GIO Life Insurance
Compare GIO Life Insurance policies
Considering GIO Life Insurance? See our comparison table below for a snapshot of its current market offerings. Please note that this table has been formulated based on a non-smoker male in a professional occupation who is seeking cover. The results are sorted by estimated monthly premium (lowest to highest).
To compare other life insurance policies, please click here.
How much does GIO Life Insurance cost?
The cost of your life insurance will vary depending on several different factors such as your age, occupation and choice of insurer. You can get a quote for GIO Life Insurance by comparing direct life insurance on our website. Compare the quoted premiums to the average premiums for direct life insurance on our database.
Eligibility to apply for GIO Life Insurance
All permanent Australian residents may apply for a GIO Life Insurance policy, although your age will be a major factor of your eligibility. Upon application, you’ll also be asked some simple questions about your health, lifestyle and family medical history to determine what level of cover GIO is willing to offer you.
How to apply for a GIO Life Insurance policy
If you fit the eligibility criteria, you can apply for GIO Life Insurance by clicking on a GIO Life Insurance product in the Canstar direct life insurance comparison tables for your occupation and age, and confirm your choice of policy. You can apply for a quote by clicking on the link in our comparison tables. If you need help obtaining a quote, call GIO on 13 10 10, or get a quote on the GIO website.
Yes; in fact, it’s encouraged that members manage their policy online, and GIO has a dedicated online portal. By clicking here, you can access statements, update your policy, lodge a claim and make payments.
You or your beneficiaries can claim with GIO Life Insurance by calling GIO on 13 10 10 or visiting its claims portal on the GIO website.
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, GIO 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.
GIO Life Insurance charges stepped premiums, which increase as you age.
When you apply for GIO Life Insurance, your insurance premium is calculated based on 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 GIO Life Insurance; however, in the event of a claim, GIO may require additional evidence or do a full review of your medical records.
Once you’ve applied for cover, GIO will contact you if a medical examination is required throughout the claims process.
After buying a GIO 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 GIO on 13 10 10 to discuss your options.
Keep in mind that increasing your level of cover or adding your spouse or children to your policy is likely to mean you pay a higher insurance premium.
It depends on the condition and policy you decide to take out. When applying for GIO Life Insurance, you must disclose (tell GIO 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.
GIO Australia was founded in 2017 as the Government Insurance Office, to provide workers’ compensation insurance previously managed by the NSW Treasury Insurance Branch. The ownership of GIO changed in 2001 when it was bought by Suncorp, and in 2013 when it was bought by AAI Limited.
GIO supports the community in a number of ways. It supports Youngcare so young people with a disability can have a fulfilling life with other young people in age-appropriate care; Wheelchair Sports NSW to help Aussies have fun and stay healthy after a life-changing event, and TAD NSW to design and build affordable home modifications and mobility aids for people with a disability.
GIO is also a sponsor of the NSW Rugby League, the NSW State of Origin team and the Schoolboy GIO Cup competition.