Frequently Asked Questions.
How do I know how much cover do I need?
How much cover you need depends on your income, the size of your family and the expenses and debt that you have. Figuring out how much insurance you need to cover your current and future financial obligations can be complex and there is no single calculation that applies to every individual.
This is where a Financial Adviser can help. An Adviser will work with you to assess your needs and recommend cover that ensures the financial security of you and your loved ones, should something happen to you.
Why do I need Life insurance?
Your life is important. Your job, home and family depend on your continued good health and yet, many people fail to protect their lives, by having a safety net, just in case something happens.
Life insurance can provide peace of mind, by paying income or a lump sum benefit, so you can keep up with monthly bills, medical expenses, mortgages and retirement plans.
What different types of insurance do Integrity offer?
Integrity offers a full range of life insurance products.
Income insurance pays a proportion of your income if you are unable to work due to a health condition. Income insurance ensures you can focus on recovering and returning to work instead of worrying about paying your bills. Integrity’s Income insurance includes return to work assistance benefits so your life can return to normal as quickly as possible.
Integrity’s Life insurance pays a lump sum if you die or are diagnosed with a terminal illness. It provides financial security for your family should this happen.
Critical Illness insurance pays a lump sum benefit if you suffer from a specified, serious medical condition even when you can still work. Critical Illness benefits can cover medical costs and try to minimise the financial disruption to your life, so you can focus on recovery.
TPD pays a lump sum benefit to replace your future earning capacity and modify your lifestyle if, because of a health condition, you are permanently unable to work. Integrity’s TPD is more than just a safety net. During the claims process your claim assessor will work with you to explore return to work options and of course, we will support you to return to work through rehabilitation and retraining.
Integrity also offers an optional Care Support Package that can be added to any of the other covers. Our Care Support Package provides extra benefits to you and your family to assist you in dealing with the changes to your life when a health condition arises.
What happens if my life changes?
No one’s life stays the same forever and we believe that insurance needs to adapt to changes to your occupation, family and financial circumstances.
You can apply to change your cover at any time (we may need further health information for cover increases or upgrades).
In addition, when certain changes occur, like having a baby, buying a house or getting a pay rise, we can increase your insurance without needing any more health information .
To make changes to your cover, contact your Adviser.
What is the difference between Stepped and Level premiums?
Stepped premiums are calculated each year based on your increasing age. This premium type will be lower in your younger years and will increase over time.
Level premiums are calculated each year based on the age you were when your cover commenced. This premium type will be higher than stepped premiums to begin with but will stay level to age 65.
Both stepped and level premiums may increase with inflation, rising costs incurred by Integrity Life associated with providing cover and changes in Government charges such as stamp duty.
What is a beneficiary and how do I nominate them?
A beneficiary is a person or entity that you nominate to receive your life insurance benefit. You can nominate up to five beneficiaries when you take out a policy and you can also change your beneficiaries at any time up until your death by advising us in writing.
If your policy is held outside super and you do not have any valid beneficiaries when you die, your benefits will be paid to any surviving policy owners or distributed to the estate of the last surviving policy owner in accordance with relevant laws.
If your policy is held inside super, we will pay the benefits to the trustee as policy owner. The trustee will then determine if the benefit can be paid to you and your beneficiaries when considering superannuation law and the super fund’s trust deed.
Other circumstances can change your nominated beneficiaries and we recommend you consult with your Financial Adviser and solicitor for further information.
Am I covered outside Australia?
Your Integrity policy covers you wherever you are in the world. If you travel for work or leisure and something happens, you will be able to lodge a claim with Integrity. Your Integrity insurance should not be considered a substitute for travel insurance.
Do I need to let Integrity know if my health, occupation, hobbies or sporting activities change?
Your policy is guaranteed to be renewed. What this means is that as long as you were truthful during the application process and you continue to pay your premiums, we will continue to cover you regardless of any changes in your health, occupation, hobbies and sporting activities.
How do I make a claim on my policy with Integrity?
