Considering Life Insurance to Protect Your Family
Taking care of your family is your number one priority, and there’s no reason why this should change when you’re no longer around. Life insurance generally ensures that your loved ones are financially provided for while they deal with the emotional strain of your loss and for the foreseeable future.
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Benefits of Life Insurance
- Pays a lump sum benefit to your beneficiaries when you pass away or get diagnosed with a terminal illness.
- Premiums from as little as $20.47 a month**.
- Worldwide cover, 24/7
- You can apply if you are aged between 10 and 74 years old
- Available for purchase through your superannuation.
Generally, there’s no wrong time to apply for life cover. But, you may find yourself led to the decision after certain significant milestones in your life. A recent research study by Asteron has revealed the following life events are the most common prompt for purchasing life cover:
Starting a family (51%)
Your life cover may be used to help your family maintain their quality of life when you’re no longer able to provide for them.
Buying a house
(46%)
Life cover should be able to help your loved ones pay off the balance of what you owe on your mortgage.
Getting older
(39%)
Typically, as you get older, your financial responsibilities increase, and your awareness that you are not invincible increase, therefore start to think about putting appropriate cover in place.
Typically, there are several different ways to financially protect yourself and your loved ones throughout your life. However, you’ll need to understand which events you’d like to have protection against first as this generally determines which types of cover you’ll need.
What are my options?
Types of life cover
- Term life cover: While this provides a lump sum payment, these types of policies can be purchased as a salary replacement so that your spouse and children are able to maintain their standard of living or pay off your debts.
- TPD Cover: This type of insurance pays you a lump sum benefit if you become totally or permanently disabled due to illness or injury are unable to work.
- Trauma Insurance: Pays a once-off lump sum if you suffer from one of the critical conditions listed in your Product Disclosure Statement (PDS). For instance, if you suffer a stroke, receive a cancer diagnosis, or have a heart attack.
- Income Protection Insurance: Generally, pays a monthly benefit of up to 75% of your regular income if you lose the ability to work for a period of time because of illness or an injury.
- Accident only Income Protection: Provides you with a monthly benefit up to 75% of your typical income if you are injured in an accident and are unable to work for longer than the waiting period.
- Funeral cover: Offers a cash benefit that can be used to cover your loved one’s final costs.
Alternatives to life insurance
- Savings accounts / Investments: Instead of purchasing life cover, you may have enough savings to provide for your family. When you pass away, your family will generally be able to access the funds immediately.
- Net Properties / Investments: Another option is to have all of your liabilities more than covered by your assets. Your assets can typically also be sold or potentially used to generate income to help your loved ones maintain their lifestyle.
- Ongoing Income / Investments: You may have ongoing income from investments, properties or shares that will continue in perpetuity that may provide the income your family needs.
Building up savings, investments and continuous income to care for your family is generally a good idea. However, for example, most families’ annual saving rate is 8.6%, which equals roughly $9 for every $100 earned. While this sounds like a lot, a person who earns $100,000 per year would need to save for more than 55 years to save $500,000.
While saving your money is a good idea, however, often families need financial protection now. Therefore they may want to consider an appropriate life insurance policy as this can be a cost-effective method of providing financial security in the event of terminal illness or death while these savings, net investments build.
What is life insurance?
This type of insurance pays out a lump sum of money after your death or terminal illness diagnosis. The benefit can be paid to your nominated beneficiary or your estate. This money can be used to pay off debts, loans or financially provide for your loved ones as required.
To secure this financial protection for your family, you’re generally required to pay a monthly or yearly premium to your insurer. Typically, several different factors influence your premiums. These factors include your age, genders, occupation, and lifestyle factors like your smoking status.
