Why keep my cover with Resolution Life?

9 August 2020 | Staff Writer

Helping protect your family against life's uncertainties

For more than 170 years, Resolution Life has been safeguarding Australians’ futures in times of great need. From day one, we have helped protect Australian families’ financial security against illness, injury or death.

Today, we’re still doing what we do best – protecting your family’s future against life’s uncertainties. It’s a commitment we take very seriously.

An industry-leading claims track record¹

Resolution Life has one of the highest claims acceptance rates in the industry. We pay, on average, more than 92% of claims. So you can be confident that when you need support, we will be there to help.

More than 92%*

Average percentage of claims we pay

8,233

Customers received a claims payout in 2021

$2.66 million

Average payout each day for our customers in 2019

$971 million

Total payout in claims in 2021

402

Customers referred to external rehabilitation partners

A range of support services

A simple claims process that pays out as soon as possible is crucial. But years of experience has taught us that it’s only part of the story.

Resolution Life is also here to help you and your family get back to everyday life wherever possible. This could mean providing rehabilitation after an illness or accident or working closely with your employer to organise a return-to-work program.

In some cases, we may even be able to arrange food delivery or transport to help you take care of yourself after an illness.

We're here for our customers

Resolution Life has a unique model compared to other Australian life insurers. We focus only on supporting and managing our existing customers. This means we don’t spend our time, money and energy trying to get new customers. Instead, we can dedicate all our resources to taking care of you.

The value of cover

We offer a wide range of insurance covers that help protect you and your family against financial insecurity in the event of an illness, injury or death. This includes:

Death and terminal illness cover
Income protection
Total and Permanent Disablement cover
Trauma cover

Each of our insurance products offers features to make your cover valuable and flexible. For example, you can choose to apply indexation to your cover, so your benefit amount increases in line with the cost of living each year. You can find out more about product features in the Product Disclosure Statement for your insurance cover.

While life insurance may seem like an unnecessary expense at times, it may help you and your family if you become sick, injured or pass away. At time of claim, the value of your insurance cover will become priceless. The following example gives you an idea of the difference life cover could make during a very difficult time.

^{¹Figures based on Resolution Life claims paid during 2021.}
^{^*Figure based on Resolution Life 3 year rolling acceptance rate.}

Example

Rick and Alison have two children under 10. Rick is a sales manager for an IT company while Alison works part-time as an accountant. The young family are paying off a mortgage and saving for their children’s high-school education.

Eighteen months ago, Rick was involved in a bad car accident on his way to work. Fortunately, he survived – but was seriously injured. He spent nearly a month in intensive care. In the months that followed, he also went through a rehabilitation program to learn to walk again.

Fortunately, Rick was able to claim on the Income Protection insurance he’d taken out with Resolution Life. His cover provided him with monthly payments of 75% of his income, which the family used to pay their expenses.

Knowing he had a regular income helped Rick focus on getting well without the stress of financial insecurity. It also meant the family didn’t need to dip into their children’s education savings. Alison could afford to take some time off work to visit Rick in hospital, and be there to help him when he came back home.

Through Resolution Life, Rick also received additional support to help him get the rehabilitation services he needed. This included an assessment of his rehabilitation needs and recommending equipment and modifications to his workplace that would make it possible to continue his job once he was ready to return to work.

^{Please note this example is illustrative only and is not an estimate of the insured amount you will receive or fees and costs you will incur. This example is based on the following assumptions (a) the cover amount remains the same throughout the period and the policy is not cancelled or suspended and (b) No waiting period applies to the policy.}

What you need to know

Any advice on this website is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), and is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the relevant product disclosure statement and/or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision on whether to acquire, or continue to hold, the product.

The Target Market Determinations (TMDs) for our financial products (where applicable) can be found at Target Market Determinations (TMDs). The TMDs describe the key features and attributes of an applicable product that affect whether it is likely to be consistent with the objectives, financial situation and needs of consumers in the target market.

All information in this article is subject to change without notice. Although the information is from sources considered reliable, Resolution Life does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any financial decision. Except where liability cannot be excluded, Resolution Life does not accept any liability for any resulting loss or damage. The customer stories provided are based on true accounts but names have been changed for privacy.

If you decide to purchase or vary a financial product, Resolution Life and/or other companies within the Resolution Life Group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium they pay or the value of their investments. You can ask us for more details.

Resolution Life is part of the Resolution Life Group and can be contacted via contact-us or by calling the phone number mentioned above.