Free Parent Cover
Because young Aussie families deserve a head start, we're giving you the opportunity to register for Free Parent Cover for 12 months, with cover of $10,000.
So if you are a parent or legal guardian of children under the age of five, make sure you register to take advantage of this great FREE opportunity.
It's only a good deal if you die.
So if you die, they pay for a new Parent ?
Exactly!
Only up to the value of $10000 - you might have to get a grey import parent. So make sure you do it before hockey adds an extra 10% gst.
Yes. Not only that, it will be a kinder and more attractive parent.
So does this insurance policy receive the same benefits of other Coles policies? In other words do you get the extra points for every dollar you spend at Coles? This would mean you get at least double points for every transaction at Coles for 12 months without having to pay for an insurance policy.
I agree that a representative of Coles Insurance may call, email or mail me about Coles Life Insurance using the details I have given in this application (unless I have subsequently withdrawn this consent);
PDS looks good. They're just trying to get you hooked for later but fair enough. An extra 10k for free is nice.
As far as I'm aware you can maintain multiple life insurance policies that will pay out irrespective of you holding more than one.
Though, if you're serious about life insurance you want to look at something more along the lines of 500k or more…
To opt-out email: [email protected]
Subject: Opt-out
Body: I hereby withdraw my consent for a representative of Coles Insurance to call, email or mail me about Coles Life Insurance using the details I have given in my application (number xxx)
Life insurance should be based on your assets / liabilities and the financial needs of your dependants. For example in the event of death, it should be sufficient to clear any debts and pay ongoing commitments (e.g. school fees, living expenses, etc.)
I will also leave them my OzBargain account. $10,000 should be more than enough if they wait for the right deals.
There's so many insurance offers popping up lately in the media…
Am I the only one that finds it all very odd?
I think that's a good sign. They are clearly not planning to kill us off anytime soon.
Absolutely you are not the odd one.
Life Insurance is huge in other countries. A sales executive can take home about $600K per annum. Huge potential in Australia. Now supermarkets, private health funds, insurance companies and Mr.XYZ "promote" life insurance to their customers, even selling pet and funeral insurance.The policy is commonly resold/underwritten by some bigger insurance companies.
If the sales rep is taking home $600k, then that is coming out of the profits. I'd suggest checking the commissions.
Most probably sold under misrepresentation as was done in the UK. Players like HSBC fined a motza and have to repay customers.
I find your dp pretty odd (but cool!)
Few points I learnt as getting extras cover-
some life won't cover you once you reach 65, some will.
Premium increases or cover amount decreases when age increases. Worth look into PDS.
The Max cover amount insured may vary, so depend on the age you start the policy.
Can have multi policy payout.
I can be wrong- do you own research and good luck.
If I lose my kids, they'll pay me $10,000???
EACH?!?
Don't tell me you're gonna…
The cost of this cover is very low (child mortality rates). Other factors for this targeted audience would also reduce the cost. A large proportion of life insurance premiums is for commissions which is not part of this sale either.
Also as an OzBargain tip, check out the insurance options in your superannuation fund. Good chance it is much cheaper than retail policies but you don't get advice on how much cover you need for your circumstances.
Good point about the commissions. I had a financial advisor tell me that their commission on the life insurance they wanted to sell me was equal to the full first year of premiums plus a small percentage thereafter.
Can only hope they are better to deal with than Coles car insurance.
I don't think you'll have to deal with them when you're eligible to claim…
LOL
True, but think of your poor family members.
This is shite. 10k if you die in the next 12 months. wow what a promotion
PDS does not exclude you from renewing after 12 months. So valid for as long as you got kids under 5yrs or their terms significantly change.
Its just a crap offering overall.
Don't apply then!
I wont
LOL. Im sure all the those who apply to this fantastic freebie cant wait to make a claim! I can just imagine at the ulogy a person saying.. this guy was such a tight ass, even his life insurance policy was a freebie! LOL hahaha
@Gavman: (Sorry, just in worst scenario!) At least your family can claim $10,000 after your passing. If you don't your children be like: Damn, our dad was a cheap bloke. We might have had an extra $10,000 for free. Such a shame!!!
Where is the Claim form????
Seems a bit of a scam - there is no actual way to make a claim!
From the PDS:
How do I make a claim?
If You, Your beneficiary, family or Your estate needs to make a claim, You/they should contact Us as soon as possible on 1300 547 435. We’ll send out a claims pack, which sets out in detail the information that is required by Us to assess and complete a claim.
I just rang them up and they said there is no Claims pack.
I need to write them a letter by postal mail.
Sounds like a scam.
![Free 12mth $10,000 Parent Cover @ Coles Life Insurance [Parent 18-55yo, Child <5yo Required]](https://files.ozbargain.com.au/n/54/208354.jpg?h=8212730d)
Read the pds and can't see the catch, although it only covers 10k but hey free is free I suppose