ClearView Life Insurance

ClearView has over 40 years experience in the Australian insurance industry and offers clients a wide range of products to choose from, including Life Cover, Total and Permanent Disability, Trauma Insurance, and Income Protection. The wide range of products that they offer make it easier to find cover that will suit your budget and requirements.

Published July 30, 2020

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Our viewpoint: Is ClearView the right insurance company for you?

ClearView has been operating since 1976 and is an Australian-owned, ASX-listed company owned by ClearView Wealth Limited. ClearView can be considered to be a reliable company, having one of the highest claims acceptance rates in the Australian insurance industry and offer customers a wide range of policy options to choose from.

Before deciding if they are the right company for you, there are several factors to consider, including your requirements and budget. You may want to compare the products and prices offered by ClearView with other leading insurance brands to see, which is the best option for you.

Compare Clearview to other major life insurance brands.

As ClearView is a relatively new company in comparison to many of the other life insurance brands that exist in the Australian retail life insurance industry, they have a relatively low market share of 1.6%. According to the Lifeinsurancedirect online comparison tool (22 January 2020), ClearView Life Insurance generally had one of the lowest monthly premiums when compared to other brands, at approx $28.80.

Important note: The Premium data is for a 35-year-old female, non-smoker, based in NSW for $1 million life insurance.

As of 30 June 2018, ClearView had over $224 million of annual in-force insurance premiums.

About Clearview

ClearView Insurance Australia was first founded in 1976 and was first known as NRMA Life. The company continued to grow, and in 2002, they changed their name to IAG and started ClearView Retirement Solutions. In 2004, Clearview Retirement Solutions and NRMA were sold to MBF Australia. A few years later, the company changed hands again, this time being acquired by Bupa Australia. ClearView and MBF Life changed their names to ClearView Wealth Limited in 2010 after being bought by MMC Contrarian Limited.

Financial ratings

ClearView’s parent company ClearView Wealth Limited received a Long-Term Issuer Default Rating (IDR) of “BBB” by credit rating agency Fitch. ClearView Life Assurance received an Insurer Financial Strength Rating of “BBB+” and also got a “BBB” rating for their Long-Term IDR. These ratings can be used to determine a companies creditworthiness and their financial security ClearView’s financial rating as determined them to be an adequately stable company.

As of December 2019, ClearView managed over $449.4 million in net assets, and are regulated by the Australian Prudential Regulation Authority (APRA). Overall, ClearView Life insurance is a relatively financially stable company and should be able to process your claims and make payouts in a timely manner.

Clearview also has a reinsurance treaty agreement with Swiss Re who is the world’s second-largest reinsurer which further contributes to their financial stability.

CV Insurance policy options

ClearView Insurance offers its customers a wide range of insurance packages to protect themselves and their families. These products can be designed to suit varying lifestyles, budgets, and requirements, Some of the policies on offer include Life Cover, Accidental Death Cover, Total and Permanent Disability (TPD) Cover, Trauma Cover, Income Protection and Accidental Income Protection.

The products available cater to a broad demographic with policies having an entry age starting at 18 years old until 75 years old and expiry date of 99 years old depending on the chosen cover type and premium structure.

Life Cover

ClearView Life Cover typically provides a lump sum payment in the event of death or terminal illness diagnosis. Your beneficiaries can use the money for a number of reasons, including paying outstanding debts, supporting their current lifestyle, and settling medical bills.

Entry Age: 18 years old to 75 years old
Expiry Age: 99 years old
Minimum Cover: $50,000
Maximum Cover: There is currently no maximum benefit amount. However, the amount of cover you applied for must be within reason for your current financial position and circumstance.

Accidental Death Cover

If you were to pass away as a result of an accident, ClearView would generally pay a lump sum payment to your nominated beneficiary or estate.

Entry Age: 18 years old to 75 years old
Expiry Age: 99 years old
Minimum Cover: $50,000
Maximum Cover: The same as life insurance, there is no maximum benefit amount. You must be able to justify the amount of cover you apply for in relation to your financial position and circumstances.

TPD Cover

If you suffer a total and permanent disability as a result of sickness or injury, ClearView will typically pay you a lump sum payment. The payment from Clearview TPD insurance can be used to help you adjust to any lifestyle changes that have occurred as a result of your injury or can be used to support your family and help pay medical bills.

Entry Age: 18 years old to 75 years old depending on your chosen TPD definition (Own, Any Occupation or Home Duties)
Expiry Age: 99 years old*
*Please note that on the anniversary of your policy after you turn 70, the TPD will change to non-working.
Minimum Cover: $50,000
Maximum Cover: $2,000,000 (Home duties definition), $3,000,000 (non-working definition) and $5,000,000 (if you have applied for Own or Any Occupation TPD definition).

Trauma Insurance

ClearView Trauma Insurance will typically pay a lump sum payment if you survive for 14 days after the diagnosis of certain trauma conditions as specified in the ClearView PDS. Some of the trauma conditions include certain heart conditions, nervous system conditions, and body organ conditions.

Entry Age: 18 years old to 65 years old
Expiry Age: 80 years old
Minimum Cover: $50,000
Maximum Cover: $2,000,000

Income Protection

ClearView Income Protection and Income Protection Plus typically pay a monthly benefit if you are disabled due to sickness or injury and are incapable of working. To qualify, you must be working at least 20 hours per week.

