Golden Life Insurance FAQs

With a Golden Life Insurance policy, you choose a benefit amount with a premium that you can afford. There are no medical or blood tests needed to apply, we just ask a few health and lifestyle questions. If you continue to pay your premiums, you can keep your cover for life. So, you’re protected from the day you buy your policy until the end of your life.

For full details on how Golden Life Insurance works, please refer to the Product Disclosure Statement.

You can get a quick quote in a matter of minutes, simply call our team of life insurance specialists on 1800 299 351. We’re available Monday to Friday from 8am to 7pm (AEST/AEDT), excluding NSW public holidays.

You can choose a benefit amount between $10,000 and $250,000.¹ The amount you can apply for will depend on your age at the time of applying. Here are the maximum benefit amounts you can apply for based on your age:

• Age 40 to 60 – up to $250,000
• Age 61 to 70 – up to $200,000
• Age 71 to 80 – up to $150,000

You can book an appointment time for us to call you or give us a call on 1800 299 351. We’re open Monday to Friday from 8am to 7pm (AEST/AEDT), excluding NSW public holidays. If you’re an Australian resident aged 40-80, you can apply for a Golden Life Insurance policy in a matter of minutes over the phone. One of our friendly life insurance specialists will help you through the process.

If you have loved ones that depend on you, and you want to provide some financial support to them when you've passed away or if you are diagnosed with a terminal illness,² Golden Life Insurance could be something to consider. Golden Life Insurance is designed specifically for Australians aged 40 - 80. Aussies in this age range may have very different insurance needs than those who are just starting out in life. Your children may have grown but still need occasional help.

You have also spent years building a life for you and your loved ones, and you may want to think about protecting this lifestyle into the future. So you can enjoy your golden years without worrying about how your loved ones will cope financially when you’re gone.

Here are some important things about Golden Life Insurance that you should know:

• Golden Life Insurance is an insurance policy, not a savings or investment product, so if you cancel your policy after the 30-day cooling-off period, you do not receive your premiums back, nor will you be entitled to any benefit amount.
• With Golden Life Insurance, your premiums will be recalculated based upon your age and your benefit amount each year. This means your premiums will generally increase as you get older. This yearly premium change will also reflect the 3% increase to your chosen benefit amount due to the Automatic Benefit Amount Increase feature, designed to help your cover keep up with rising living costs. You can decline this feature by informing us if you don’t want it.
• The benefit amount will not be paid if you die or are diagnosed with a Terminal Illness² as a result of an intentional self-inflicted injury or attempted suicide that occurred before the policy commencement date or within the first 13 months of the policy commencement date. Refer to the Product Disclosure Statement for full details.
• Your chosen benefit amount may not cover all your outstanding financial commitments and expenses upon your death, or the costs associated with a terminal illness. You will need to carefully consider your level of cover to ensure it suits your needs.
• If you are looking to replace an existing insurance policy, you should not cancel any existing cover until your Golden Life Insurance application is accepted and you have reviewed your policies. There are general risks of replacing an existing insurance policy including the loss of any accrued benefits, the possibility of waiting periods starting again, implications of any errors or omissions in your new application and differences in price and product terms and conditions.

The answer to this question will depend on your own personal circumstances. As part of getting life insurance, you should think about what your cover will help protect. You should think about how much debt you have, how much your funeral costs might be or even if you want to leave a gift behind.

Please note we do not provide personal financial advice, so you will need to consider your personal objectives, financial situation, or needs and make your own decision. You should seek independent financial advice, if required.

Golden Life Insurance is a life insurance policy designed to provide Aussies with a benefit amount that can give some financial assistance to your loved ones to help them carry on financially when you are no longer there to provide for them.

Compared to funeral insurance, a life insurance benefit amount is generally larger as it is intended to help your loved ones financially with things such as ongoing living expenses and to pay off debts, such as a home loan. The benefit amount from a funeral insurance policy is intended to only help with immediate funeral costs and other final expenses.

Golden Life Insurance is a lifetime policy. Which means that provided you pay the premiums, it will last for your whole life. If a valid claim is paid or you decide to cancel your policy or stop paying your premiums, your cover will end.

With Golden Life Insurance, your premiums will be recalculated based upon your age and your benefit amount each year. This means your premiums will generally increase as you get older. 

Additionally, your premium will also increase each year due to the optional Automatic Benefit Amount Increase which is intended to help your cover maintain its value, unless you have chosen to opt out of it. With this feature, your benefit amount will increase each year on the policy anniversary by 3% of your chosen benefit amount that you select at the time of your application. This can help to maintain the value of your cover over time and offset some of the potential impact of inflation on your policy.

Paying your premiums on time is essential to maintain your cover. If you feel you might not be able to pay your premiums, it is important for you to get in contact with us as soon as possible. We’re here to help and can discuss some of your options over the phone.

If a premium payment remains unpaid for more than 30 days from the date it was due, your policy will be cancelled. If your policy is cancelled due to non-payment of premium, your cover under the policy will cease and no amount will be payable for any event that occurs after the date of cancellation.

You can choose who will receive your chosen benefit amount by contacting us to nominate a beneficiary/beneficiaries. If no beneficiary/beneficiaries are nominated, we will pay the benefit amount to your estate or the legal personal representative of your estate, whichever is appropriate.

We want to make things as easy as possible for your loved ones. To make a claim, your beneficiary/ies or the executor of your estate will need to get in contact with us as soon as possible. Our Australian-based claims specialists are on hand to help them through the process.

We will request some documentation which, once received, will be processed by our claims team. From there, if the claim is approved, the benefit amount will be paid to your nominated beneficiary/ies or to your estate or the legal personal representative of your estate, whichever is appropriate.

No, it is up to you or your legal beneficiaries to decide how to use the money.  If there is something that you would like the payout to be used for after your passing, you should discuss this with your loved ones when you take out your policy and note it in your will.

When you die, generally most debts you have must be paid out of your ‘estate.’ Your estate is everything owned by you at the time of your death. This includes all personal property, assets and real estate, but excludes any property which you jointly own with another person. Your Executor will still have to pay your debts out of the assets you leave behind. If you have joint debts such as a home loan with your partner, they may be left with the responsibility to pay this debt. 

You should consult a legal professional if you wish to enquire about how your debts will be handled when you pass away.

The benefit amount will not be payable if you die, or are diagnosed with a terminal illness, that is caused by an intentional self-inflicted injury or attempted suicide, and that intentional self-inflicted injury or attempted suicide occurred before the policy commencement date or during the first 13 months from the policy commencement date or the date we reinstate your policy after the policy cancellation date if that reinstatement occurs more than three months after the cancellation date. This exclusion also applies to any increased benefit amount.

Also, if you fail to comply with your duty to take reasonable care to not make a misrepresentation, your policy may not be valid, and this could result in the payout being denied. A misrepresentation may include a false answer, an answer that is only partially true, or an answer which does not fairly reflect the truth.

Please refer to the Product Disclosure Statement for full terms and conditions, which also includes information on your duty to take reasonable care.

Yes. As long as you continue to pay your premiums, you are still covered under your policy when you travel abroad.

Yes, generally no tax is payable on the amounts paid under a policy. However, you should consider seeking professional tax advice on your own situation.

Yes, you can get Golden Life Insurance however your smoker status will directly affect the cost of your policy and may result in higher premiums. We consider you to be a smoker if in the last 12 months you have smoked or used nicotine replacement products.

Life can be unpredictable. Consider what your family relies on you for, and how they might manage financially when you are no longer here or have been diagnosed with a terminal illness.

It is important that you consider your circumstances and make your own decision on whether life insurance is suitable for you and if you are unsure, consider seeking professional financial advice.

You can refer to the Product Disclosure Statement for full policy terms and conditions.

No, you cannot purchase a Golden Insurance policy for someone else. The policy owner must be the life insured.

If you complied with your duty to take reasonable care not to make a misrepresentation at the time of your Golden Life Insurance application and had answered all our questions truthfully, accurately and completely, your policy will not be cancelled if you become ill.

Yes, if you’ve been diagnosed with HIV you can still apply for a Golden Life Insurance policy. Thanks to advances in modern medicine, the general health of many living with HIV has improved, and many insurers also reflect this in their policies.

When you apply for Golden Life Insurance, we’ll ask you some questions about your health and medical history, so it’s important that you disclose your diagnosis. Your HIV status alone is unlikely to keep you from getting covered, but we will consider your health and your treatment as part of your application. For more information about applying for cover with HIV, or making a claim on a policy owned by an individual with HIV, you can read this handy guide.