GIO Life’s Financial Hardship policy

Financial Hardship Support for GIO Life customers during COVID-19

These are challenging times for our community and GIO Life is here to support our customers when they need us most and are facing immediate financial hardship. 

We encourage any customers facing financial difficulty to contact the GIO Life team on 13 10 10.

GIO Life Customers on Claim

To our ensure our claims managers can provide you with the best possible support while you are on claim, GIO Life has identified further support where COVID-19 may affect the management of your claim, including:

  • Establishing a dedicated team of experts across our Claims and Health Services functions to develop practical claims solutions.
  • We understand that some customers may find it difficult to collect certain information required to process or assess their claim, either due to social distancing, self-isolation or other matters, so we will continue to listen, and be flexible and pragmatic in our approach.
  • For income protection claims where we know a customer’s medical condition or incapacity is likely to continue in the short term, our team has started to schedule benefit payments up to the next three months. Depending on your claim and circumstances, we may be able to schedule future income protection payments, within the limitations of your policy, to ensure you receive benefits in advance and on time.
  • GIO Life has increased our Grief Support benefit for death benefits payable as a result of COVID-19. The grief counselling support has doubled where customers can be reimbursed for up to six counselling sessions to a maximum of $2,000.

We encourage you to speak with your claims manager who will be able to assist you with any concerns you may have regarding your claim.  Our claims managers are here to support you.

Support for Existing GIO Life Customers

It is important to understand that our Life and Income Protection policies come with a grace period or period of extended cover when customers miss a premium payment.  Generally, your insurance cover continues for at least 30 days if you miss a premium payment.  So don’t worry if you have missed a premium payment recently, you are still covered for at least 30 days depending on your individual policy.

If you are an existing customer and having difficulty in making premium payments on your policy then GIO Life can offer a range of options to provide you with support to maintain your policy.

Please note that in some circumstances, some of these options may not be available to all customers.

  • Options to reduce or change your level of cover. In these circumstances, you may temporarily reduce your level of cover and premium to make it more affordable.  This could include reducing your sum insured, removing inflation indexation, removing some optional benefits, or in the case of Income Protection benefits adjusting your waiting period or benefit period. If you reduce your sum insured then GIO Life will allow you to increase your cover amount and optional benefits back to the original sum insured without any medical underwriting assessment, if the cover or benefit reinstatement occurs before 30 September 2020*.  Age and cover limits apply.  If you choose to reduce your level of cover, GIO Life will continue to provide term life cover for you for death as a result of COVID-19 for your original policy sum insured, up to a maximum of $750,000. This applies while you continue to pay premiums for the reduced sum insured, up to 30 September 2020.
  • Increased flexibility around policy premium payments. GIO Life has generally increased flexibility around policy payment guidelines. In addition, the reinstatement period for lapsed policies will be increased to provide you with more payment flexibility and options.

These additional measures of support for our customers who are facing difficulty with paying their premiums will be considered where one or more of the following circumstances apply**:

  • You experience involuntary unemployment.
  • You are eligible to receive the Australian Government “Jobkeeper” or “Jobseeker” payment, youth allowance for jobseekers, parenting payment (including the single and partnered payments), special benefit or farm household allowance.
  • You are required to take leave without pay for a minimum period of 3 months.
  • Your hours of employment have been significantly decreased due to workplace restrictions as a result of COVID 19.
  • You are hospitalised as a result of COVID-19.

*Additional terms and conditions will apply to cover that is reinstated or resumed following a cover pause and these will be explained to you prior to you taking up any of these options. **Policies must have been in place for a minimum period of 6 months to access our full range of premium payment options.

We recognise that each customer has their own individual circumstances and we encourage you to call a GIO Life Customer Service representative on 13 10 10 to discuss your individual situation.

These additional financial hardship policies are available for customers to take up for an initial period up to 30 June 2020, and then will be further reviewed at that time.  If increasing your cover amount after reducing it, you will need to do so before 30 September 2020 to take up the offer of no medical underwriting.

These financial hardship measures and options will be reviewed on a regular basis as the COVID-19 situation evolves and therefore these terms may be subject to change.

GIO Life Insurance products issued by Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (Asteron).  Asteron is authorised to use the GIO brand. TAL Direct Pty Limited ABN 39 084 666 017 AFSL 243260 (TAL Direct) has been authorised under an arrangement with Asteron to enter into, vary or cancel insurance cover and manage, administer and settle claims on behalf of the insurer as if it were the insurer. TAL Direct and Asteron are part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 (TAL) group of companies.