We understand it’s not easy to think about life without you in it. That said, planning ahead is one of the most powerful ways to care for the people you love. Life Cover insurance from Acenda provides financial support when it’s needed most. Whether it’s covering everyday expenses, paying down the mortgage, or securing your children’s education, life insurance gives your loved ones financial freedom to keep going with confidence - even if life takes an unexpected turn.
What is Life Cover insurance?
Life Cover insurance is designed to provide financial protection in the event of your death. It pays a lump sum benefit that can be used to clear or pay down debts, maintain living expenses, or invest for future needs.
You can apply for as much Life Cover insurance as you need. If you’re unsure how much you might need, consider your family’s ongoing expenses, outstanding debts, and long-term financial goals. Your financial adviser can help you work out the right amount for you.
Need help making a claim?
Product overview
Life Cover makes a one-off lump sum payment if:
- You die, or
- You're diagnosed with a terminal illness (if you survive, you won't have to return this); or.
- You accidentally lose the use of your limbs or your sight.
We can also advance $20,000 from the death benefit if needed for urgent costs such as funeral expenses.
- If we have paid a one-off payment of $100,000 or more, we’ll reimburse up to $5,000 for the cost of a financial plan from a qualified financial adviser.
Optional Extras
You can apply for these options at an additional cost:
- Premium Waiver insurance: when eligible and a stated event occurs, Acenda will waive your insurance premiums, meaning your cover continues as if you were still paying.
- Business safeguard option: when certain events occur, you can apply to increase your Life Cover for certain business purposes without further medical evidence.
- Terminal illness support insurance (top-up option): receive a one-off payment if you’re diagnosed with a terminal illness and survive 30 days after the date doctors certify the terminal illness.
Other Key features
- You can also apply to add Total and Permanent Disability or Critical Illness extensions to your Life Cover insurance. Providing cover against being diagnosed with a major specified medical condition or against becoming totally and permanently unable to work due to illness or injury, these extensions can widen your safety net to support your short and long-term financial stability.
- Affordability support under an Economiser option allows you to freeze your insurance premiums while accepting a gradual reduction in your benefit amount over time.
How to pay your Acenda Life Cover insurance premium
Life Cover insurance is available both inside and outside superannuation. This means you can use your super to pay the premiums, or you can pay directly from your bank account or through an eligible wrap account. To see all your available payment options, click here.
Holding and paying for life cover inside your super fund can be more affordable for some. Even so, super laws usually prevent payments to anyone except your estate or dependants, and in some cases also taxes them. We suggest checking with your financial adviser to see if having your life cover inside super meets your needs and long-term goals.
How can I purchase Acenda Life Cover insurance?
To purchase Acenda Life Cover insurance, you’ll need to speak with a licensed financial adviser. They can give you advice that is tailored to your personal financial situation, and help you understand things like:
- What types of cover you need
- How much cover you need
- Which optional extras might be right for you, and
- Whether to have it through a super fund.
If you don’t already have a financial adviser, visit moneysmart.gov.au. It’s a government-run resource where you can search for licensed professionals, including financial advisers able to advise on life insurance, superannuation, and investments.
Do you need Life Cover insurance?
You may want to consider Life Cover insurance if you:
- Have a partner, family or dependents
- Have a mortgage or other large loans
- Have a business or you're self employed
- Don't have adequate savings to cover unexpected expenses
Acenda Life Insurance FAQs
- Who receives the Life Insurance payout?
- How much Life Insurance can I apply for?
- What affects the cost of Life Insurance?
- Can I increase my Life Insurance later?
- What is the Advance Death Benefit?
- Are there any exclusions?
- What happens if I stop paying premiums?
- What support is available for vulnerable customers?
- How can a claim be made?
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Total & Permanent Disability (TPD)
If you become permanently disabled and can’t work again, TPD insurance pays a lump sum to help you adjust. It can be used to support home modifications, homecare, out-of-pocket medical costs, rehabilitation, retraining and ongoing living expenses – helping to give you and your family financial freedom to keep focused on what matters most.
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Income Protection
If illness or injury stops you from working, Income Protection replaces a portion of your income. It’s designed to ease financial pressure while you heal, so you can take the time you need - without worrying about bills and financial commitments.
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Critical Illness
A serious illness can turn life upside down. Critical Illness insurance pays a lump sum if you’re diagnosed with a covered condition like cancer, heart attack or stroke, even if you can still go to work. It’s there to help with treatment costs, recovery time, or simply to give you space to focus on your wellbeing.
