Ozicare Life Insurance

Ozicare is a provider of life insurance, car insurance and home insurance.

Compare Ozicare Life Insurance policies

Considering Ozicare Life Insurance? See our comparison table below for a snapshot of its current market offerings. Ozicare Life InsurancePlease 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.

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How much does Ozicare 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 Ozicare 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.

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Eligibility to apply for Ozicare Life Insurance

All permanent Australian residents may apply for an Ozicare 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 Ozicare is willing to offer to you.

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How to apply for a Ozicare Life Insurance policy

If you fit the eligibility criteria, you can apply for Ozicare Life Insurance by clicking on an Ozicare 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 Ozicare on 1800 421 034, or get a quote on the Ozicare website.

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Ozicare FAQs

At the time of writing, Ozicare does not currently have an online portal.

You or your beneficiaries can claim with Ozicare Life Insurance by calling Ozicare on 1800 421 034 or emailing life.claims@ozicare.com.au.

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, Ozicare 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.

It depends on whether you buy a policy through Ozicare or your financial adviser, or if you only have life insurance included through your super fund.

The situation may be different for income protection insurance. The insurance premiums for income protection will be generally tax deductible if you buy it directly from an insurance company or through your financial adviser, but not tax deductible if you buy income protection through your super fund. Ask your tax accountant or financial adviser for details.

Generally speaking, premiums for other forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible. Ask your tax accountant or financial adviser for details.

Ozicare charges stepped premiums, which increase as you age.

When you apply for Ozicare 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 Ozicare Life Insurance; however, in the event of a claim, Ozicare may require additional evidence or do a full review of your medical records.

Once you’ve applied for cover, Ozicare will contact you if a medical examination is required throughout the claims process.

After buying an Ozicare 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 Ozicare on 1800 421 034 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 Ozicare Life Insurance, you must disclose (tell Ozicare 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.

Ozicare is part of the Budget Insurance Group, which was established in the 1980s, and Ozicare was introduced to Australia in 2001.

The Budget Insurance Group aims to provide easy-to-understand insurance options and set new standards for industry innovation across the globe.

Ozicare’s life insurance policies are underwritten by Hannover Life Re of Australasia, one of the largest life insurance companies in the world.

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Written by: TJ Ryan | Last updated: