These products offer great value, with a good score across both features and price.
7+
Great
These are competitive products, though they didn't quite get top scores.
5+
Standard
These products might offer less value or command a higher premium than others in the market.
0+
Basic
These products might only offer a basic set of features or aren't very competitive on price.
HCF Life Insurance Company is one of the leading insurance providers in Australia. HCF Australia not only offers extensive health insurance plans to its members, but also offers a comprehensive package of life insurance to suit different needs and lifestyles.
HCF Life Insurance is not currently available via finder. You can visit their website at www.hcf.com.au for more information or compare alternative options available below.
HCF life insurance: Our verdict
HCF policies can help bridge the gap between health insurance and life insurance where many policies tend to fall short.
A variety of plans are available including Kids' Accident, Personal Accident and Income Protect Insurance, with cover available to those under 17 up to age 74.
A maximum benefit of $1,500,000 might not be enough for some people. Also, funeral costs can get up to $15,000 so HCFs $15,000 funeral advancement benefit could leave your family out of pocket.
Review by our insurance senior writer Cristal Dyer
Congratulations, HCF!
HCF is the 'Most Trusted Brand' in the 'Life Insurance - Direct' category in the 2024 Customer Satisfaction Awards.
Cash Back Cover helps with unexpected costs when you're recovering from an illness or injury.
You'll receive a cash payment in the event of an accident that requires surgery or if you suffer from a major illness such as cancer, a heart attack or stroke. The cover is designed for costs that crop up once you leave the hospital such as extra rehab, taxis to the doctor, babysitters, hospital parking or help if you need time off work.
Pays $5,000 for accidents requiring surgery or for a number of serious illnesses
You can make multiple claims up to $20,000 for singles and $40,000 for families
Eligible to those aged 16–60, with cover expiring at 65
Costs from $3 per week, based on single cover
HCF Income Protect Insurance
Provides a monthly benefit of up to 70% of your income if you're unable to work due to serious injury or illness. Cover also supports part-time workers as long as you work at least 21 hours a week.
Pays up to up to $7,500 per month for up to 12 months
Eligible to permanent Australian residents aged 18-60, with cover expiring at 65
Also covers self-employed workers as long as you've been self-employed for at least 12 months
Costs from $2.65 per week
HCF Kids Accident Cover
Receive a cash benefit of up to $5,000 if your child suffers from a specified list of common kids' injuries. Permanent disabilities that occur within 6 months of an accident have a benefit of up to $100,000.
Pays up to up to $1,750 for burns, $3,000 for broken bones and $5,000 for internal injuries
Claim up to $100,000 for permanent disabilities
Eligible to permanent Australian residents with a child under 17, with cover expiring when they turn 22
Costs from $1.25 per child per week
HCF Critical Illness Cover
Critical illness cover, also known as trauma cover, helps you deal with the financial impact of serious illness. You'll receive a benefit amount of up to $50,000 if you suffer from a serious specified illness like a heart attack, cancer or stroke.
Two levels of cover to choose from - $25,000 or $50,000
Single and family options available
Eligible to permanent Australian residents aged 18-54, with cover expiring at 65
Costs from $2.30 per week
HCF Personal Accident Insurance
HCF's Personal accident insurance is designed specifically for over 55s who would like some extra financial protection in the event of an accident or injury. A benefit payment of up to $15,000 is payable if you suffer from a serious injury as a result of an accident or up to $50,000 if you die.
Two levels of cover to choose from - $25,000 or $50,000
Accidents such as fractures, dislocations and severe burns are covered
Eligible to Australian residents aged 55-74, with cover expiring at 85
Costs from $3.20 per week
HCF Life Protect Insurance
In line with a traditional term life insurance policy, HCFs Life Protection Insurance provides a lump sum benefit if you pass away during the policy term. It pays up to $1,500,000 in the event of your passing. The policy also covers you if you have been diagnosed with a terminal illness – in which case, you'll receive the total benefit amount insured.
HCF's policy offers a funeral advancement of $15,000
You can increase your cover after a major life event without having to do a health or lifestyle exam
24/7 access to HCF's grief support service
Eligible to Australian residents aged 18-65, with cover expiring at 99
Am I eligible for HCF Life Insurance?
Applying for life insurance plans from HCF Australia can be straightforward. There are no complex medical questionnaires or examinations required and you may be eligible for guaranteed acceptance.
To be eligible to apply for a HCF life insurance policy, you'll typically have to be:
Between the age of 18 and 65
A permanent resident of Australia
On certain products, such as HCF Cash Back Cover, you'll need to hold a family level HCF private health insurance policy to be eligible for family cover.
