Life Insurance With Apia: What You Need To Know

Apia is an insurance company that provides insurance for over 50s, seniors, and retirees. They offer a range of insurance products, including home insurance, car insurance, caravan insurance, boat insurance, and funeral insurance. Apia's funeral insurance is available to Australian citizens, permanent residents, and New Zealand citizens living in Australia aged between 45 and 80. It offers a fixed cover amount between $3,000 and $15,000, which can be increased to $25,000 once the policy is in place. The premium is calculated based on factors such as the age of the customer when they take out the cover, and it remains the same as the customer gets older.

Apia's funeral insurance

Apia offers funeral insurance to help you and your family prepare for the future. Funeral insurance is a type of insurance policy that helps cover the costs associated with your funeral, including burial or cremation, a cemetery plot, a celebrant, and extras like flowers or catering. It can also cover the travel expenses of your loved ones who need to travel to attend your funeral.

• Your choice of a fixed coverage amount from $3,000 to $15,000 (which can be increased to up to $25,000 once your policy is in place).
• Accidental death cover only for the first 12 months and cover for any cause of death after the first 12 months.
• A fast payout, usually within 24 hours of providing all of the information required to make a claim.
• A bonus of 10% more cover at no extra cost once you've had your Apia policy for at least five consecutive years.

The amount you pay for your premium is determined by various factors, including your age and the payment amount you select. With Apia, funeral insurance cover starts from as little as $2.95 a week, and you have the option to pay your premium annually and get one month free. You can also save 5% on premiums every year if you take out a quote and purchase Apia Funeral Insurance by 2 December 2024.

Apia Funeral Insurance is available to Australian citizens, permanent residents, and New Zealand citizens who permanently reside in Australia and are over 45 years old.

Apia's eligibility criteria

Apia offers insurance products to Australians over 50, including retirees. The company has been providing insurance products to this demographic for over 30 years.

Apia offers the following insurance products:

• Comprehensive Car Insurance
• Third Party Insurance
• Fire, Theft & Third Party Insurance
• NSW CTP Green Slip Insurance
• Home & Contents Insurance
• Assisted Living Insurance
• Motorcycle Insurance
• Caravan Insurance
• Boat Insurance
• Motorhome Insurance
• Funeral Insurance
• Health Insurance

To be eligible for Apia's insurance products, you must be over 50 years of age. The company also offers a range of discounts on its insurance policies, including the Multi-policy discount (MPD) and the Work Less Pay Less® discount.

Life insurance options

Apia offers a range of insurance products to Australians over 50, including funeral insurance. This is a type of life insurance that covers the costs associated with a funeral, such as grave, clergy, and chapel fees, as well as settling your affairs. Apia Funeral Insurance is available to Australian citizens, permanent residents, and New Zealand citizens living in Australia aged between 45 and 80.

With Apia Funeral Insurance, you can pay a regular premium for a fixed cover amount between $3,000 and $15,000. You can increase this amount to $25,000 once your policy is in place, subject to terms and conditions as outlined in the PDS. Your premium is calculated based on factors including the age you are when you take out your cover, and it won't increase as you get older.

In addition to funeral insurance, Apia also offers health insurance, which includes life insurance components. Apia's health insurance is provided by nib health funds limited and marketed by Platform CoVentures Pty Ltd (PC), a Suncorp Group company. PC is an authorized agent of nib and receives a commission for its services.

Life insurance is a type of insurance that provides financial support to your loved ones in the event of your death or terminal illness. It can cover expenses such as living costs, mortgage payments, and other debt repayments. When choosing a life insurance policy, it is important to consider factors such as eligibility requirements, coverage limits, payout timing, and exclusions.

It is worth noting that Apia has permanently ceased selling travel insurance policies.

Life insurance eligibility

Apia offers funeral insurance to Australian citizens, permanent residents, and New Zealand citizens living in Australia aged between 45 and 80. The insurance provides a financial safety net for your loved ones in the event of your death. With Apia Funeral Insurance, you pay a regular premium for a fixed cover amount between $3,000 and $15,000. This can be increased to $25,000 once your policy is in place, subject to terms and conditions as outlined in the PDS. Your premium is calculated based on factors including your age when you take out the cover, and it won't increase as you get older.

When you pass away, your loved ones will receive a lump sum payment that can cover costs such as grave, clergy, and chapel fees or settling your affairs. Apia's funeral insurance has an early payout option, and claims are usually paid out within 24 hours of making a claim. However, there is no payout if you pass away during the first 12 months, except in the case of accidental death, and there are limited payouts for accidental death.

On the other hand, life insurance is available to Australian residents aged 18 to 65, subject to medical history. It helps provide financial support for your loved ones if you pass away or become terminally ill. Like funeral insurance, you pay a regular premium, and your chosen beneficiaries receive a lump sum payment when a claim is made. Life insurance can cover expenses such as living expenses, mortgage payments, and other debt repayments. Eligibility for life insurance cover is usually based on factors including age and medical history.

The key differences between funeral insurance and life insurance lie in the amount of cover, purchaser eligibility, payout timing, and exclusions. Funeral insurance offers a lower coverage amount, and the purchaser must be an Australian or New Zealand citizen or permanent resident aged 45 to 80. Claims are paid out quickly, usually within 24 hours. However, there are no payouts for the first 12 months, except in cases of accidental death, and limited payouts for accidental death.

Life insurance, offered by other providers, typically provides coverage between $100,000 and $1.5 million. It is available to a wider age range, from 18 to 65, but eligibility is subject to medical history. Payout timing depends on the provider and policy type, and optional covers may include cancer or other major illnesses. Circumstances that are typically not covered include intentional self-inflicted acts, claims outside of special terms, or if the insured is in a country with a travel warning.

Apia's other insurance products

Apia offers a range of insurance products for people over 50, including:

Home Insurance

Apia offers home insurance that covers loss or damage to your home and its contents from events such as fire, theft, storm, flood, and vandalism. This includes temporary accommodation costs if your home cannot be lived in after an insured event, as well as cover for food and medication spoilage, lock replacement, and loss from fraudulent use of stolen financial transaction cards.

Car Insurance

Apia provides comprehensive car insurance, third-party insurance, and fire, theft, and third-party insurance. Their comprehensive car insurance includes up to $1,500 for after-claim expenses, up to $20 million in legal liability cover, and a lifetime guarantee on authorised repair work. They also offer a Drive Less Pay Less® discount if you travel under 20,000 km per year.

Travel Insurance

Apia has ceased selling travel insurance policies, but customers can use the Insurance Council of Australia's free service, Find An Insurer, to find alternative insurance options.

Health Insurance

Apia offers health insurance issued by nib health funds limited, a registered private health insurer, and marketed by Platform CoVentures Pty Ltd, a Suncorp Group company.

Life Insurance

Apia offers funeral insurance issued by TAL Life Limited, part of the TAL Dai-ichi Life Australia Pty Limited group of companies. TAL Life uses the Apia brand under licence from the Suncorp Group.

Other Insurance Products

In addition to the above, Apia also provides the following insurance products:

• Caravan insurance
• Boat insurance
• Motorhome insurance
• Motorcycle insurance
• Investor property insurance (inland and coastal)
• Primary and excess flood insurance

Frequently asked questions