ClearView Life Insurance
What life insurance products does ClearView offer?
ClearView offers the following life insurance options through its LifeSolutions product:
- Life Cover: Pays a lump sum benefit if you become terminally ill or die. ClearView says you can choose either accident-only cover or cover for both accident and illness.
- Total and Permanent Disability (TPD) Cover: Pays a lump sum benefit if you are totally and permanently disabled and unlikely to work again. ClearView says you can choose either accident-only cover or cover for both accident and illness.
- Trauma Cover: Pays a lump sum benefit upon diagnosis of a specified serious illness such as cancer, heart attack or stroke.
- Income Protection Cover: Pays a monthly income for a certain period of time if you are unable to work. ClearView says you can choose either accident-only cover or cover for both accident and illness.
- Business Expense Cover: Pays a monthly income for a certain period of time if you are unable to work due to sickness or injury. This is designed to cover your business expenses.
- Child Cover: Pays a lump sum benefit if your child is diagnosed with a specified serious illness or dies.
ClearView says some of these covers can be held inside or outside of superannuation.
How much does ClearView life insurance cost?
ClearView says the cost of its LifeSolutions product will depend on factors such as the type of insurance, the level of cover and any optional extras you have selected. ClearView will also take into account your age, gender, smoking status, health, occupation, pastimes and the start date of your policy.
Canstar only compares direct life insurance and as such does not currently compare ClearView life insurance. However, you can compare other life insurance providers on Canstar’s database:
Eligibility to apply for ClearView life insurance
According to ClearView, those between the ages of 18-75 may apply for its Life Cover product. However, ClearView says you must be at least 30 years old to apply for a hybrid premium (mix between stepped and level premium), and a maximum of 60 years old to apply for a hybrid or level premium.
Upon application, you may also be asked some questions about your health, lifestyle and family medical history to determine your eligibility and what level of cover might be available to you.
How to apply for a ClearView life insurance policy
If you fit the eligibility criteria, you can apply for ClearView Life Cover. In order to apply for a ClearView life insurance policy you will need to speak to a financial adviser to help you choose the type of cover and the benefit amount that will best suit your needs.
Before taking out a life insurance policy, it may be beneficial to first compare various providers to help ensure you’re applying for a policy that suits your needs.
ClearView Life Insurance FAQs
You or your beneficiaries can claim with ClearView by calling ClearView.
In order to make a claim, ClearView says it must receive:
- A completed claim form
- The policy certificate
- Proof of your age
- Any other evidence required to establish the circumstances of the claim
If your insurance claim is approved, ClearView will arrange the payment of your benefit to your nominated beneficiary.
Generally speaking, premiums for forms of life insurance such as term life insurance, total and permanent disability (TPD) insurance or trauma insurance may not be tax deductible, according to the Australian Taxation Office (ATO). Ask your tax accountant or financial adviser for more details on this.
However, the ATO 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.
ClearView Life Cover gives you the choice of stepped premiums, level premiums or hybrid premiums. Stepped premiums increase each year as you age while level premiums generally do not increase as you get older. According to ClearView, hybrid premiums are initially determined on a level premium basis and then change to a stepped premium basis after seven years.
ClearView says premium rates and the policy fee are not guaranteed so they may change regardless of which premium type you select.
After buying a ClearView life insurance policy, you can apply to increase or reduce your level of cover at any time.
If you wish to reduce your cover, ClearView says you must notify it in writing.
If you wish to increase your cover, you will need to complete an application. This application may include questions about your health, occupation and pastimes to determine whether ClearView can accept your request.
Keep in mind that increasing your level of cover or adding your spouse or children to your policy is likely to result in you having to pay a higher insurance premium.
This may depend on the condition and policy you decide to take out. When applying for ClearView Life Insurance, you must disclose (tell ClearView about) any pre-existing medical conditions you have now or had in the past, as well as current medications and health issues.
ClearView was launched in 1976, with a relaunch in 2010. ClearView was originally a registered life insurer called NRMA Life, which focused on providing insurance to customers of NRMA. However, over time it has expanded to become a diversified financial services company.