FAQs

When does my cover start?

Your cover starts on the Acceptance Date. If your application is accepted, you’ll be notified in a Policy Schedule that’s sent to you, specifying:

• the type of cover,
• the amount of cover,
• the date your cover starts (the Acceptance Date),
• the date your First Premium is deducted (the First Premium Payment Date).

Your Policy Schedule, your application, the PDS current at the time of your application, as well as any future applications accepted, form your insurance contract with us. These documents should be retained for future reference.

When does my cover end?

Your Policy will end upon the earliest of the following events:

• the date you cancel your Policy, or
• the date we cancel your Policy, due to non-payment of premiums.

Additionally cover under your Policy will end when you, the Life Insured, reaches a certain age, or in the event of a claim for certain benefits. Please refer to the relevant PDS for full details of cover terms and conditions.

Am I covered overseas?

Yes. You’re covered worldwide, 24 hours a day, 7 days a week.*

*Unless a specific travel exclusion is applied to your Life Policy.

Can I decide to whom my benefit will be paid?

When you apply for cover you’ll be asked to nominate a beneficiary or beneficiaries to receive the Benefit Amount in the event of your death. Terms and conditions apply to the nomination of beneficiaries. Please refer to the relevant PDS for full details.

What if I want to change my cover?

From time to time your protection needs or budget may change. You can increase your cover level (up to the maximum benefit level), decrease your cover level (to the minimum benefit level), or add additional family members to your Policy. You’ll need to complete a new application for the increased cover amount.

Any increased, new, or decreased cover will commence when you receive notification, in the form of an updated Policy Schedule.

Please call one of our Customer Care staff on 1300 355 355 if you would like to change your cover.

How are premiums calculated?

Depending upon the cover you select, your premium will be determined by one or all of the following factors:

• the Benefit Amount chosen – premiums increase as your level of cover increases;
• your age – premiums are generally lower for younger lives;
• your gender – premiums are generally lower for females;
• whether you smoke – premiums are lower if you do not smoke; and
• if you are applying for Let’s Insure Essentials Life Cover, various other factors such as your state of health, family history, occupation and participation in hazardous activities.

An additional premium applies if optional covers are included on your Policy.

The total premium payable is the sum of each premium for each Life Insured on the Policy.

Can I cancel my policy?

You can cancel your Policy at any time. You’ll need to provide 30 days notice and notify Let’s Insure in writing, requesting your Policy to be cancelled. Write to Let’s Insure at PO Box 7395 Cloisters Square WA 6850.

Any increased, new, or decreased cover will commence when you receive notification, in the form of an updated Policy Schedule.

It’s important you consider your protection needs before you do this, as you’ll need to reapply for cover if you change your mind at a later date.

Can you cancel my policy?

We can cancel your Policy if you don’t pay your premium when it’s due and it remains unpaid for more than one month. In this event, we’ll notify you in writing of our intention to cancel and give you the opportunity to rectify this situation.

Is tax paid on my policy?

Your premium includes amounts for stamp duty and any other taxes that may be imposed by State, Territory or Federal Governments. GST is not charged on your premiums. In the event that any of these amounts are altered, we reserve the right to alter your premium amount to reflect this, and will advise you of such in writing.

Generally no tax is payable on benefits paid under this Policy and your premiums will not be tax deductible. Any tax information given is of a general nature only and is based on current tax laws and our interpretation of them. We recommend you consult a professional taxation adviser for information on your own tax situation, or if you’re purchasing this cover for business purposes.

Who is the insurer?

Let’s Insure has partnered with St Andrew’s Life Insurance Pty Ltd (St Andrew’s) which is the insurer and issuer of Let’s Insure insurance products. Helping to protect Australians since 1998, St Andrew’s is a leading provider of consumer credit insurance and life insurance products.

What premium options are available?

Let's Insure Funeral Insurance
Fixed Premiums

Under this Policy, your premium rate will be determined by your age at the date of your Policy application and will remain the same each year. You'll also receive a full cash payout of your Benefit (and Household Expenses Benefit if selected) at age 85

Let’s Insure Essentials Life Cover
Stepped Premium option

If you select the Stepped Premium option, your premium will be determined each year at your Policy Anniversary to reflect your age plus the 5% increase in your benefit level (Automatic Sum Insured Increases explained below), unless you decline the Automatic Sum Insured Increases. Generally, premiums increase each year as your age increases.

Fixed Premium option

If you select the Fixed Premium option, your premium rate will be determined by your age at the date of your Policy application and your premium will remain fixed for the life of your Policy. Under this option, your Benefit Amounts will decrease each year to cater for the increased cost of your cover due to your increase in age. We will send you a renewal notice every Policy Anniversary to advise you of your changes in Benefit Amounts.

Under both the Stepped Premium option and the Fixed Premium option, premiums are free after you attain age 92.

Let's Insure Easy Life Insurance
Stepped Premiums

Under this Policy, your premium will be determined each year at your Policy Anniversary to reflect your age plus the 5% increase in your benefit level, unless you opt-out of the Automatic Sum Insured increase. Generally, premiums increase each year as your age increases and total premiums paid over time may exceed your chosen benefit amount. You'll also receive a full cash payout of your Benefit at age 85.

Let's Insure Accident Cover
Stepped Premium

Under this Policy, your premium will be determined each year at Policy anniversary to reflect any inflation-protection increases in the Benefit Amount. Your Benefit Amount will be increased by 5% on each Policy Anniversary before you reach age 70. You can choose not to accept an inflation-protection increase by advising Let’s Insure in writing at PO Box 7395 Cloisters Square WA 6850. You’ll also be sent a replacement Policy Schedule.

Premium rates are not guaranteed and we may change the amount we charge for your cover under your Policy at any time, however only if we change the premium rate applying to all Let’s Insure Policy Owners or all Let’s Insure Policy Owners in the same product group. If we make a change to your premium rate we’ll send you written notification at least 30 days prior to the effective date of the change.

What if I change my mind?

You have 30 days from the Commencement Date of your Policy (your “cooling-off” period) to decide if the cover meets your protection needs and to decide whether you want to keep your Policy. You can cancel your Policy during this time, if you have not made, and are not intending to make, a claim under the Policy, and receive a full refund of premiums paid.

 

Will my cover keep up with inflation and the cost of living?

Under our Stepped Premium product options, your Benefit Amount will be automatically increased by 5% on each annual Policy Anniversary to help maintain the real value of your cover. You will be sent a new Policy Schedule before your Policy Anniversary showing your new Benefit Amounts and premiums. You can choose to opt-out of the Automatic Sum Insured Increase by contacting us.