The benefits of bundled cover in life insurance

2020 -

If you need the protection of multiple insurance products, bundling might be the solution. Bundling enables you to save time while earning a reduction in your total premium. 

What is bundling insurance?

You can think of bundling as a product package for insurance. It allows you to purchase more than one insurance product from a single provider. 

One of the most popular bundles is the trio of income protection, life insurance, and total permanent disability (TPD) cover. This bundle covers you for a wide range of scenarios. 

While income protection provides for a temporary inability to earn money, TPD provides for a life-long injury—and life insurance helps ensure that your loved ones will be looked after, in the event of your death.

What are the benefits of bundling insurance?

Bundling helps reduce the time and hassle associated with buying multiple insurance policies. Instead of having to communicate with various providers about various products, you pay a single provider for all the products you need—usually in one, straight-forward premium, paid monthly, or annually.

And whenever you need to seek advice or make a change to one of your policies, you only have to deal with one provider. 

If you choose to bundle your cover, you may also have more options available to you. For example, if you bundled TPD with Life Insurance, you have Life Buy Back available. 

How does bundling insurance affect your premiums?

Most of the time, bundling results in a reduction in the cost of your total premium—whether you buy two products or several. 

As a rule of thumb, the more products you buy, the greater the potential overall reduction. 

What are the benefits of standalone insurance?

Standalone means that your insurances are not linked together; therefore you can keep your insurances independent. A benefit of choosing to structure your policy in this way is that if you make a claim there is no effect on the other insurances Benefit Amounts. If you don’t want to have an impact on your Benefit Amount, you can still purchase one, two, three or all four insurances independently and receive the full Benefit Amount on acceptance of your claim^, however you won’t receive a reduced premium. For an example of the difference between standalone and bundled cover, please visit here.


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^Subject to adjustments (see page 38 of the PDS) and meeting eligibility criteria.

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