Frequently Asked Questions
What is Classic Bills Cover?
Classic Bills Cover is a simple and affordable insurance product which helps you cover your bills and living expenses if you were to suffer an accidental injury, illness or involuntary unemployment. It also includes automatic life cover if you were to pass away.
How can Classic Bills Cover help you?
- cover your daily living expenses and bills
- choose the amount of cover (benefit amount) you need, up to $3,900 per month
- receive automatic Life Cover as part of your policy
Helps cover your lifestyle expenses when you can't, by:
- paying your chosen benefit amount for up to one year, if you are unable to work due to accidental injury or illness
- paying your benefit amount for up to 6 months, if you are unable to work due to involuntary unemployment
- paying your estate 10 times your benefit amount up to $60,000, if you die.*
* Please note that the most we will pay for all claims under this policy is $60,000 in respect of any 36 consecutive month period. See the PDS for more information.
How much does it cost?
From less than $18* a fortnight Classic Bills Cover can help cover monthly expenses of $1,000 in the event of being unable to work due to accidental injury, illness or involuntary unemployment.
* Based on a 25 year old male, non smoker with a benefit amount of $1,000.
Who can apply?
You can apply for cover if you are:
- aged 18 years or over, and under 61 years of age; and
- an Australian resident; and,
- either employed or self-employed and working at least 20 hours per week.
You are not eligible for the Involuntary Unemployment cover under Classic Bills Cover if you are self-employed.
Please note "employed" and "self-employed" have special meanings under the Classic Bills Cover policy. Refer to the PDS for the definitions.
How much cover can I apply for?
You can apply for a Benefit Amount of up to $3,900 per month.
Can I change my cover?
You can apply to increase or decrease your Benefit Amount or add or remove the Involuntary Unemployment cover at any time (subject to eligibility listed in the PDS). Your Application is subject to assessment and we do not guarantee to accept your Application. If we do not accept your Application, your existing policy will continue subject to the terms and conditions in the PDS.
If we accept an Application to increase a Benefit Amount under this policy, any waiting periods and qualification periods will recommence from the Commencement Date of the increased Benefit Amount, but only in respect of the increased Benefit Amount.
Who will receive the benefit if I claim?
Any benefit payments for Accidental Injury, Illness and Involuntary Unemployment claims will be made directly to you. Any benefit payments for a Life claim will be paid to your estate.
How do I apply?
- Online - Simply obtain a quote and follow the process to apply online here
Do I need to have a medical examination?
No medical examinations or lengthy medical forms are required.
Provided you meet the eligibility criteria, your policy is guaranteed to be accepted.
From when am I covered for Classic Bills Cover?
Your cover begins on the day we accept your application, this is the commencement date. The commencement date for your policy will appear on your policy schedule (which we will send you along with a letter confirming acceptance of the policy).
What if I change my mind?
If you are not completely satisfied with your policy, you can cancel this policy in writing within the first 30 days (or otherwise as permitted by law) from the Commencement Date. If you cancel within this period we will refund any premiums paid in full unless a claim has been made or can be made.
After the initial 30 day cooling off period, you may cancel this policy by giving us 30 days written notice of cancellation and cancellation will take effect from the date we process your request for cancellation.
How can I pay for Classic Bills Cover?
Your premium is payable by direct debit from your nominated bank account or credit card. Your first premium payment will be debited within 10 days of the Commencement Date. A minimum direct debit of $15 per month applies. If a premium debit payment is returned unpaid, you may be charged a fee from your financial institution for each returned item.
What about inflation and my benefit amount?
The expenses you incur often increase each year with inflation. To assist you in keeping up with these increases, we will automatically increase the Benefit Amount you have selected by 5% each year on the anniversary of the Commencement Date of your policy, up to the maximum of $3,900 per month. Your premium will increase in line with this change, in addition to any changes relating to your age.
This automatic yearly increase in your Benefit Amount is optional and you may opt out at any time by notifying us in writing.
What is a premium holiday?
Your premium will be suspended or refunded for the period you are receiving a benefit for any Disablement or Unemployment claim under your Classic Bills Cover policy. The premiums we refund to you will not need to be repaid after your claim has been closed.
Can I claim tax benefits?
Generally, the premium for Accidental Injury and Illness Cover, and Involuntary Unemployment Cover is tax deductible, and benefits paid to you under those Covers are assessable to you as ordinary income. Generally, the premium for Life Cover is not tax deductible and the Life Cover benefit is not assessable either as ordinary income or as a capital gain to the recipient.
These statements are general in nature and do not take into account your specific circumstances. We recommend that you seek specific tax advice from your accountant or taxation adviser.
How do I obtain more information?
Call 1300 636 159
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