Streamlining your insurance options


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A new policy from Macquarie Life aims to simplify personal insurance by combining life and terminal illness, total and permanent disability (TPD) and trauma into a single policy. Macquarie says this helps minimise the possibility of gaps in your cover.

What's even more interesting about Macquarie Life Active though is that you can make multiple claims over the lifetime of the policy for certain "health events" such as cancer, heart attack, stroke or depression.

The amount you'll be paid depends on the seriousness of the health event - the more serious the larger the payout. And even if you suffer a medical condition not listed you may still be entitled to claim if it leads to a physical or mental impairment.

You can choose the amount you want to be insured for, from $100,000 to $3 million, for health events. Your death and terminal illness can come from this sum or you can buy additional death cover. You can also choose to add income protection and child insurance cover.

Also on the insurance front, Asteron has introduced a new "Healthy Plus Option" which rewards "healthy" customers. Lifeguard Life Cover policy holders can get discounts of up to 20% when they meet certain criteria.

Asteron will consider your weight, body mass index, waist to hip ratio, blood pressure, family history, cholesterol and blood test results. You'll also be asked about your driving record, lifestyle and occupational hazards and are required not to have smoked for at least five years. Instead of taking the discount you can opt to pay the same premium but increase cover by 20%. To be eligible you have to be aged between 30 and 50 and have a minimum sum insured of $250,000.


The ability to make multiple claims under the same policy makes Macquarie Life Active an attractive proposition. Having all your personal insurance needs covered by one premium is also appealing. But it's important to look at the policy so you understand exactly what is and isn't covered and ensure the premium is reasonable.

As for Asteron's Healthy Plus Option, it's a great incentive to keep healthy. Just make sure you're happy with the coverage rather than being swayed by the discount.

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Maria Bekiaris is editorial campaigns manager for Canstar and former deputy editor of Money. She holds a Bachelor's degree in business.