Entry Age: 18 years old to 60 years old
Expiry Age: 60 years old to 70 years old, depending on the benefit period you choose.
Minimum Cover: $1,500 per month
Maximum Cover: $40,000 per month

Accidental Income Protection

ClearView Accidental Income Protection provides you with a monthly benefit in the event that you were to become disabled as a result of an accident and are off work for an extended period.

Entry Age: 18 years old to 60 years old
Expiry Age: 60 years old to 70 years old depending on your chosen benefit period
Minimum Cover: $1,500 per month
Maximum Cover: $40,000 per month

Business Expenses Cover

ClearView Business Expenses Cover typically pays a monthly benefit if you are unable to meet the fixed operating costs of your business if you were to become disabled due as a result of sickness or injury.

Entry Age: 18 years old to 60 years old
Expiry Age: 60 years old to 65 years old
Minimum Cover: $1,500 per month
Maximum Cover: $60 000 per month

Does the company provide value for money insurance?

Deciding on whether ClearView offers good value for your money will depend on your unique requirements. Generally, you may wish to consider choosing an insurer that will provide you with the level of cover you want for the budget that you have. Clearview’s wide range of products gives you the flexibility to choose a policy that may be right for your budget and requirements. You may want to compare and request quotes from other major life insurance brands to see which company best meets your requirements.

We make it easy for you to compare policies online with our powerful comparison engine.

Buy with confidence today for peace of mind tomorrow.

Pros and Cons

Pros

  • 24/7 Protection: Your policy is valid at all times, seven days a week.
  • Worldwide Cover: The policy is valid worldwide.
  • Discounts: You may typically be eligible for discounts of up to 10% if you are managing your health and join the health maintenance rewards program.
  • Guaranteed Renewable: Clearview guarantees that they will renew your policy each year until the policy expiry as long as you pay your premiums on their due date. They will not impose any additional restrictions or increase your premium as a result of changes to your occupation, health or pastimes.

Cons

You may want to check if there are any exclusions that may affect your ability to claim under certain circumstances. An example of this would be that Clearview will not pay any benefit amount if your death is caused by suicide or self-inflicted act during the first 13 months after your policy commences.

What are some of the features offered by ClearView insurance policies?

Take Note: These are the in-built benefits included in a ClearView LIfe Insurance policy. You can add optional benefits at an additional cost.

How to apply for a ClearView life insurance policy

You can apply for a ClearView Insurance policy through our comparison site.

You will typically need to meet the eligibility criteria such as age, health, and occupational parameters before applying.

Once you’ve decided on a type of cover and any optional benefits that best fit your budget and requirements, you can fill in an application form. You typically also have to fill in the Life Insured’s Statement.

ClearView will then assess your application and may ask for additional medical information like a doctor’s report, medical examination or blood tests. Depending on the assessment outcome, the insurer may choose to either approve the application or issue revised terms such as implementing an exclusion on your cover or placing an additional loading.

ClearView will then issue the policy with the policy schedule. The policy schedule contains all the information pertaining to your policy, including the cover commencement, benefit amount and any exclusions or special conditions.

How to lodge a ClearView Claim

  • Yourself or your beneficiaries must either contact your financial adviser or contact ClearView directly on 132979 from 8 am to 7 pm Monday to Friday and express the intent to claim. They will then assist you with the claims process.
  • ClearView will then supply you with the claims forms and may request any supporting documents.
  • Upon receipt of the forms and documents, you will then be contacted by a claims officer who will discuss the claim and inform you or your beneficiaries of any benefits and other services like grief counselling or accommodation that they or yourself may be eligible for.
  • You may also be requested to undergo a medical examination to confirm a diagnosis.

The overall customer experience

According to data released by the Australian Prudential Regulation Authority
(APRA) and Australian Investment and Securities Commission (ASIC) in 2019, ClearView had above average acceptance rate when it came to Trauma Cover. At 93%, the acceptance rate was well above the industry average of 86.6%, and for Death Cover, ClearView’s acceptance rate of 97.7% was also higher than the average of 88.0%. Their average time to finalise a claim was 1.2 months, which is also above the industry average of 1.9 months.

You may want to look at reading customer reviews about ClearView to determine how their customers rate their experience with the company.

Frequently asked questions and answers.

  • Who owns ClearView Insurance?

    Clearview Life Assurance Limited is a publicly listed company on the ASX and is currently owned by Clearview Wealth Limited.
  • NRMA Life insurance

    NRMA Life was the original name of ClearView Insurance when they were first founded in 1976. They had initially provided life insurance exclusively to NRMA customers.
  • What is the ClearView Health Maintenance Rewards Program?

    It’s typically possible to get discounts of up to 10% if you take part in ClearView’s Health Maintenance Rewards Program. ClearView Insurance rewards clients with a discount on their premiums to ensure customers are looking after their health through weight management and regular check-ups with your GP. This discount is already built into your first years premium.

    To maintain this discount, you will be sent an online questionnaire every two years that asks for your height and weight, smoking status and if you have seen a doctor in the past three years.

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