Ozicare Life Insurance

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.

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.

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.