St George Life Insurance

St George - Key Information

Issuers: TAL Life Limited ABN 31 003 149 157 (TLISL) and BT Funds Management Limited ABN 63 002 916 458 (BTFM)

• Core Offering: A range of life insurance solutions, including:
  • Term Life Insurance
  • Living Insurance (cover for specified medical events)
• Distribution: Distributed through financial advisers and directly to customers.
• Key Products:
  • St George Protection Plans Term Life as Super - STSNB
  • Protection Plans Term Life
  • Protection Plans Living Insurance
• Target Market:
  • Designed for individuals, trustees and businesses needing lump sum benefits in the event of death, terminal illness, or specified medical events.
  • Specific products have specific target markets, with variations based on age, residency, occupation, and the purpose and amount of cover.
• Early Payout:
  • Terminal Illness Benefit available under Life Cover policies for early access to the insured amount.
• Claims Process: Claims are assessed against the most favorable policy enhancements available.
• Product Disclosure Statement (PDS): The PDS contains comprehensive information about St.George Protection Plans.
• Contact Information: 1300 366 416 (Monday to Friday, 8.00am to 6.30pm Sydney time).

Additional operational details

• Parent Company: Westpac Banking Corporation
• Underwriter: TAL Life Limited (for most products) and BT Funds Management Limited (for some superannuation products).
• Distribution Channel: Financial advisers and direct.
• Types of Cover Offered:
  • Term Life Insurance
  • Living Insurance
• Application Process: Applications are completed through financial advisers or directly.
• Support Services: Customer Relations Team.

St George Life Insurance - Company history and milestones

St.George Life Insurance is part of the trusted St.George Bank brand, offering Australians financial protection backed by the strength of the Westpac Group and expert underwriting through TAL Life Limited.

Key Milestones

1937 – Founding of St.George: St.George began as a building society in Sydney, created to support Australians with affordable housing finance and community-focused banking services.

1992 – Transition to Full Banking Services: St.George gained a banking licence in 1992, officially becoming St.George Bank and expanding into broader financial services, including insurance offerings.

2008 – Merger with Westpac Group: St.George Bank merged with Westpac Banking Corporation in 2008, strengthening its financial backing while maintaining its unique brand identity and customer focus.

Introduction of St.George Life Insurance Products: Through partnerships with leading life insurers, including TAL Life Limited, St.George expanded into the life insurance sector — offering Life Cover, TPD Cover, and Trauma Cover tailored for its customers.

2010s–Present – Focus on Integrated Digital and Insurance Services: St.George Life Insurance continues to evolve, offering streamlined online insurance applications, easy banking and insurance bundling, and trusted life insurance backed by one of Australia's strongest banking groups.

St.George Life Insurance - Key Strengths

St.George Life Insurance offers a trusted and reliable solution for Australians seeking straightforward life cover, backed by decades of financial service excellence. Here are some of the key strengths that set St.George Life Insurance apart:

• Strong Financial Backing: Policies are underwritten by TAL Life Limited, one of Australia’s largest and most financially secure life insurers, providing confidence that claims will be paid reliably.
• Trusted Australian Brand: With a history dating back to 1937, St.George has built a reputation for integrity, service, and commitment to supporting Australian families.
• Straightforward, Flexible Products: St.George offers life insurance products that are simple to understand and flexible enough to adjust as your life circumstances change.
• Customer-Centric Service: Known for its Australian-based support teams, St.George delivers personal service that helps customers during both the application process and claims time.
• Competitive Pricing: St.George Life Insurance is generally competitively priced, offering affordable life cover options without sacrificing the quality of protection.
• Seamless Claims Support: Now managed by TAL, the claims process is designed to be as stress-free as possible, with dedicated support to guide customers every step of the way.
• Experience and Stability: With over 85 years of financial services history, St.George offers the long-term stability and trust Australians seek when choosing life insurance.

St George Life Insurance – Awards and Recognitions

St.George Life Insurance, backed by the strength of the Westpac Group and issued by TAL Life Limited, has earned ongoing recognition for its contribution to delivering accessible, value-driven, and customer-focused life insurance in Australia.

Key Awards and Industry Recognition

• Outstanding Value Awards (via TAL underwriting):Life insurance policies issued through St.George, underwritten by TAL Life Limited, have contributed to TAL’s repeated success in Canstar’s Outstanding Value Life Insurance Awards, recognising competitive pricing and strong feature sets.
• Customer satisfaction recognition: St.George has consistently ranked highly in customer satisfaction surveys across financial services, highlighting their focus on providing simple, reliable insurance backed by responsive service.
  
