Is Clearview the Right Life Insurance Company for You?
When it comes to life insurance, there are many different options to choose from. ClearView is one of the top providers in the industry, and they offer a variety of policies to fit any budget or need. But how do they compare to other providers?
Published November 28, 2022
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Is Clearview the Right Life Insurance Company for You?
With over 40 years of experience in the Australian insurance industry, ClearView has become a reliable source for products like Life Cover, Total and Permanent Disability, Trauma Insurance, and Income Protection. But is this company the best pick for your individual needs? Review ClearView and what they have to offer so that you can make an informed decision about whether or not they’re the right company for you.
Review ClearView Life Insurance
ClearView, which was NRMA Life, first began its operations in 1976. The company is an Australian-owned, ASX-listed company owned by ClearView Wealth Limited. ClearView is a dependable company with some of the best claim acceptance rates in Australia. They also provide customers with plenty of policy options to choose from so that they can find the perfect fit for their personal requirements.
ClearView ClearChoice Product Options
- Life Cover: This type of cover will typically pay out a lump sum benefit if you’re diagnosed as being terminally ill or if you die.
- Total and Permanent Disability (TPD) Cover: If you become totally and permanently disabled and are unable to work again or don’t meet certain criteria because of sickness or injury, this type of policy will generally give you a lump sum benefit amount.
- Trauma insurance: Provides a benefit if you are diagnosed with a particular injury or illness as defined in your Product Disclosure Statement and survive two weeks from the date of diagnosis.
- Child Cover: If your child suffers a specified trauma condition, becomes terminally ill or dies, this policy will pay a lump sum benefit amount.
- Income Protection: Pays a monthly benefit amount if you become disabled due to sickness or injury for the duration of the benefit period or until you are able to return to work. This benefit is typically a specific percentage of your previous income.
- Business Expense Cover: If you’re disabled because of an injury or sickness and can’t cover your business’s regular expenses, this policy pays a monthly benefit.
About Clearview
ClearView Insurance Australia is dedicated to creating custom, fair, and flexible solutions for their customers. This company is listed on the Australian Stock Exchange and works with financial advisers to help everyday Australians keep themselves and their families protected.
Before deciding if they are the right company for you, there are typically 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.
Financial Ratings
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. In the 2020-21 financial year, this insurer paid out $93.8m.
According to the Plan For Life Actuaries & Researchers report released in August 2022, ClearView holds 1.7% of the market share. Although market share held by an insurer may give you an indication of their reliability, it should not be a deciding factor when comparing insurers. To find the right life insurance company for you, you should also consider the policies available and the features and benefits on offer.
Compare and review this insurer
When you purchase cover from ClearView, you typically have a variety of benefits available to you. In this comparison, we look at Life insurance, TPD, Trauma insurance, Child Critical illness cover, Business Expenses cover and income protection from the ClearViewProduct Disclosure Statement issued 20 October 2022. Additionally, we’ll examine benefits like the terminal illness benefit, provision for upgrades and future increase benefits.
ClearView Pros and Cons
Advantages
- 24/7 Protection: Your policy is valid at all times, seven days a week, provided that you continue to pay your premiums.
- 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 rewards program.
- Provision for continuing cover: 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 don’t impose any additional restrictions or increase your premium as a result of changes to your occupation, health or pastimes.
- Provision for upgrades: Generally future product updates will be available to you if you have an active policy when the insurer updates its product. These additions will not cause any premium increase, generally all increases to your premiums will be communicated to you by your insurer.
- Indexation Benefit: The insurer will automatically increase your benefit amount each policy anniversary so that your cover keeps pace with the rising cost of living. Typically, the rate of the increase will be the percentage increase in the Consumer Price Index (CPI).
Disadvantages
- Exclusions: Certain exclusions on your policy may affect your ability to make a claim. For instance, 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.
- Conditional discounts: If you don’t complete the yearly online questionnaire, the 10% Heath Rewards discount decreases by 1% each year until you complete the questionnaire and meet their eligibility criteria, at which time, your discount is typically reset.
Does the company provide value for money insurance?
Deciding whether ClearView offers good value for your money will typically depend on your specific requirements. Generally, you may want to consider choosing an insurer that provides you with cover that suits your budget. Clearview’s wide range of products gives you the flexibility to choose a policy that may be right for you and your family.
ClearView Insurance policy options
ClearView Insurance offers a variety of policy options to help you protect you and your family. 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.
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
Plans available: Life Cover & Accidental death cover
Minimum Cover: $50,000
Maximum Cover: $20,000,000
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 60 years old depending on your chosen TPD definition
Expiry Age: 65
Types available: TPD cover & Accidental
Plans available: Own occupation, any occupation, non-occupational TPD and TPD Super Solutions
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.
Entry Age: 18 years old to 60 years old
Expiry Age: 65 years old
Plans available: Trauma Cover or Trauma Plus
Minimum Cover: $50,000
Maximum Cover: $2,000,000
Child Critical Illness Insurance
A Child Critical Illness Insurance policy will typically provide you with money should your child becomes sick with a specified serious illness, or passes away from any cause mentioned in the policy’s PDS.
Entry Age: 2 years old to 18 years old on level premiums
Expiry Age: Before the insured childs’ 23rd birthday
Minimum cover: $10,000
Maximum Cover: Up to $200,000
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: 65 years old
Plans available: Income Protection & Accidental Income Protection
Minimum Cover: $1,500 per month
Maximum Cover: $30,000 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: 65 years old
Minimum Cover: $1,500 per month
Maximum Cover: $60 000 per month
What are some of the features offered by ClearView insurance policies?
