How safe are my policies? Will I still be covered if something happens to my insurance company?

Your insurance policies belong to you and are protected by several levels of security.

All insurance companies in Australia have to follow strict regulations which ensure they are financially sound and have enough reserves to cover claims. They are overseen by the Australian Prudential Regulation Authority (APRA) and undergo rigorous audits every year.

APRA's close supervision means that any signs of financial weakness in an insurance company would be identified quickly, so that steps could be taken to correct it. However, if the worst did happen and your insurance company became insolvent, your policy would be transferred to an alternative insurer and your insurance would continue.

When you buy your insurance through 1300 Life Insurance we are acting as an agent, which means that you are purchasing a policy which is underwritten by a major insurance company. Should anything happen to us it would make no difference to the status of your policy. You would still be fully insured and be able to deal directly with the underwriter if you needed to make a claim.

All policies are fully protected, regardless of which insurance company you choose, so there is no need to ‘spread risk' by taking out policies with different insurers.