• Digital innovation and online experience: St.George, through Westpac Group's investment in digital transformation, has been recognised for improving online accessibility, digital self-service tools, and streamlined application processes — making it easier for Australians to manage their insurance and banking needs online.
  
• Sustainability and ethical leadership: Through Westpac Group’s sustainability leadership awards and ethical banking accolades, St.George is indirectly recognised for aligning financial services, including life insurance, with responsible business practices.
  
• Industry trust and brand recognition: As part of the Westpac Group, St.George benefits from multiple industry trust ratings and independent endorsements of brand strength, reinforcing confidence among life insurance customers.

St George - Cover Amount Ranges

St.George Life Insurance (underwritten by TAL) offers flexible cover limits across a range of life insurance products to suit different needs.Here’s an overview of the available cover amounts:

Life Insurance:

• Cover ranging from $100,000 to $5 million is available online.
• Higher cover amounts may be available by contacting TAL directly.

Trauma (Critical Illness) Insurance:

• Cover up to $500,000 is available online.
• For cover up to $2 million, you may need to call TAL.

Total & Permanent Disability (TPD) Insurance:

• Cover up to $1.5 million is available online.
• For cover up to $3 million, you may need to call TAL.

Income Protection Insurance:

• Cover for up to 70% of your monthly income is available.
• You can get a quote online for cover up to $20,000 per month.
• For cover up to a maximum benefit of $30,000 per month, you may need to call TAL.
• per month (depending on income verification and occupation class)

Important note: all cover amounts are subject to application, underwriting assessment, age limits, and the terms and conditions outlined in the relevant Product Disclosure Statement (PDS).

St George - Sustainability and Corporate Responsibility Overview

At St.George Life Insurance, sustainability and corporate responsibility are integral to how they operate, reflecting their deep commitment to customers, communities, and the environment.

• Environmental Stewardship: As part of the Westpac Group, St.George is committed to achieving net-zero carbon emissions across operations by 2050, with ongoing initiatives to reduce energy use, support renewable energy projects, and lower their environmental impact.
  
• Responsible Banking and Investment: St.George follows responsible lending and investment practices that consider social and environmental risks, ensuring their life insurance and broader financial services support long-term, sustainable growth.
  
• Community Investment: Through Westpac Group programs, St.George supports community initiatives such as financial education programs, Indigenous engagement strategies, and funding grants that assist local organisations in building stronger, more resilient communities.
  
• Diversity, Equity, and Inclusion: St.George champions workplace diversity, actively promoting gender equity, Indigenous employment opportunities, and inclusive hiring practices across their business operations.
  
• Strong Ethical Standards: Upholding the principles of fairness, transparency, and ethical governance, St.George Life Insurance ensures customers are treated with integrity and respect at every stage of the insurance journey.
  

St.George Life Insurance’s sustainability and corporate responsibility efforts reflect their ongoing mission to create lasting positive change — for customers, communities, and future generations.

St George - Technology & Innovation

St.George Life Insurance, underwritten by TAL, focuses on providing accessible and straightforward life insurance solutions rather than emphasizing cutting-edge technology or innovation initiatives in the same way some other insurers might.

Their approach leverages established digital platforms to offer online quotes and applications for various life insurance products, aiming for a user-friendly experience. Key technological aspects include:

• Online Quoting and Application Process: Customers can easily obtain indicative quotes and apply for cover online for Life, Trauma, TPD, and Income Protection insurance within specified cover limits.
• Customer Portal (via TAL): Policyholders likely have access to an online portal provided by TAL where they can manage their policy details, update information, and potentially lodge claims.
• Integration with St.George Banking Platforms: While specific integrations aren't detailed publicly, it's reasonable to assume a level of integration that allows St.George customers to easily access and learn about life insurance options through their existing banking relationship.

It's important to note that while St.George provides these digital conveniences, the core innovation and technological advancements in the underwriting and product development are likely driven by their partner, TAL, a well-established life insurer with a long history in the Australian market. TAL has been recognized for its digital capabilities in the life insurance sector.

Therefore, St.George Life Insurance's technology and innovation aspect is more about providing convenient digital access to reliable life insurance products underwritten by a trusted partner, rather than being a leader in disruptive technological innovation within the insurance industry itself.

St George - Pricing and premiums

St.George Life Insurance, issued by TAL Life Limited, offers fully underwritten policies designed to provide competitive premiums while maintaining comprehensive life cover options for Australians.

