Bendigo Bank Life Insurance
Bendigo life insurance policies
At the time of writing, Bendigo Bank offers a ‘MaxLife Life Protect’ life insurance policy. This product offers up to $1 million compensation in the case of death or terminal illness, as well as:
- A $15,000 advance payment in the event of your death to help with immediate expenses
- Access to AIA Vitality, a scientifically backed health and wellness program
- Worldwide cover for if you go on holiday
- Option to add cover for trauma and total and permanent disability, as well as cover for children’s trauma
- Immediate cover as soon as your application is accepted
Please note that this life insurance product is underwritten by AIA, so any claims or disputes may need to be taken to and managed by AIA rather than Bendigo Bank.
Canstar does not currently compare Bendigo Bank or AIA life insurance products, but you can compare other life insurance providers on our database:
How much does Bendigo Bank life insurance cost?
The cost of your life insurance is likely to vary depending on several different factors such as your age, occupation and choice of insurer. You can apply for a quote direct through Bendigo Bank.
Compare the quoted premiums to the average premiums for direct life insurance on our database.
Eligibility to apply for Bendigo Bank life insurance
Permanent Australian residents may apply for a Bendigo Bank life insurance policy, although your age may be a factor of your eligibility. Upon application, you may also be asked some simple questions about your health, lifestyle and family medical history to determine what level of cover Bendigo Bank is willing to offer to you.
How to apply for a Bendigo Bank life insurance policy
Before applying, it may benefit you to compare life insurance policies using our life insurance comparison tables.
If you fit the eligibility criteria, you can apply for Bendigo Bank life insurance through their website.
Bendigo Bank Life Insurance FAQs
Bendigo Bank has an online portal through which members can manage their banking, however their life insurance products are issued and managed by AIA, which does not have an online portal through which members can manage their life insurance.
You or your beneficiaries can claim with Bendigo Bank either by calling them on 1800 104 338 or emailing email@example.com.
Before you submit a claim, you may need to have some these details on hand:
- Your policy information
- Information about the incident (date, time, place)
- Original birth and death certificate if the incident was fatal
- Medical reports, test/examination/laboratory results
- What damage occurred during the incident
- What other people, vehicles or property were involved in the incident
If your insurance claim is approved, Bendigo Bank will arrange the payment of your benefit. If your claim for an income protection benefit is approved, this will involve ongoing payments while you are eligible to continue receiving a benefit, rather than one lump sum payment.
Generally speaking, premiums for forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible, according to ATO (Australian Taxation Office). Ask your tax accountant or financial adviser for more details on this.
The ATO however, states that you can claim the cost of premiums you pay that cover the loss of your income, such as income protection insurance. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.
When you apply for Bendigo Bank life insurance, your insurance premium is calculated based on factors including your chosen benefits and level of cover, your age, your occupation, your gender, whether you smoke, your health, family history and whether you engage in hazardous activities.
The cost of your policy is recalculated each year on your policy’s anniversary, so your premium may increase for your particular age bracket or your occupation category.
Premium rates are not guaranteed. For more information about stepped premiums versus level premiums, read this article.
At the time of writing, medical tests are not required to apply for Bendigo Bank life insurance; however, in the event of a claim, Bendigo Bank may require additional evidence or do a full review of your medical records.
Once you’ve applied for cover, Bendigo Bank will contact you if a medical examination is required throughout the claims process.
After buying a Bendigo Bank life insurance policy, you can apply to increase the amount of your cover at any time. Your application to increase your cover will be subject to the same eligibility criteria.
You should be able to change your level of cover by adding or removing features or coverage, and by increasing or decreasing your sum insured for each type of cover included in your life insurance policy. If you wish to change your policy inclusions, contact Bendigo Bank to discuss your options.
Keep in mind that increasing your level of cover or adding your spouse or children to your policy may result in you having to pay a higher insurance premium.
It may depend on the condition and policy you decide to take out. When applying for Bendigo Bank life insurance, you must disclose (tell Bendigo Bank about) any pre-existing medical conditions you have now or had in the past, as well as current medications and health issues. Find out more about pre-existing conditions for life insurance here.
Bendigo Bank was founded in 1858. Today is says it serves around 1.5 million customers in more than 500 communities around the country.