FAQs – Life Cover

Life insurance will most likely be more expensive and harder to get if you wait until you’re older and when your health starts to deteriorate. Tomorrow isn’t guaranteed, so it pays to have peace of mind knowing your family will be financially secure should the unexpected happen.

If you’re an Australian resident aged between 18 and 64, you’re eligible to apply for Kogan Life Cover. All you need to do is answer some simple lifestyle questions over the phone — there’s no medical or blood tests needed.

The minimum benefit amount is $100,000 and the maximum benefit amount is $1 million depending on your age. You can choose a benefit amount that suits your family’s lifestyle needs and your budget.

You’re covered for death and terminal illness from any cause except suicide or intentional self-injury in the first 13 months of cover starting, increasing or being reinstated. If there are any other exclusions relating to your answers to health and lifestyle questions, you’ll be informed of these when applying.

Peace of mind is affordable! Request a quote or call us on 1300 025 433 to find out more.

You’re covered no matter where in the world you are if you’re an Australian citizen or permanent resident living in Australia at the time you apply (subject to underwriting).

Could your family cope financially if you unexpectedly pass away? Life insurance pays a benefit to your family so they can continue to live the same lifestyle you’ve worked hard to build. The payout can be used to pay your mortgage or rent, loans, school fees, bills, and everyday expenses. Even if you already have life insurance in your superannuation, Life Cover can help by topping up your cover, so that your family won’t need to worry about not having enough money to get by.

You can renew your life insurance cover for life if you pay your premiums on time.

Life insurance premiums are generally not tax-deductible, and you or your beneficiary won’t have to pay tax on the benefit amount you receive. This may not apply to your individual circumstances though or may change over time, so we recommend to always seek professional tax advice.

Benefit Amount payments go to the policyowner, but if the policyowner dies, the benefit will be paid to a person they nominate or, if no nomination is made, to their legal personal representative or a person we can pay under the Life Insurance Act 1995. You can submit details on whom you want to receive the benefit by either calling us on 1300 513 483 (Monday to Friday between 8am and 8pm AEST) or filling in the Nomination of Beneficiaries Form and mailing it to:

Kogan Life Insurance
Reply Paid 6728
Baulkham Hills NSW 2153

To ensure your level of life insurance cover keeps up with increases in the cost of living, we’ll automatically increase your cover by 5% each year on your policy anniversary. Your premiums will also increase in line with this change. You’ll be notified in writing about this increase, which you can choose to decline. These automatic increases will stop once you reach 75 years of age.

If you’re diagnosed with a terminal illness and have 12 months or less to live, the terminal illness cover means you can claim your full life insurance benefit in advance to get medical treatment or put your affairs in order.

Get greater protection with optional cover including Children’s Insurance, Total & Permanent Disability Insurance, and Serious Illness Insurance.

You’ll get a full refund on any premiums paid if you cancel your cover in the first 30 days of it starting without having made a claim.

If you cancel your cover after the 30-day cooling off period, you won’t get any premiums you’ve paid back. However, if you’ve chosen a yearly payment, you’ll get a refund on the unused portion of your premium.

Your insurance premium will be calculated each year on the policy anniversary based on your age at that time. Any variation will apply to all Life Cover policy owners — you’ll never be singled out for an increase.

Life Cover is issued by:

Hannover Life Re of Australasia Ltd (Hannover)
ABN 37 062 395 484
Tower 1, Level 33
100 Barangaroo Avenue
Sydney NSW 2000

Hannover is a wholly-owned subsidiary of Hannover Re and is part of the Hannover Re Group worldwide. The life insurance business of Hannover has been operating in the Australian market since 1994, has a Standard and Poor’s Insurer Financial Strength of AA- (Very Strong) and as at 31 December 2019 had total annual in force premium of AU$1.7 billion.

You’ll be asked information on the following points when applying for a quote:

• Your name and date of birth
• Your residency status
• If you smoke
• Your employment status
• If you have dependent children and their ages
• General health and lifestyle information
• If you would like to add-on extra benefits to your cover, such as:
  • Total & Permanent Disability Insurance
  • Children’s Insurance
  • Serious Illness Insurance

1. You or a nominated beneficiary can simply call us on 1300 513 483 or email claims@koganlifeinsurance.com.au to let us know you’ll be lodging the claim.
2. A dedicated claims agent assigned to your claim will call to go through the process with you.

3. Send completed forms the claims agent has given you and additional required documents to:

   Kogan Life Insurance
   Reply Paid 6728
   Baulkham Hills NSW 2153

4. Once completed documents are received, we’ll assess the claim and pay, subject to approval, without any unnecessary delays.

From the date of the Life Insured’s death or diagnosis.

• A fully completed claim form we’ll supply.
• The original Policy Document and Policy Schedule.
• A completed Medicare and PBS form we’ll supply.
• A certified copy of evidence of death such as a Death Certificate, a Coroner’s Report, or an Attending Medical Practitioners Report.
• A certified copy of evidence of the life insured’s date of birth such as a Birth Certificate, valid Passport, or a valid Driver’s Licence.
• A certified copy of proof of the claimant’s identity such as a Birth Certificate, valid Passport, or a valid Driver’s Licence.

A signed photocopy of an original document in which the person signing has seen the original and the photocopy. It can be signed by a Justice of the Peace, Accountant, Solicitor, Doctor, Bank Manager or Police Officer. The certified copy must include the statement: “I certify that this is a true copy of the original document”. The certifier must also include their full name, signature, date, registration number (if any) and qualification or occupation on each page of the photocopied documents. You get to keep the original documents.

The person or persons entitled to the benefit amount. As a policy owner, you have the choice to nominate between one and five beneficiaries to receive a portion of the benefit amount.

The net worth of a person at any point in time. It’s calculated by the sum of a person’s assets, less all liabilities at that time.

The person responsible for the entire administration of your estate and for ensuring details in your will are carried out.

The process of proving and registering in the Supreme Court the last will of a deceased person.

You’ll receive an update on your claim’s process every 10 business days of documentation being received. Payment will be made promptly if your claim is approved. Claim assessments can often need additional information, which may add more time to the process.

Payment will be direct credited to your nominated beneficiary’s chosen bank account. If there’s no chosen beneficiary, a cheque will be made to the ‘estate of the late’.