How St.George Life Insurance Premiums Are Calculated:

Premiums are determined based on several personal and policy factors, including:

• Age at the time of application
• Gender
• Smoking status
• Occupation and income
• Health and medical history
• Level of cover selected
• Optional extras (such as TPD or Trauma Cover)

Premium Structure Options

• Stepped Premiums: Premiums start lower when you are younger and increase each year as you age. This is the default structure for many St.George life cover policies.
• Level Premiums: Available for some cover types, level premiums are designed to remain more stable over time, providing long-term affordability and predictability.

Typical Cover Amounts

• Life Cover: Up to $1.5 million or more, depending on underwriting assessment
• Total and Permanent Disability (TPD) Cover: Available as an optional add-on
• Trauma Cover: Available as an optional add-on for critical illnesses

Points for consideration:

• Discounts may be available for St.George banking customers bundling life insurance with other products.
• Premiums typically increase annually for stepped policies.
• Policyholders can request changes to their cover amounts to better manage premiums over time.
• Indexation options (CPI increases) help maintain the real value of cover against inflation but will also affect premium amounts.

Please note: that this is a general description. For personalized pricing, it is essential to contact Dignity Insurance or refer to your policy schedule.

St George Life Insurance - Product Disclosure Statement (PDS)

Issuer: TAL Life Insurance Services Limited (ABN 31 003 149 157)PDS Issue Date: 1 August 2022

The St.George Protection Plans Living Insurance policy provides cover if the insured person suffers a specified medical event or a specified severe medical event.

Key Features and Benefits

• Pays a lump-sum benefit if the insured person meets the definition of any of the specified medical events or severe medical events outlined in the PDS.
• The policy is only available outside superannuation.
• There is a maximum of five policy owners, who would jointly own the policy.
• Policy owners can choose to pay premiums by stepped or level premiums for the life of the cover.
• Policy owners can choose between three types of cover:
  • Living Benefit
  • Living Benefit Plus
  • Reserve Living Benefit

Eligibility

Key eligibility requirements include:

• A Protection Plans Reserve Living Benefit must be linked to a Protection Plans Term Life or Term Life as Superannuation policy.
• The insured person must be aged 15-59 at the time of commencement of the cover or aged 15-75 for any replacement or reinstatement (or aged 15-70 for any replacement or reinstatement of Reserve Living Benefit).
• Specific age-based conditions apply to premium structures (stepped or level).
• The insured person must be an Australian citizen, a permanent resident of Australia or the holder of an eligible spouse/partner or work visa.
• The insured person must not be working in an ineligible occupation.

Cover Amounts Available

• Living Benefit: Minimum $25,000, Maximum $2 million
• Living Benefit Plus: Minimum $25,000, Maximum $2 million, with multiple claims possible for Angioplasty (single or double vessel).
• Reserve Living Benefit: Minimum $2 million, Maximum $10 million

Exclusions

Exclusions apply if a specified medical event or severe medical events giving rise to the claim is caused by intentional self-inflicted injury or attempted suicide. Additional exclusions apply to the Protection Plans Reserve Living Benefit if the severe medical event giving rise to the claims is caused by alcohol abuse or attributed to alcohol abuse, alcohol dependence, or drug use. A three-month exclusion applies for certain severe medical events. Other exclusions may apply depending on individual circumstances, which will be notified in writing. Only medical events or severe medical events that occur after policy commencement are covered by the policy.

Target Market

This product is designed for policy owners who need a lump-sum benefit as specified, if the insured person suffers a specified medical event. It is designed for those with personal or business needs, and who have the financial capacity to pay premiums.

The product is not designed for:

• insured persons aged 60 or over when first taking out cover.
• insured person is not working in an ineligible occupation
• insured person is not an Australian citizen, a permanent resident of Australia or holder of an eligible spouse/partner or work visa.
• those whose main reason for cover is for a pre-existing condition.
• those who need cover for less than $25,000 or more than $10 million.
• those who need cover for an insured person aged 14 or under
• those who need for more than five policy owners
• those who need cover inside superannuation.

Distribution

This product is designed to be sold by financial advisers, or directly by TLISL. It is only distributed if the policy owner and the insured person meet the relevant eligibility criteria.

St George Life Insurance - Target Market Determination (TMD) Overview

Product Scope

• Product 1: St George Bank - St George Protection Plans Term Life as Super - STSNB
  • Issuer: BT Funds Management Limited ABN 63 002 916 458
  • Effective Date: 5 October 2021 - 4 August 2022
• Product 2: Protection Plans Term Life
  • Issuer: Westpac Life Insurance Services Limited (WLISL) ABN 31 003 149 157
  • Effective Date: 5 October 2021

Target Market Class of Consumers

• Both TMDs state that the product is designed for a class of consumers whose needs, objectives, and financial situation align with the product's key attributes.
• Product 2 (Term Life) specifies this further, stating it's for policy owners or super fund members who need a lump sum benefit of at least $25,000 if the insured person dies or suffers a terminal illness.

