Term Life insurance

What are some of the benefits of Defence Health Term Life?

• Lump sum payment to your beneficiaries if you suffer a terminal illness, accidental death or death for any  other reason - A cash payment to help cover any debt, funeral costs, etc. if you were to die 
• Low flat premium rates for Term Life to age 60 - You get great value life insurance 
• Optional Critical Conditions Benefit - Cover yourself for those unexpected serious events such as severe burns, total blindness or major head trauma
• Continued coverage if you are deployed to warlike operations - Once your policy is issued, you are covered if you are sent to warlike operations
• Increase cover at any time to match your changing circumstances (subject to acceptance by the underwriter) - More protection for your loved ones
• Automatic indexation benefit - Your insured amount keeps pace with inflation
• Keep your cover even if you discharge from the services - Stay covered if you discharge from the services
• Guaranteed renewable - A guarantee that the insurer will not cancel your policy because of a change in your health, occupation or pastime
• Pay your premiums either monthly, quarterly,  half-yearly or yearly - You choose how you want to pay your premiums

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I’m an existing customer with a Term Life policy. Can I speak to Defence Health about the details of my policy?

Questions from all existing customers are best answered by Asteron since they have the expertise. They can be contacted toll free on 1800 221 727.

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How much cover do I need?

You have to determine what level of cover is right for yourself. Defence Health cannot give you any advice in this area because that would require us to have a detailed knowledge of all your circumstances and to document our finding. Asteron has developed a calculator to help you calculate how much cover you need. This can be found on page 3 of the Product Disclosure Statement.

Alternatively, if you wish to speak to a financial planner, then call the Financial Planning Association of Australia toll free on 1800 626 393.

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What is the difference between Term Life insurance and Critical Conditions Benefit (CCB)?

Term Life insurance provides a benefit in the event of the insured person’s death or terminal illness. The CCB provides a lump sum payment should the insured person suffer a critical medical condition like cancer, severe burns, total blindness, major head trauma, etc that meets the full policy definition. Please note that a CCB payment reduces the Term Life insurance sum insured.

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Should I take out CCB in addition to Term Life insurance?

You have to determine what level and type of cover is right for you, Defence Health cannot give you any advice in this area. The Product Disclosure Statement outlines the benefits of both Term Life insurance and CCB.

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The Military Compensation and Rehabilitation Scheme (MCRS) already provides cover in case I die at war. Why would I need Defence Health’s Term Life?

The MCRS does provide some cover in case of your death at war. If you think that the MCRS level of cover is inadequate, you could think of topping up cover with the Term Life insurance policy and take out CCB cover as well.

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Does Defence Health provide the cover for Term Life insurance and optional CCB?

No, Defence Health is not the insurer for the Term Life insurance with optional CCB product. The insurer is Asteron Life Limited (Asteron).

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When I lodge an application, is that assessed by Defence Health?

No. When you lodge an application with a statement of health, the underwriters at Asteron assess all the information that you provide. The decision to accept or decline your application, or request further information is solely Asteron’s.

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Why did Defence Health obtain its own Australian Financial Services Licence (AFSL)?

Defence Health obtained its own AFSL so that it can continue to offer its members access to products like Term Life and Travel Insurance products that are specially priced for the Defence community. Under its own AFSL, Defence Health can also provide members with general advice on both products.

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How is Defence Health bound by its AFSL requirements?

Defence Health’s AFSL limits the company to the provision of general advice. General advice is limited to information about the products, their key features, how you can apply for them and how you can obtain a Product Disclosure Statement. We can also assist you with the purchase of either the Defence Health Term Life or Travel Insurance products.

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Why can’t Defence Health provide personal advice?

We are not authorised to provide you with personal advice (that is, provide you with advice that takes into account your individual objectives, financial situation or specific needs). If you require these services, you are encouraged to seek professional advice from your accountant, financial planner or other registered provider of these services.

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How does the product compare to other insurers?

Defence Health is not authorised to give advice on products issued by other insurers. We can only inform you about the features and benefits of the Defence Health Term Life Insurance product. We do however expect you to review competitors’ products before deciding whether the Defence Health Term Life product is right for your particular needs.

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My spouse is a housewife. Do I take out cover for my spouse as well?

That decision is entirely yours. Defence Health cannot provide any advice to you on this issue. When deciding, please consider whether you can place a financial value on the duties of a housewife. In other words, how will you cope financially in case of the death of your spouse? How would pay for child care, cleaning, hiring a nanny, etc.

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Can I increase my level of cover anytime in the future?

Yes, you can always apply to increase your level of cover anytime in the future. If you don’t have CCB, then you can also apply to add CCB to your policy anytime in the future. These changes will affect the premium you pay and will be subject to underwriting requirements being met and acceptance by Asteron.

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I am an existing customer, how can I increase my sum insured (or add CCB) to my existing policy?

All you have to do is to contact Asteron toll free on 1800 221 727 and ask their consultants to assist you.

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Can Defence Health take my application over the phone?

No, Defence Health cannot accept applications for Term Life over the phone. You need to complete the application in the Product Disclosure Statement, sign and post it to Asteron.

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Can Defence Health help me complete my application over the phone?

No, Defence Health cannot help you complete the application over the phone.

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How can I get a premium quote?

Please ring Defence Health toll free on 1800 335 425.

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Term Life insurance

What are some of the benefits of Defence Health Term Life?

