HCF began in 1932 as the Metropolitan Hospitals Fund. The company’s primary focus was health insurance until 1981 when the company expanded and began offering life insurance policies.
Now, HCF offers health, life, and pet insurance to thousands of members across Australia.
Life insurance from HCF is called ‘Smart Term Insurance.’ As is the case with many insurers, HCF will pay out $100,000 to $500,000 when the insured party dies or receives a terminal diagnosis.
HCF also pays up to $10,000 early to help cover funeral costs. This payout is only available after three years of coverage or due to an accident. The payout is also doubled if death is a result of an accident (up to $1,000,000).
Premiums for Smart Term Insurance are stepped, which means they go up as you get older. They will rise when you move into the next five-year category. HCF promises to contact you one month before premiums rise.
HCF have ‘Cash Back Cover’ for their Trauma cover option. This policy allows you to collect $5,000 if anyone covered suffers an accident that requires surgery.
You will be able to receive up to $20,000 for a single policy and up to $40,000 as part of a family. This policy expires when you turn 65.
HCF Bounceback Cover is relatively unique in that it’s designed for Australians under 30. The policy is designed to cover young Australians who may encounter unexpected accidents or illnesses.
The policy will pay up to $100,000 with no medical underwriting. There are 35 covered conditions, but the policy is only open to those who are between the ages of 16 and 30.
Income Protection from HCF is called ‘Income Assist Insurance.’ Like most life insurance of this type, HCF will pay up to 75% of your average monthly income for up to 12 months.
HCF will also pay an additional $500 per month for up to three months to cover child expenses. The same is true for a ‘bed confinement benefit.’
To qualify for this insurance, you must be a permanent resident between the ages of 18 and 54 who works at least 21 hours per week.
Critical Illness Cover provides a $25,000 or $50,000 benefit for those diagnosed with serious illnesses like a heart attack or stroke.
The benefits you receive from this policy will be based on treatment levels. To apply, you must be a permanent resident between 18 and 54.
HCF Personal Accident Insurance protects those between 55 and 74 from critical accidents or death. The policy pays $15,000 for injury claims and up to $50,000 if the insured dies as the result of an accident.
HCF has won several awards for their health insurance products over the years, including the National Outstanding Value in Health Insurance from 2016 to 2019.
The insurer has also been recognized for their customer support, although they have not won any life insurance-specific awards.
Yes, HCF is a direct insurer. You can apply and obtain life insurance (and health insurance, for that matter) without the help of an insurance agent.
To make a claim with HCF, simply visit the HCF life insurance page, navigate to the ‘Member Login’ tab, enter your information, and proceed from there.
As of now, Life Insurance Comparison does not work with HCF to help bring quotes and comparisons to our users. We can offer quotes from AIA, BT, CommInsure, OnePAth, TAL, MLC, ClearView, Zurich, and NEOS. You can view all applicable online quotes by providing your details.