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Integrity life insurance review

Integrity was founded in 2012, by Chris Powell, former CFO of Zurich Insurance, who created Integrity with a declared aim to disrupt the life insurance industry

Integrity bills itself as an independent start-up and is privately owned, with Japanese insurance giant Daido holding a 14.9% stake.

They acquired QBE’s life insurance business in 2018 and entered the retail life insurance market in 2019. They’re a member of the Financial Services Council.

  • Integrity says that it has eliminated paperwork for almost all claims, replacing them with a teleclaim process that allows them to gather all information over the phone.
  • Integrity offer Care Support packages – there are an add-on to some policies, designed to reimburse you for condition-related costs if you pass away or are unable to work.
  • You can apply for a policy, check or change your cover or check your claims status

The following features are consistent across Integrity’s four retail products:

  • Premium relief: Premium freezes, suspension of covers and waivers available during changing or difficult times.
  • Easy increases for life events: You can request an increase in cover when certain events happen to you, such as an increase in earnings, marriage, divorce or the birth of a child
  • Interim accident cover: If you are eligible to apply for an increase in cover or new type of cover, you will receive interim accident cover as your application is assessed.
  • Guaranteed renewable: Your policy will renew each year without you needing to provide additional health or financial information.
  • CPI Rate increases: Your cover amount will adjust each year in line with the CPI rate unless you request otherwise.
  • online 24/7

These are the products Integrity offers. Please note, we’ve used the same name as Integrity uses for their products, and have explained what this means under the title.

Income Insurance

Income protection insurance helps protect your income if you’re unable to work for a period of time due to illness or injury.

Core cover includes income replacement benefit, total disability and partial disability benefits, rehabilitation support and a premium waiver when on claim. You can also add a number of extras, including superannuation contributions cover and specified injuries and specified medical conditions cover.

Life Cover

Life cover (also known in the industry as term cover or death cover) provides a lump sum in the event of your death or being diagnosed with a terminal illness where the condition means you are expected to pass away within 24 months. You can also receive an advance payment for funeral costs.

Critical Illness

Critical illness cover (also known as trauma insurance) provides a lump sum payment where you meet the definition for a specified medical condition, such as heart attacks, strokes and cancer. It’s designed to help cover your costs as you recover from these conditions.

You can also add a critical illness reset, meaning if the benefit is paid in full, you can reset the amount paid for new or unrelated conditions. Similarly, you can reset your benefit if you suffer a relapse of the same condition.

Total and Permanent Disability (TPD)

TPD cover from Integrity provides a lump sum payment if you become totally and permanently disabled and are no longer able to work. Core cover includes an “any occupation” definition, meaning you can only claim if you are unable to work in any occupation you are reasonably qualified for.

Extras include a premium waiver when totally or partially disabled and an “own occupation” definition, meaning you can claim if you are unable to work in your chosen field or profession. You do not also need to prove that you are unable to work in “any occupation.”

Care Support package

Integrity’s Care Support Package is an optional add-on that gives you and your immediate family extra support if you suffer from a relevant health condition and you’re unable to work, or you die.

Integrity describes it as a way of being reimbursed for costs related to your condition in order to take some of the financial pressure off you and your loved ones.

Integrity’s cancellation rate is 18.2% (industry average 14.7%). See MoneySmart’s Life Insurance Claims Comparison tool for more information.

Claims Philosophy

Integrity’s stated vision is to personalise the claims experience so it’s as straightforward as possible. This means many claims are done at a phone level, rather than using forms. They offer direct access to a dedicated claims specialist, 24/7.

Claims Process

As well as aiming to minimise all the red-tape in the claims process, Integrity have interwoven support mechanisms throughout their claim process.

Pre Claim

  • Briefing: You are guided through the overall process including all information relevant to the claim
  • Triage: Integrity will assess rehabilitation and support service needs and compile a recommendation of available services and resources

During Claim

  • Community of Support: Once it has been identified that you need rehabilitation, Integrity will draw on their panel of specialised rehabilitation services to suit your location, support required and preferences
  • Designing a Rehab Program: Working with you and your medical team, Integrity’s provider will design the most optimal rehabilitation plan that takes into account everything from type of injury or illness through to your personal psychology and personality
  • Ongoing optimisation and communication: Integrity will stand by you as you undertake rehabilitation to monitor, provide support and optimise as necessary

Website: https://www.integritylife.com.au/

Address:
Wharf 10, Level 1
50 – 52 Pirrama Rd
Pyrmont
NSW 2009

Contact form: https://www.integritylife.com.au/contact-us/

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