- Terminal illness benefit: If you are diagnosed with a terminal illness and have fewer than twelve months to live, ClearView will typically pay a terminal illness benefit. The payment can typically be used for ongoing medical expenses, including palliative care.
- Future Increase Benefit: You can typically increase your cover based on particular business or life events such as the birth of a child without having to provide further medical information.
- Premium freeze: You can generally keep your premiums at a fixed level, while the benefit amount decreases each year to keep it at the fixed premium. Please note- this is only applicable if you have selected a stepped premium.
- Grief Support Benefit: If your Life Cover benefit amount was paid, ClearView would reimburse you (if you were diagnosed with a terminal illness) or your immediate family for up to four hours of grief counselling. This is up to a maximum amount of $1,000 per person.
- Indexation Benefit: In some cases, your benefit amount will automatically increase at each policy anniversary to keep in line with the rising cost of living. You can switch this off by contacting ClearView or your adviser at least 30 days before the policy anniversary.
ClearView Health Rewards Program
When you first apply for cover from Clearview, you may be eligible to receive a New Cover Reward discount of 10%. Once your policy anniversary approaches, you’ll typically be contacted by the insurer to complete the Health Rewards Questionnaire. By completing this yearly questionnaire and requalifying for their eligibility criteria, you’ll be able to maintain your initial discount.
However, if you miss a questionnaire, your discount will decrease by 1% for each year you miss until year 10 after you last completed the questionnaire. Once you complete the questionnaire prior to your policy anniversary, the discount will be reset to 10%.
| Years in place or since last reset | Premium discount |
|---|---|
| 1 | 10% |
| 2 | 9% |
| 3 | 8% |
| 4 | 7% |
| 5 | 6% |
| 6 | 5% |
| 7 | 4% |
| 8 | 3% |
| 9 | 2% |
| 10 | 1% |
Frequently asked questions and answers.
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How do I cancel ClearView life insurance?
You can cancel your ClearView life insurance policy by calling the customer service number listed on your policy documents or visiting the ClearView website. You may also be able to cancel your policy through a broker if you purchased it with one. -
What is ClearView Australia?
ClearView Australia is an ASX-listed Australian financial services group. It offers a variety of life insurance products and services including life insurance, trauma cover, income protection and more. -
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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Is there a charge for ceasing a life insurance policy and transferring to another company?
Hi Kathy, Effectively there is no charge for cancelling a Life Policy and switching to another company. Keep in mind that the Policy Owner only has the right to cancel the policy. This can be different to the Life Insured in some circumstances so you will need to check the policy. You are covered under your Life Insurance simply whilst you are paying your premiums. If you pay premiums monthly or annually, generally the Life Insurers will provide a pro-rata refund of the premiums you may have already paid since the last renewal date up until the cancellation date you have requested. If you do switch Life Insurers, please keep in mind that you are required to disclose your full medical, pastimes and financials again with regards to an application so you need to consider this if you have had a change in circumstances and therefore you need to keep this in mind that a current policy is not cancelled until you are happy with the new policy and it has been accepted by the Life Insurer.
My husband hates paperwork/forms etc… is this one that can be done online? Does it require him to have a medical (he is quite fit, just getting him to go to a doctor is like pulling teeth) !!!!
Hi, I agree, no one likes paperwork! So we have made it easy for customers to apply for insurance over the phone, and at the same time we can answer any questions you may have about the different options and or the process. Generally he won’t require a medical or any tests, the only time these are required is if the insurers selected needs a current reading on a particular condition he may currently have or alternatively if he is applying for large amounts of cover.
If you have any further questions please feel free to call us 1300 135 205.
Person who could not speak English how they could apply for insurance policy.
Hi Hetal
Great, question. Normally what happens is the person would have their guardian / spouse / partner (interpreter) request quotes on their behalf. Then this person would explain the details of the policy, quotes and or explain the quotes, terms and conditions of the cover to the person taking out the cover.
However the application part of the application (Which is very important), needs to be fully and accurately completed in English, therefore a copy of the application is mailed out. The person helping with the interpretation would help them complete the questions in the application and understanding the terms of conditions of the policy they are considering, and the implications of not completing the application forms correctly.
I read on your website that as an existing Clearview customer, I will receive an online questionnaire every two years, requiring my current height and weight and the like. And that if my health review is positive, it will result in my discount reset to 10% of my premiums….I am making this enquiry for my husband who has been insured with Clearview for years, but never received an online questionnaire…his life protection policy will expire on 14 Sept 2017. Will really appreciate if you will send us an online questionnaire.
If I have death and terminal insurance on my Super and death and terminal illness cover with Clearview, can I make a claim from both companies?
Up to what age would I be covered by Clearview on terminal illness and death?
Will be expecting your answer soon.
Kind regards,
Marivic
Hi Marivic
Thank you for your question. To answer your second question first, yes in general you can claim on multiple life insurance policies at the time if you have notified your subsequent insurer of the previous / current policy at the time your took out the second policy & that there is nothing in the particular insurers product disclosure statements that restricts multiple policy holdings.
In relation to your existing Clearview policy you would need to check to see if the policy that you have is actually eligible for the Health Maintenance Rewards program as you may have a Clearview policy that is not eligible for the program. The best way to check this is to contact Clearview directly or you can reach out to our team and we will be able to assist 1300 135 205.