Product Description and Key Attributes

• Product 1 (Term Life as Super):
  • The TMD focuses on the product being suitable for a class of consumers whose needs, objectives, and financial situation are aligned with the product’s key attributes.
• Product 2 (Term Life):
  • Provides cover in the event of death or terminal illness of the insured person.
  • Policy ownership can be individuals, trustees (superannuation and non-superannuation), or businesses (with a maximum of five policy owners outside superannuation).
  • Provides a lump sum benefit to cover personal or business costs (as detailed in the "Needs, objectives and financial situation") if the insured person dies or suffers a terminal illness likely to result in death within 24 months.

Key eligibility requirements:

• Insured person aged 15-69 at commencement (15-99 for replacement/reinstatement).
• Premium structure options (stepped, level to 65, level to 55) depending on the insured person's age.
• Insured person is an Australian citizen, permanent resident, or eligible visa holder.
• Insured person is not working in an ineligible occupation.

Key benefits:

• Death Benefit: Lump sum payment upon death.
• Terminal Illness Benefit: Lump sum payment if the insured person has a terminal illness with a likely death within 24 months.

Exclusions:

• 13-month exclusion for suicide at commencement.

• Other exclusions may apply (refer to PDS).
• Only sicknesses or injuries after policy commencement are covered.

Needs, Objectives, and Financial Situation (Product 2 - Term Life)

• Covers personal financial costs (e.g., funeral expenses) or capital requirements (e.g., mortgage reduction).
• Covers business costs where the insured is a key person or business capital requirements when the insured is a business owner.
• Policy owner/super fund member has the financial capacity to pay premiums.
• Ability to continue paying premiums if they increase.

Product 2 is NOT designed for:

• Insured persons aged 70+ at first cover.
• Non-Australian citizens/permanent residents/eligible visa holders.
• Insured persons in ineligible occupations.
• Cover mainly for pre-existing conditions.
• Cover needed for less than $25,000.
• Cover needed for insured persons aged 14 or under.
• Need for more than five policy owners.
• Need for TPD, trauma, income protection, or business expenses insurance.
• Need for health insurance.

Alignment to Target Market

• Both TMDs confirm the product is likely consistent with the objectives, financial situation, and needs of the target market.
• This is based on assessing the product's key terms, features, and attributes against the identified consumer class.

Distribution Conditions and Restrictions

• Product 1 (Term Life as Super):
  • The TMD indicates that the distribution conditions and restrictions will likely result in consumers acquiring the product who are in the target market.
  • The distribution conditions and restrictions are considered appropriate and will direct distribution to the intended consumer class.
• Product 2 (Term Life):
  • Distribution channels:
    • Financial advisers with an Australian Financial Services Licence.
    • WLISL.
  • Distribution conditions:
    • Policy owner/insured person/super fund member meets eligibility criteria.
    • New consumers are served by appropriately authorized, trained, and qualified financial advisers.
    • Distribution to consumers other than new consumers is provided by WLISL or financial advisors in specific circumstances:
      • Consumer is within the target market.
      • Consumer previously held the product or is replacing a WLISL product.
    • While the product may be advertised on comparison websites, applications must be through a financial advisor or WLISL.
    • Westpac Banking Corporation may refer consumers to WLISL.
    • The distribution conditions and restrictions are assessed as likely to result in consumers in the target market acquiring the product and are considered appropriate to direct distribution.

7. TMD Reviews

• Both Products:
  • Initial review: Within one year of the effective date.
  • Periodic reviews: At least every three years from the last review.
• Term Life as Super):
  • Review triggers include material changes to product design/distribution/documentation, material changes in law/taxation, inadequate distribution conditions, or significant dealings.
• Term Life:
  • Review triggers include significant changes in metrics (complaints, sales, etc.), material changes to product design/distribution (e.g., underwriting criteria), identified systemic issues, material external events, occurrence of a significant dealing, and inadequate distribution conditions.

Distribution Information

• Product 1 (Term Life as Super):
  • Distributors report complaints and significant dealings.
• Product 2 (Term Life):
  • Distributors report complaints (6-monthly) and significant dealings (within 10 business days).

St George Life Insurance – Contact Details

• Company Name: St George Life Insurance
• Phone (Adviser Enquiries): 1300 366 416
• General Enquiries:
• Postal Address:
• Operating Hours: Monday to Friday, 8.00am to 6.30pm (Sydney time)