Age restrictions, eligibility criteria and policy expiry dates vary between HCF policies. Always refer to the Product Disclosure Statement - or PDS - on HCF's website for more information to help you determine your suitability for a life product.
What is excluded?
All life insurance policies have exclusions and HCF is no exception. HCF will not pay a benefit if it is a result of the following:
An accident occuring before cover commencement
Acts of war, hostilities, civil commotion, terrorism or insurrection
The following illnesses arising in the first 90 days of cover: Cancer (specified severity), endocarditis or pericarditis that requires surgery, severe permanent cardiac impairment
Any exclusion noted in your Certificate of Insurance when you sign up
Committing an illegal act
An accident that occurs outside Australia
For a full list of exclusions, review the product disclosure statement (PDS) before you purchase a policy.
Why should I consider life insurance From HCF?
HCF is one of the few not-for-profit organisations that offer life insurance to Australian citizens. This means the money that you pay towards your insurance premiums could bring added benefits, as profit is not the main concern of HCF.
HCF understands that in the Australian market, there are often gaps between life and health insurance providers, in which coverage for certain serious illnesses may be restricted.
Not only are HCF insurance products designed to fill the gaps that are seen in health insurance, but they are also designed to minimise the effect where people are left exposed in their life insurance cover.
Still not sure if HCF life insurance is right for you? Here are the main pros and cons summed up.
Pros
HCF has a wide variety of policies available starting from $1.25 per week with no excess.
Most claims are paid within five days once all supporting documents are submitted.
The maximum entry age of 74 for Personal Accident insurance is much more generous than other providers - usually stops at 65.
Cons
Much higher cover amounts can be found by its competitors including up to $25 million with NobleOak.
If you are not an Australian resident or are aged 75 and over, you are not eligible for HCF life insurance.
Offers stepped premiums, which means your premiums increase as you age. However, HCF's Cash Back Cover and Personal Accident Insurance products have level premiums, staying the same every year.
You pay the same price as buying directly from the life insurer.
We're not owned by an insurer (unlike other comparison sites).
We've done 100+ hours of policy research to help you understand what you're comparing.
Finder Score - Life Insurance
Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 20 products and gave each one a score between 1 and 10.
But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.
Applying for HCF life insurance products is made simple and straightforward. You can buy your cover online and you are not required to complete a medical questionnaire.
Some HCF life insurance policies have pre-existing medical condition exclusions. This means, no benefit is payable in the event of a claim if it is caused by a condition that you have prior to the commencement of your policy with HCF.
It depends on the type of cover that you have. Your premiums will increase over time as you get older on some HCF life insurance products or fixed on others.
Cash Back Cover is a competitively priced insurance solution that is offered by HCF that provides a cash benefit payment if you suffer from an accident that requires surgery, or if you are suffering from a serious medical condition (that is covered in the policy).
What does it cover?
The HCF Cash Back insurance plan is designed to provide financial assistance to enable you to recover while restricting worries about medical expenses that may arise. The benefits that can be derived from the plan are as follows:
Coverage for Serious Illness: You will also be eligible for a $5,000 benefit payment if you are diagnosed with the following medical conditions:
Maximum coverage for Single or Family Cover: HCF Cash Back cover will remain payable to a maximum of $40,000 for family cover and $20,000 for single cover. This means, after a claim has been successfully made for one of the events in which you are covered for, the subsequent claims will be made until the maximum amount is reached while the cover remains valid.
Affordable premiums for quality protection: HCF Cash Back Cover premiums are available at $26 for families and $13 for singles per month. The only time premiums will increase is when it applies to all policyholders, in which one month's notice will be provided.
You have a 30-day cooling-off period from the commencement of your policy to determine whether or not the policy meets your needs. You can cancel your policy within this period and HCF will fully refund premiums paid as long as no claim has been made.
Willam Eve is the country manager for Finder's Canada operations. He has previously held the positions of group publisher of insurance for Finder Australia and lead publisher for the Finder global team. William has a Bachelor of Communications from the University of Technology Sydney, Australia. He loves the challenge of launching Finder into new markets while helping grow Finder’s global team. See full bio
James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, WIN News, Insurance News, 7NEWS and The Guardian. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146). See full bio
James's expertise
James has written 212 Finder guides across topics including:
Are you thinking of cancelling your life insurance policy? There are a few things that you need to be aware of before surrendering an important protection cover for you and your loved ones.
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