Insuring members’ financial health and wellbeing

At HCF, we’re proud of being the first Australian health fund to offer life insurance products in 1980, so you and your family can be protected when life’s hurdles come your way.

In 2022, we’re celebrating 90 years of pioneering spirit and industry firsts at HCF that have made a positive impact on the lives of our members.

We’re committed to providing members with industry leading injury cover. In 1980, we were the first Australian health fund to expand our offering across a range of life insurance products*, striving to cover members for their recovery needs beyond the current health system.

As Australia’s largest not-for-profit health fund, our Uncommon Care approach has always propelled us to find new and different ways to give back to our members, understanding the gaps in their experience so we can better provide cover.

HCF’s Life company was formed in 1980 and launched its first product in March of 1981 with a term life product, and later added income protection, trauma and a unique suite of accident products^ which are designed to complement HCF’s private health insurance for our members’ needs.

Kevin Keane, General Manager, Life at HCF, explains how our life insurance business began in 1980: “It came about as a result of HCF being a health insurer. So, we asked, first and foremost, what do our members want and need? And what would complement their current insurance?

“We know some of life’s challenges aren’t covered by health insurance – having an accident or falling ill can be unexpected, and what’s even more unexpected are recovery expenses like taxis, extra rehab, parking, babysitters or help if you need time off work. Our products strive to improve access to overarching financial health and wellbeing. They’re about protecting you and your family – which makes us different from traditional life insurance businesses.”

What makes HCF’s life insurance products different?

“We’re a larger, not-for-profit health insurer, so we’re able to do some of the things smaller not-for-profits aren’t big enough to do. To be able to reinvest our earnings back into our members is a strong position to be in,” explains Kevin. “That’s how we conceived the idea for Kids’ Accident Cover, which is a pretty unique product.”

Kids’ Accident Cover is part of a range of life insurance products called Recover Cover – recovery and life insurance products to help with the costs that come with recovery by paying you cash.

Kids’ Accident Cover pays you cash for common kids’ injuries (Australian permanent residents with a child aged under 17, with cover expiring when your child turns 22) to help cover costs like splints and extra treatments, or even assist with household expenses.

“We’ve got members who’ve taken it out for all of their kids because it complements their health insurance perfectly,” says Kevin.

Surgery was the last thing Abby expected after her son, Archie's, bike accident. Having Kids' Accident Cover meant Abby could worry less about surgery costs and instead focus on Archie's recovery.

“Cash Back Cover is a great product too, as it’s accident and trauma linked together and gives you a general level of protection. And we also have Critical Illness Cover – we’ve really thought about the needs of the various member groups we have and their life stages.”

Cash Back Cover gave Vivian peace of mind throughout her cancer diagnosis, by offering a fast lump sum payment that was able to help with treatment costs and recovery. As a business owner of a cafe, Vivian felt uncertain of how she would continue to work throughout the challenges of chemo.

Uncommon acts of care

Over the history of HCF’s life insurance business, we’ve displayed acts of Uncommon Care that help members get through life’s tough moments.

We recently received a claim from a long-standing member who joined HCF in August 2008 and has held a Cash Back Cover product since then, upgrading to the new series Cash Back Cover when it was offered in 2015. In February 2020 he was diagnosed with lung cancer. Thankfully we were able to provide a benefit of $5000 to assist him with his recovery.

"My deepest thank you and to your department staff for making this unfortunate process as simple and stress free as it could possibly be. All your staff have been caring and have gone way above my expectations. Thank you for genuinely caring and making this difficult period a little easier.”

A recent HCF member added Personal Accident cover when she joined the fund in 2020. When the member was out shopping, she had a fall which resulted in multiple injuries, including a fractured left patella (kneecap). We were able to provide a benefit of $3,000 to provide financial support.

"Wow! I’m speechless. I cannot thank you enough for your wonderful, fantastic service! After having recently transferred to HCF from many many years with another health provider, my expectations have been surpassed. Knowing there is still a long road to recovery ahead of me, having this claim accepted is so very much appreciated. I have nothing but praise for HCF.”

Recover Cover helps with life’s unexpected moments

“Our products are for all those little things you don’t think about when you have an acute illness like cancer. You might think deeply about treatment but less about what happens afterwards. ‘When I’m recovering, what are the things I will or won’t be able to do?’” says Kevin.

HCF’s life insurance products seek to address that gap between getting treatment and achieving a sense of overall wellbeing – we know the costs don’t stop when you walk out of hospital or a treatment centre, so Recover Cover is designed to provide peace of mind for the in-between unexpected moments in life.

We’re proud of our Uncommon Achievements over the last 90 years, finding new and innovative ways to support the health and wellbeing of our members. Our pioneering spirit will continue to drive us forward, anticipating our members’ needs as they change and evolve over time.

Published September 2022