Question 1

Who will receive my Life Insurance benefit payout when I die?

Accepted Answer

You are able to nominate up to 5 beneficiaries who can receive your Life Protect Death Benefit payout in the event of your death. If you haven’t nominated anyone, it will be paid to your estate.

Please contact our office on 13 11 55 and we can help you with this process.

Question 2

Will my premium increase as I get older?

Accepted Answer

For the first 12 months of your policy, your premium is guaranteed not to change. After this, your premium will generally increase with age, as well as increase in line with inflation. This is called Automatic Indexation Benefit, and refers to the annual automatic increasing of your sum insured and, in turn, the premium you pay.

You can choose to decline the Automatic Indexation Benefit increase or you can elect to freeze your premiums. Please note that this may result in you not having the optimum level of cover.

Please refer to the PDS for full terms and conditions

Question 3

Can I increase my level of cover?

Accepted Answer

Yes, you can apply to increase your cover at any time, but this process is subject to underwriting.

Your other option, to avoid any underwriting, is to consider the Lifestyle Increase Benefit. This benefit allows you to increase the level of your cover by a maximum of $100,000 annually as long as it’s either the second anniversary of your policy, or you’re under the age of 60 and a life event as stipulated in our PDS occurs.

A life event is when you:

Get married
Have a baby
Adopt a child
Have a child start high school for the first time
Purchase a home and/or
Suffer the death of your spouse.

The maximum you can increase your cover each year is $100,000.

Question 4

Can I cancel my Life Protect Insurance?

Accepted Answer

The option to cancel your Life Insurance is available to all GIO customers. However, we also believe it’s important that you and your family can be confident in being able to access financial assistance when it’s needed the most.

Because of that, if the reason you want to cancel is due to a change in lifestyle or financial situation, please note that we have a range of solutions that may be able to work for you. You can contact us to discuss your situation further, and potentially come to a solution that will work for you while also continuing to keep you covered.

Question 5

Is GIO a signatory to the life insurance industry’s Code of Practice?

Accepted Answer

Yes. It’s important that you get the highest standards of service in all your dealings with us. That’s why we have adopted the Life Insurance Code of Practice. It’s the life insurance industry’s commitment to mandatory customer service standards and it’s designed to protect you, our customer. Find out more.

Frequently Asked Questions

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