Smart TermInsurance

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Smart Term Insurance from our Recover Cover range of recovery and life insurance products is designed to provide financial support when you’re going through tough times.   

We pay a lump sum if you’re diagnosed with a terminal illness* or pass away so your family can worry less about money and focus on dealing with their loss.    

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“It’s been a long journey for me. Your quick response and the team’s empathy towards my brother has been a smooth one, which has helped me worry less. I will certainly recommend others within my sphere to how smooth it’s been to deal with HCF.”

David, Recover Cover member, Smart Term Insurance


Smart Term Insurance is designed by us. We were voted Australia’s most-trusted health fund by Roy Morgan Net Trust survey 2 years running^, so you can count on us to put your needs first.  

Who can apply?
Australian residents aged 18–54, with cover expiring at 70.  

What does it pay for?
Depending on your Smart Term Insurance plan, we pay up to:  

  • $500,000 in the event of death or terminal illness* 
  • $1,000,000 in the case of death resulting from an accident+.  

What makes Smart Term Insurance uncommon?
Our Smart Term Insurance is:   

  • affordable: cover starts from $3.45 per week#, so it's made to fit all budgets 
  • easy: no complex medical checks when you take out cover
  • flexible: cash payments** give you flexibility to recover your way.
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Am I covered for Smart Term outside of Australia?
Yes, you're insured anywhere in the world.

Can I nominate a beneficiary for my Smart Term policy?
No, the proceeds of your policy will be paid based on your last will and testament.

Can I still apply for Smart Term if I already have a life insurance policy with another insurance company?
Yes, the sum insured will be paid even if you have other life insurance policies.

Have another question? Head over to our Recover Cover FAQs to find answers on topics like eligibility, quotes and waiting periods.
Read more FAQs

More of our products

Income Assist

Stay on top of bills and mortgage repayments if you're unable to work with cover that can help keep you afloat when recovering from an illness or an accident. For those aged 18–54.

Critical Illness

Deal with the unpredictable financial impact of serious illness with a fast cash payment so you can concentrate on your health and recovery instead of bills. For those aged 18–54.


Get cash paid direct to you for common kids’ injuries and use it to help cover costs like splints, or keep the house running while they get better. For children under 17 years old.

Find out more about all our recover cover products

Important Information

Please read the Smart Term Product Disclosure Statement and Financial Services Guide available by calling 1800 560 855 or visiting, and consider your financial situation, objectives, and needs before deciding on these products as any advice provided does not take these into account. Smart Term Insurance is issued by our own HCF Life Insurance Company Pty Ltd. ABN 37 001 831 250, AFSL 236 806 (HCF Life). HCF Life is a wholly owned subsidiary of The Hospitals Contribution Fund of Australia Limited ABN 68 000 026 746, AFSL 241 414 (HCF). The premiums for Smart Term Insurance are paid to HCF Life. HCF receives commission from HCF Life for their sale of up to 40% of the first year's premium plus an additional commission of 80% of HCF Life's underwriting profit each year calculated as premiums less claims and expenses. HCF's staff may receive an incentive depending on the annual premium of these products which they sell. This will not exceed 15% of the first year's premium.

*Life expectancy of less than six months.  
^Roy Morgan Net Trust Survey 2018 and 2019.
+Death must be due to violent, external and visible means solely and directly caused by an accident. Please read the PDS.
#For a male aged 18–40 who is a non-smoker on $100,000 cover level.
**Get your cash payment when your claim is approved.

HCF Life is a member of the Financial Services Council and we are bound by its Life Insurance Code of Practice which sets out the Australian life insurance industry’s key commitments and obligations to customers. Further information is available at