Macquarie Life: FutureWise

FutureWise is a comprehensive and affordable range of life insurance products which can be bought separately or combined, to meet your individual needs.

FutureWise policies can be held direct or within your superannuation, although some elements, such as Trauma cover, cannot be owned by a superfund. Through the 'flexible linking' option you can connect your policies so that you can take advantage of discounts and tax efficiencies but still have unrestricted access to many benefits. A 'superannuation optimiser' feature even allows you to split the ownership of your TPD policy.

Linking your FutureWise policies can make your insurance significantly more cost-effective, although it will mean that any claim you make under one policy will reduce the amount of your benefits under any remaining ones.

1300 Life Insurance can give you expert advice on your choice of policies and help you set up your life insurance in the structure which works best for you.

FutureWise Life Insurance

Life Insurance pays a lump sum to your beneficiaries if you die, protecting their financial future so they can have the lifestyle you planned for them even if you are gone. FutureWise Life Insurance policies have no expiry date, and there is no maximum to the amount of cover you can apply for.

Built-in benefits of FutureWise Life Insurance include automatic increases in the amount of your cover in line with inflation; advance payments to cover funeral expenses; and extra payments towards the cost of getting financial advice on how to manage the money after a claim.

FutureWise TPD Insurance

TPD Insurance offers you financial stability if you become permanently disabled and are no longer able to earn an income. You can apply for between $100,000 and $5,000,000 of cover. TPD policies expire once you reach age 99, although the type and level of cover may change after you reach age 65.

There are four different types of TPD cover available in the FutureWise range, 'own occupation', 'any occupation', 'domestic duties' and 'modified TPD', and each sets different circumstances in which you can make a claim. Which policy is right for you will depend on your age and the kind of job you do. 

Features of FutureWise TDP Insurance include the right to buy back any linked Life Insurance which might be lost if you make a TPD claim; and an extra-cost option which allows you to a claim partial payments if you suffer from a less severe injury.

FutureWise Trauma Insurance

Trauma Insurance pays a lump sum if you suffer from one of a specific list of serious illnesses or injuries, even if you recover fully or are still able to work. You can buy basic or 'plus' Trauma cover in your FutureWise policy, with plus cover offering protection against a wider range of conditions, as well as offering some extra benefits.

Trauma cover does not generally expire until you reach age 99, although from age 70 you may receive more limited protection. You can insure between $50,000 and $2,000,000, and you can apply to increase the amount of your cover if your circumstances change. For a higher premium you can buy the right to reinstate your Trauma Insurance or any linked Life Insurance if you have to make a claim.

You can also buy Child Trauma cover of up to $250,000, which covers your children for specified severe illnesses or injuries up to age 21.

FutureWise Disability Income Insurance

This is Macquarie's FutureWise income protection product for people in regular paid employment, which provides a monthly income to replace your lost earnings if you can't work because of sickness or injury. You may be able to claim a partial payment if you are able to work in a limited capacity.

You can insure up to 75% of your income up to a maximum of $60,000 per month. You can customise your income protection cover by choosing a longer or shorter benefit period (the length of time for which you can receive payments) and waiting period (the length of time between falling ill and receiving payments).

FutureWise Disability Income provides a built-in death benefit and fixed sum payments if you suffer from a specific injury listed in your policy. Another generous clause is the 'involuntary unemployment premium waver' which allows you to suspend your policy and premiums if you are temporarily out of work.

FutureWise Business Expenses Insurance

For self-employed people and the owners of small businesses Macquarie offers this insurance option, which provides a regular monthly payment to reimburse your share of the 'allowable' fixed costs of your business while you are sick or injured. These could include salary costs, utility bills and equipment lease payments.

It is designed for businesses where your work brings in most of the income of your business. You can receive payments for up to 24 months, up to the total amount you have insured in your policy, with a 30 or 90 day waiting period.

For full details of the Macquarie Life FutureWise range of life insurance products and to download the Product Disclosure Statement, please visit the Macquarie website.