• Lump sum payment to your beneficiaries if you suffer a terminal illness, accidental death or death for any  other reason - A cash payment to help cover any debt, funeral costs, etc. if you were to die 
• Low flat premium rates for Term Life to age 60 - You get great value life insurance 
• Optional Critical Conditions Benefit - Cover yourself for those unexpected serious events such as severe burns, total blindness or major head trauma
• Continued coverage if you are deployed to warlike operations - Once your policy is issued, you are covered if you are sent to warlike operations
• Increase cover at any time to match your changing circumstances (subject to acceptance by the underwriter) - More protection for your loved ones
• Automatic indexation benefit - Your insured amount keeps pace with inflation
• Keep your cover even if you discharge from the services - Stay covered if you discharge from the services
• Guaranteed renewable - A guarantee that the insurer will not cancel your policy because of a change in your health, occupation or pastime
• Pay your premiums either monthly, quarterly,  half-yearly or yearly - You choose how you want to pay your premiums

back to top

I’m an existing customer with a Term Life policy. Can I speak to Defence Health about the details of my policy?

Questions from all existing customers are best answered by Asteron since they have the expertise. They can be contacted toll free on 1800 221 727.

back to top

How much cover do I need?

You have to determine what level of cover is right for yourself. Defence Health cannot give you any advice in this area because that would require us to have a detailed knowledge of all your circumstances and to document our finding. Asteron has developed a calculator to help you calculate how much cover you need. This can be found on page 3 of the Product Disclosure Statement.

Alternatively, if you wish to speak to a financial planner, then call the Financial Planning Association of Australia toll free on 1800 626 393.

back to top

What is the difference between Term Life insurance and Critical Conditions Benefit (CCB)?

Term Life insurance provides a benefit in the event of the insured person’s death or terminal illness. The CCB provides a lump sum payment should the insured person suffer a critical medical condition like cancer, severe burns, total blindness, major head trauma, etc that meets the full policy definition. Please note that a CCB payment reduces the Term Life insurance sum insured.

back to top

Should I take out CCB in addition to Term Life insurance?

You have to determine what level and type of cover is right for you, Defence Health cannot give you any advice in this area. The Product Disclosure Statement outlines the benefits of both Term Life insurance and CCB.

back to top

The Military Compensation and Rehabilitation Scheme (MCRS) already provides cover in case I die at war. Why would I need Defence Health’s Term Life?

The MCRS does provide some cover in case of your death at war. If you think that the MCRS level of cover is inadequate, you could think of topping up cover with the Term Life insurance policy and take out CCB cover as well.

back to top

Does Defence Health provide the cover for Term Life insurance and optional CCB?

No, Defence Health is not the insurer for the Term Life insurance with optional CCB product. The insurer is Asteron Life Limited (Asteron).

back to top

When I lodge an application, is that assessed by Defence Health?

No. When you lodge an application with a statement of health, the underwriters at Asteron assess all the information that you provide. The decision to accept or decline your application, or request further information is solely Asteron’s.

back to top

Why did Defence Health obtain its own Australian Financial Services Licence (AFSL)?

Defence Health obtained its own AFSL so that it can continue to offer its members access to products like Term Life and Travel Insurance products that are specially priced for the Defence community. Under its own AFSL, Defence Health can also provide members with general advice on both products.

back to top

How is Defence Health bound by its AFSL requirements?

Defence Health’s AFSL limits the company to the provision of general advice. General advice is limited to information about the products, their key features, how you can apply for them and how you can obtain a Product Disclosure Statement. We can also assist you with the purchase of either the Defence Health Term Life or Travel Insurance products.

back to top

Why can’t Defence Health provide personal advice?

We are not authorised to provide you with personal advice (that is, provide you with advice that takes into account your individual objectives, financial situation or specific needs). If you require these services, you are encouraged to seek professional advice from your accountant, financial planner or other registered provider of these services.

back to top

How does the product compare to other insurers?

Defence Health is not authorised to give advice on products issued by other insurers. We can only inform you about the features and benefits of the Defence Health Term Life Insurance product. We do however expect you to review competitors’ products before deciding whether the Defence Health Term Life product is right for your particular needs.

back to top

My spouse is a housewife. Do I take out cover for my spouse as well?

That decision is entirely yours. Defence Health cannot provide any advice to you on this issue. When deciding, please consider whether you can place a financial value on the duties of a housewife. In other words, how will you cope financially in case of the death of your spouse? How would pay for child care, cleaning, hiring a nanny, etc.

back to top

Can I increase my level of cover anytime in the future?

Yes, you can always apply to increase your level of cover anytime in the future. If you don’t have CCB, then you can also apply to add CCB to your policy anytime in the future. These changes will affect the premium you pay and will be subject to underwriting requirements being met and acceptance by Asteron.

back to top

I am an existing customer, how can I increase my sum insured (or add CCB) to my existing policy?

All you have to do is to contact Asteron toll free on 1800 221 727 and ask their consultants to assist you.

back to top

Can Defence Health take my application over the phone?

No, Defence Health cannot accept applications for Term Life over the phone. You need to complete the application in the Product Disclosure Statement, sign and post it to Asteron.

back to top

Can Defence Health help me complete my application over the phone?

No, Defence Health cannot help you complete the application over the phone.

back to top

How can I get a premium quote?

Please ring Defence Health toll free on 1800 335 425.

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