With Bill Cover, you can choose a benefit from $1,000 up to $3,500 per month, and the insurance benefit could be used to help cover day to day bills, or you can use the benefit to get help with childcare, shopping, cooking, cleaning and other household expenses – so you can focus on getting better without additional financial strain.
Absolutely not. Bill Cover is available to all Australian residents aged 18 to 59, regardless of whether you are employed or not
You will be pleased to know that as long as your premiums are paid on time and you remain an Australian Resident, we guarantee to renew your cover until the Policy Anniversary following your 75th birthday.
Provided you are earning an income, premiums are generally tax deductible, making Bill Cover even better value. However just as your income is subject to tax, any Income Benefit you receive will also be assessable as income for income tax purposes.
If you are an Australian resident aged between 18 and 59 we guarantee to accept you for this insurance. You won't have to take a medical or blood test, or even answer any health questions to apply.
Your monthly Income Benefit payment will become payable at the end of your 30 day Waiting Period. This benefit will be paid to you in arrears. You will continue to receive your monthly Income Benefit for each month you are disabled, depending on the Benefit Period you have selected – 6 months, 1 year or 2 years. For example, your first payment would be 60 days after you were first eligible to claim (the 30 day Waiting Period plus 30 days because claims are paid in arrears).
If your Disabling Sickness or Injury recurs within six months of your last Income Benefit payment you can resume receiving your monthly Income Benefit without undergoing a new Waiting Period. Your claim is only payable for the balance, if any, of the Benefit Period.
If the Disabling Sickness or Injury is due to an unrelated cause, then a new Waiting Period will apply. This means that you could claim for a Disabling Sickness or Injury unrelated to a previous claim, but the Waiting Period and Benefit Period will apply in this circumstance.
Yes, you may contact us at any time to apply to increase or request a decrease to your insurance. Simply call us on 1300 464 014.
Bill Cover can work with Life Insurance to provide greater financial security for you and your family.
Bill Cover is designed to help keep the bills and day to day expenses under control if you are temporarily disabled due to sickness or injury, while Life Insurance pays a benefit in the event of your death to help you provide financial security for your family if you were no longer there.
If you are eligible to receive an Income Benefit you won't pay premiums on your policy until you are either no longer disabled, or the maximum Benefit Period has been reached. Once your Income Benefit payments start we will refund any premiums you have paid during the Waiting Period.
Your premium is calculated at each Policy Anniversary, and as you would expect, your premiums increase with your age and also if you increase your Monthly Amount Insured. Each year (on your Policy Anniversary) your Monthly Amount Insured is automatically increased by 5% and this will be factored into the premium payable. We will write to you in advance and you can choose not to accept an increase in any given year. If you choose not to accept an increase, it will not affect your entitlement to an increase in the future.
Provided you are an Australian resident and aged between 18 and 59 you won't be turned down for Bill Cover, and you can keep it up to your 75th birthday.
You have a 30 day cooling off period with your Bill Cover. This means you have 30 days from the Commencement Date to make sure you are happy with the Policy. If you want to cancel your policy within this 30 day period you may do so, provided you have not made a claim under the Policy, and any premiums you may have paid in the time will be refunded with no obligation. All cancellation requests must be made in writing.
You can spend the income benefit you receive as you wish – to cover day to day living expenses, hire additional help around the house, pay the rent or mortgage, cover credit card or car repayments, pay medical bills or even a holiday to recuperate.
Your premium will be debited on the day of your choice, either fortnightly, monthly or annually. The date you select for your first premium deduction will become your Policy Commencement Date. You can pay either by automatic debit from your bank, credit union or building society account or by charge to your credit card.
If you cancel the policy within the "cooling-off period" (within 30 days from the Policy Commencement Date) we will refund any premiums you may have paid in this period, provided you have not made a claim under the policy. If you pay fortnightly or monthly and should you cancel after the "cooling-off period", no refunds of any premiums paid will be made. However, if you have paid annually in advance and cancel your policy after the 30 day cooling off period has expired, any premium refund due will be paid into your nominated account.
Once your application for Bill Cover is accepted by us, cover starts immediately. Your first premium is deducted from the Policy Commencement Date, which is also set out in the Policy Schedule.
If you (or your legal representative) wish to claim under this Policy, simply call 1300 464 014 or write to Bill Cover Claims Department, Real Insurance, PO Box 6728 Baulkham Hills NSW 2153. You (or your legal representative) will be sent a Claim Booklet, which includes a form to be completed, signed and returned along with other supporting claim information. We may also require your treating doctor or specialist to complete a form at your expense.
Like most insurance policies there are some exclusions that apply to Bill Cover.
We will not pay an Income Benefit in respect of a claim for a Disabling Sickness or Injury occurring directly or indirectly from:
- a Pre-existing Medical Condition; or
- a Mental Disorder or Illness; or
- an intentional self inflicted act; or
- attempted suicide; or
- the consumption of drugs (unless it was under the direction of a Medical Practitioner and not in connection with treatment for substance abuse, drug addiction or dependence); or
- the consumption of intoxicating liquor, including having a blood alcohol content over the prescribed legal limit whilst driving; or
- aviation except as a fare-paying passenger on a commercial airline; or
- activity at a height 20 metres or more above ground or at a depth of 30 metres or more below ground or underwater; or
- willing and knowing exposure to the risk of Sickness or Injury for gain, reward or regular remuneration; or
- normal pregnancy (including participation in an IVF or similar program, normal discomforts such as morning sickness, backache, varicose veins, ankle swelling or bladder problems), giving birth, miscarrying or having a pregnancy terminated; or
- war (whether declared or not) or war-like activity, or
- taking part in a riot or civil commotion; or
- engaging in any criminal activities or illegal acts.
Whatever combination of benefits you choose, with Bill Cover, you are covered 24 hours a day, 7 days a week, worldwide provided you remain an Australian resident.
Hannover Life Re of Australasia Ltd (Hannover), ABN 37 062 395 484, of Level 7, 70 Phillip Street, Sydney NSW 2000 is the issuer of Bill Cover. Hannover is a wholly owned subsidiary of Hannover Re and is part of the Hannover Re Group worldwide. Hannover Re is presently the 3rd largest global life reinsurer and has a Standard and Poor's Insurer Financial Strength of AA- (Very Strong), and A.M. Best rating of A (Excellent), and has maintained these ratings for a number of years. The life insurance business of Hannover has been operating in the Australian market since 1958, and as at 31 December 2010 had total annual in force premium in excess of AU$450 million.