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Macquarie Life Insurance

Life Insurer Information

In 1969, the Macquarie Group was founded. The Macquarie Group expanded rapidly and includes insurance providers, bankers, advisors, and investment professionals. The Macquarie Group expanded to offering Macquarie Life Insurance in the Australian Market in 1990 and has grown to a major insurance provider. Back in September of 2010, the Macquarie Bank Group was managing more than $317 billion and the business has only grown. Macquarie Life is trusted by many throughout Australian to ensure that when a tragedy happens and a serious illness, disability, or death occurs, the company will be there to provide financial cover.

Awards

Macquarie has received numerous awards in recognition of the high quality service, affordable premiums, and comprehensive cover. Examples of recent awards include:

  • 2010 Best Life Insurance Product of the Year (Life Active)- Australian Banking and Finance (AB+F) Insurance Awards
  • 2010 Best Value for Money- Your Money Magazine

Key Features

Macquarie offers many features to policyholders, depending upon the type of coverage selected. Features may include:

  • Flexibility when making claims. For example, partial impairment benefits are available for a wide range of conditions under the FutureWise Plan and extended activities of daily living are included as an objective measure for assessing impairment when determining eligibility under the FutureWise TPD plan. This may mean no occupational assessment is necessary to receive TPD.
  • The trauma sum insured may be reinstated, in whole or in part, without a need for medical underwriting one year after a claim is made.
  • Benefit plans guided by common sense. With Macquarie Life Active, for example, more severe medical conditions net higher medical payments.
  • Options for one product cover: It is possible for policyholders to have all of their insurance needs covered with the selection of one simple product.

Because features differ for each policy type, it is important to shop carefully for insurance products and compare features offered under different Macquarie plans.

Types of Cover

Macquarie offers a comprehensive array of different coverage types so all insurance needs can be met. Options for coverage include:

  • Term life cover: Up to $1 million in coverage can be purchased to provide a lump sum payment in the event of death or diagnosis of a terminal illness. The maximum age to obtain this type of cover for the first time is age 60.
  • Income Protection: Policyholders may purchase this insurance from Macquarie for the first time up until age 64, and can obtain as much as $30,000 in comprehensive income cover in case of accident or disability.
  • Life Active: This type of coverage can include TPD as well as trauma cover. Multiple claims are permitted to ensure all future health events are covered. The maximum age to obtain this type of cover for the first time is age 60. Life Active is an all-in-one insurance solution that pays a lump sum payment for a wide range of covered medical or health events including cancer diagnosis, stroke, psychiatric conditions, and heart attack. Multiple claims may be made under Life Active cover. Policyholders can also add optional death cover, income cover, and child cover.
  • Sumo: Sumo allows policyholders to select from a range of different insurance products offered by Macquarie to create the best combination of benefits. Options include TPD cover, life insurance, trauma insurance, and disability income cover. Macquarie Life Sumo is advertised as wealth protection cover intended to safeguard your assets and ensure an accident or illness doesn’t necessitate selling off what you’ve spent a lifetime building.
  • FutureWise: FutureWise makes seven types of cover available: life insurance which pays a death benefit; total and permanent disability insurance, trauma insurance, child trauma insurance, blood borne disease insurance, disability income insurance, and business expense insurance.

Shopping for different policies from Macquarie means you can get comprehensive coverage in case of an untimely death or in case you or your child gets sick or becomes disabled and cannot work.

Performance

Macquarie Life received a 5 Star Satisfaction Rating in the Beaton Benchmark Adviser Satisfaction Survey. Macquarie is the only insurance company that received that result. There are more than 15,000 people employed by Macquarie Life in more than 28 different countries, and Macquarie has been providing services to clients since its founding in 1969.

Making Claims

If you already have an assigned Macquarie advisor, you should contact the advisor when you are ready to make a claim. Friends and relatives may also contact your advisor on your behalf. Macquarie explains that the advisor will contact the insurer to provide notice of the claim. Appropriate claims forms and requests for necessary information will be provided to your advisor on the day that Macquarie receives notification.

If you do not have an advisor when you need to make a claim, contact the Macquarie Life team directly and inform them you wish to make an insurance claim. You can contact the team via phone at 1800 208 130 during routine business hours, or contact the team any time via email or mail. The email address to request claim forms is insuranceclaims@macquarie.com and the mailing address is GPO Box 4443 Sydney NSW 2001. Once you have informed the Macquarie Life Team that you plan to make a claim, you will be sent the necessary forms and paperwork.

Member Rewards

Members may receive many rewards and benefits from Macquarie including counseling for policyholders and immediate family members; information packs on nutrition, illnesses, and medical conditions; referrals to supplemental alternative therapy options, and referral to self-help groups.

Locations & Contact Info

Macquarie Group Limited
50 Martin Place
Sydney NSW 2000
61 2 8232 3333

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