides support and reimbursement of expenses if the Life Insured suffers a Care Support Event.

The Here for You cover types can be held outside or inside superannuation, including within your self-managed superannuation fund (SMSF). Integrity insurance is only available through a Financial Adviser.

Pros and Cons of Integrity Life Insurance

After reviewing Integrity Life’s product statement, we came across the following pros and cons that come along with their policy:

Pros:

• Offers Interim Accident Cover, allowing you to be insured with some cover while an application for cover is still in process.
• It provides a 30-day cooling-off period; you may cancel the policy within this period and refund any money you have paid.
• You are covered wherever you are in the world. You can lodge a claim if something happens while you are travelling for work or leisure.
• Provides premium relief and other options if certain life events make it difficult for you to continue paying your premium.
• Your policy will renew annually without the need to provide information.
• You are guaranteed an upgrade whenever Integrity makes improvements to the types of cover under your policy.
• Easy and simplified process of cover increase for life changes.
• The policy is flexible and customisable with extras.
• The simplified claims process eliminates paperwork and replaces it with a tele-claims system to facilitate information gathering and minimise the need for follow-ups.
• They offer personalised service — for example, you get to choose when you want to receive income insurance benefits, or receive updates and reports on your preferred way and frequency.

Cons:

• Integrity Life will not pay benefits for death or terminal illness that transpires within 12 months of opening the insurance policy.
• The company will also not provide claims resulting from any undisclosed pre-existing medical conditions.
• The company will not grant claims resulting from acts of crime or terrorism.
• The company does not cover self-inflicted injuries and harm through drug use and suicide (with suicide falling within the first 13 months since the start or increase of life cover).
• The company will not pay claims if you happen to die within 14 days of experiencing medical and extra medical conditions stipulated in the policy, or within 14 days of becoming totally and permanently disabled.

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With so many choices out there, it can be challenging to decide which insurance company to trust. Let us make it easier for you by using our Life Insurance comparison tool today. You may also check out reviews of the best insurance companies in our book to help you narrow down your choices.