HCF Life tackles ‘underinsurance’ crisis, launches simple online applications for
low-cost sickness and accident protection
- Low-cost cover, offering unique ‘living benefits’, now online
- Well suited to the younger ‘internet’ generation
- No forms or medical checks required
Thursday, 3 September 2009 – For people who are aware of the benefits of
insuring themselves and their family but aren’t sure if they can afford the cost,
HCF may have found the answer.
People can now be protected for as little as 90 cents per week. Cover can be purchased
online through a new website that requires no forms or medical information. In the
face of growing concern about the crisis of ‘underinsurance’, HCF Life has done
something unique to take the pain out of acquiring insurance.
HCF Life products are available to both members and non-members of HCF’s health
fund and would appeal to people including:
- Mums and Dads who want peace of mind - easy to understand cover that can make a
difference to their family’s situation should a crisis occur
- Self employed people conscious of the need to protect themselves of possible income
loss/shortfalls
- Baby boomers and mature adults looking for an extra layer of insurance cover with
practical and easy-to-access benefits
HCF Life Business Development Manager, Roy O’Donnell, said the new website was an
easy to use, one-stop-site to apply for sickness and accident protection not widely
available elsewhere.
“Our products fill an important but not well understood gap in the market, and the
new website will provide an incredibly simple means for people to plug that gap,”
Mr O’Donnell said.
“Unlike traditional life insurance, HCF Life cover is ‘living insurance’, offering
benefits that people can claim while they are still alive and not permanently disabled.
It covers situations that health funds are not legally allowed to cover and provides
benefits that are not usually available through standard superannuation schemes,”
he said.
For instance, cover can be provided to families and individuals in the following
circumstances:
- Kids Accident Cover Pays up to $100,000 if your child is accidentally injured
anywhere in Australia. Cost - 90c per week, per child.
- Cash Back Cover Pays a benefit of $2,500 in the event of an accident requiring
surgery or one of a number of illnesses including cancer, heart disease and stroke.
Up to $10,000 can be claimed during the life of the policy. Cost - $1 per week for
singles; $2 per week for families.
- Income Assist Insurance: Tax efficient protection against loss of income
resulting from sickness or injury. Benefits include payment of up to 75% of your
income for up to 12 months with extra benefits covering the cost of pre-school child
care expenses or if the policy-holder is confined to bed.
- Medical Trauma Insurance: Pays a benefit of up to $20,000 or $40,000 in the
event of death or a number of serious illnesses including cancer, heart disease
and stroke. Available to permanent Australian residents aged 18 to 54. Cost – from
$2.50 per week1.
- Personal Accident Insurance: Depending on the level of cover selected, this
product offers benefits of up to $10,000 for accidents causing injury, and up to
$50,000 for an accident resulting in death. Cover is available for permanent Australian
residents aged 55 to 74. Cost – from $3.20 per week2.
“When people become aware of what they could be covered for and how quick and easy
this online application process is, HCF Life products become a very attractive option,”
Mr O’Donnell said.
More information about the products is available through the HCF Life website: www.hcf.com.au/moreprotection.
Products issued by HCF Life Insurance Company Pty Ltd. Consider the PDS before
applying as this advice doesn’t take into account individual circumstances.
ENDS
Issued on behalf of HCF Life by Sefiani Communications Group. Media contact: Nick
Owens, ph. (02) 8920 0700 or
nowens@sefiani.com.au
About HCF
The HCF group is the third-largest, and largest not-for-profit, health insurer in
Australia, currently extending coverage to more than one million people. As a not-for
profit insurer, HCF consistently pays back more in benefits from earned contributions
than the average of other funds. HCF also has the best medical no-gap coverage of
any major health fund in mainland Australia. The financial strength of HCF is supported
by its strong capital backing and the lowest management expenses of the major funds.
HCF members benefit from an extensive branch network and an expanding network of
quality-accredited dental and eye care centres in NSW, providing outstanding service
and value to members. In other states and country areas, HCF has an extensive network
of dentists participating in its Oral Health program.
About HCF Life
HCF Life is a wholly owned subsidiary of HCF and has been providing financial protection
from sickness and accidents since 1981. HCF Life develops products that offer a
point of difference and have the following characteristics:
- low cost: offering real value, recognising the cost of health insurance, with pricing
from as little as 90c per week
- broader protection: designed to cover gaps that exist in health insurance as well
as the more traditional types of life insurance, enabling better protection
- guaranteed acceptance: most products do not require medical examinations or complex
questionnaires and applications can be processed online, provided you are eligible
1Based on $20,000 cover for singles aged up to 34 years
2Based on $25,000 cover