At Integrity, your wellness is our priority. If you need to make a claim, please let us know as soon as possible. We have access to many different professional services that might be able to help you during your time of need and research has shown that early intervention is generally best. Even if you are not sure whether it will be a claim or not – let us know and we will see how we can help you.
To make a claim, you can either contact your Financial Adviser who will manage the claims process for you or speak to us directly. Our friendly claims team will help you through the process.
How does Integrity Life have enough money to pay out my claim?
Integrity Life holds an Australian Financial Services Licence and is regulated by both the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC). As a regulated entity, we are required to hold sufficient capital to pay the claims we expect to receive. Our products are designed and priced on this basis.
What happens if I can't afford to continue paying for my insurance?
At Integrity Life, it is our mission to look after our customers and those closest to them – for life. If you are having difficulty paying your premiums there may options available to you.
Your policy may include premium relief which means we can waive your premiums for up to 3 months if you become involuntarily unemployed or go on parental leave and you will remain covered during this time.
Alternatively, if you’ve had the policy for at least 12 months, you can suspend your cover for up to 12 months where you will not have to pay your premiums, but this also means you will not be covered for claims that arise during this period.
What if I am a New Zealand citizen? Can I get an insurance policy with Integrity Life?
New Zealand citizens under the Special Category Visa (subclass 444) in Australia are deemed to be permanent residents and can take out any insurance product offered by Integrity Life. If you would like to explore these options in further detail, please contact your Financial Adviser.
What Group insurance products does Integrity offer?
Our products include Death cover, Terminal Illness cover, TPD cover and Group Salary Continuance cover.
What is the minimum Group size?
We offer Group insurance for groups with 20 or more members. We also require a minimum annual premium of $25,000 including 20% adviser commission, this excludes stamp duty on Group Salary Continuance products but is inclusive of stamp duty on Group Life products.
What sort of groups does Integrity insure?
We do not have a standard exclusion list, we will consider cover across all industries and occupations. Each contract is assessed on an individual basis.
If you have a specific group that you would like to discuss, please contact our Group Distribution team.
Does Integrity tailor Group insurance?
We understand that every group is different and has different needs when it comes to insurance. This may mean multiple categories of employees with varying benefit designs. We will work with you to find a solution for your insurance needs.
What waiting periods does Integrity offer?
We offer a range of waiting periods on our Group Salary Continuance insurance, to ensure that your members have the most effective risk management strategy in place. Our standard waiting periods are 30, 60 or 90 days.
What benefit periods does Integrity offer?
We offer a range of benefit periods on our Group Salary Continuance insurance, to ensure that your members are covered appropriately. Our standard benefit periods are 2 and 5 years, or to age 60 or 65.
We are happy to provide tailored solutions and enjoy designing outcomes that meet your needs.
What TPD definitions are available?
There are 3 definitions of TPD for members in different situations.
Our Standard definition:
- It’s unlikely the insured person will ever be able to return to work for which they are reasonably suited by education, training or experience; or
- They have suffered the irrevocable loss of 2 limbs or are blind.
Our Own Occupation definition:
- The person has been absent from work for 6 months; and
- It’s unlikely the insured person will ever be able to return to work in their own occupation.
Our Activities of daily living definition:
- The person is unable to perform two of the activities of daily living, which are dressing, bathing, toileting, mobility and feeding.
What makes Integrity’s offer different?
When it comes to Group Salary Continuance insurance, we have taken a different approach to the way we offer cover.
Most of our policies offer additional cover above the standard Automatic Acceptance Limit (AAL) that is offered by most insurers. Ours is up to the lesser of 75% of the insured person’s insured income plus super guarantee contribution and $20,000 per month, without any upfront financial or medical underwriting. This cover above the AAL is then subject to a Pre-Existing Condition (PEC) exclusion. However, at the time of total disability, a condition will not be considered as pre-existing if the insured person has been treatment free for 5 years for cancers, tumours or malignant growths or 2 years for all other conditions.