Pros and Cons
| Advantages | Disadvantages |
|---|---|
| Beneficiaries receive a benefit when you die, which helps them maintain their lifestyle. Or it can be used to take care of other financial obligations. | Cover ends at a certain age, Typically 99 years; however, this varies by insurer. |
| The lump-sum benefit on a personally held policy is generally tax-free. | Your premiums are affected by the results of your lifestyle factors. E.g. premiums are higher for smokers than non-smokers. |
| Depending on your policy, if you are diagnosed with a terminal illness and have a life expectancy of less than 12 -24 months, you’ll generally receive the full death benefit to you in advance. | There are typical exclusions that you need to be aware of, e.g. 13 months for suicide. However check the relevant for PDS for full terms and conditions. |
| You’ll be able to link your life cover with other policies, like TPD and Trauma insurance. | Your medical history can impact your premiums. Therefore you should consider putting cover in place while you are in good health. |
| You have the option to select stepped or level premiums. Stepped premiums generally start lower and increase as you get older. In contrast, level premiums are based on your entry age, therefore start higher and are therefore generally more consistent. | |
| Your level of cover increases by a set percentage (3-5% depending on the insurer) or the CPI, depending on which is greater. This helps to keep up with inflation. |
Do you need life insurance?
Generally, you’ll require cover if your spouse and children are dependent on your income. Term life cover is worth considering if you have a mortgage and/or a young family. Alternatively, if you’re caring financially for your aging parents, you may also want to consider purchasing a policy.
What to consider before calculating a sum to insure yourself for?
There are several important factors to keep in mind before you buy life cover. This includes:
- Mortgages: Is there a mortgage to cover and how much would be needed to pay it off?
- Outstanding debts: Generally, it’s a good idea to look at your outstanding debts before looking for a policy. That way, you’ll know the minimum lump sum amount you’ll need to pay off your debts.
- Childcare expenses: Will your surviving partner have childcare expenses to pay after your death? You may want to calculate how much they’ll need to raise your children. In this calculation, you’ll need to figure out how many years your kids are expected to still live at home and other costs such as education.
- The income that needs to be replaced: One of the primary purposes of the lump-sum payment is to replace the deceased person’s income that was supporting the family. So, one of the most critical questions you need to ask yourself is “How much income will I need to replaced?”
- Less Assets: Generally, people will consider which assets could be used to cover these obligations if they were to pass away, allowing for the level of cover provided by the policy to be reduced. Therefore you may want to look at the total amount that your beneficiaries can expect to get from your other assets.
Generally, these factors will influence your decision on how much coverage you need. Please speak to a specialist about your policy options in making your policy more affordable, whilst still ensuring it matches your requirements.
How does my life stage impact me?
In your 30’s and 40’s, the need to apply for life cover may become increasingly apparent. But, as you near your 60’s and you may not have any child dependents anymore, you might be wondering if it’s still a good idea to maintain your policy at a reduced level.
The value of life cover during different life stages include:
- Singletons: In your early 20’s, you generally don’t have many financial obligations, and your chances of dying are low. So, your premiums will typically be lower than at any other stage in your life.
- Couples: Whether you’ve just gotten married or you’ve bought your first home, life cover during this stage of your life is usually a good idea as it means your loved one won’t need to be concerned about financial strains after your death.
- New families: Taking out a policy when you’re planning on starting a new family or if you’ve just had a baby means you’ll be caring for your family even if you’ve passed away. Your benefits in this stage will typically be used to cover the costs of raising a child. These expenses may include mortgages, education and living costs.
- Divorces: If you’re separating from your partner and you need to pay child support, you may want to review your life cover. Typically, you’ll need more coverage so that your financial support of your children continues should you or your ex pass away unexpectedly.
- Senior years: Many people over the age of 60 still have lower debts/ financial obligations. By maintaining your policy, potentially at a lower level in your later years means your loved ones will be able to pay off all outstanding debts, allowing them to grieve without the pressure of financial stress.
How much does life insurance cost in Australia
The average cost of life insurance in Australia will vary based on several factors, including your age, gender, the sum insured. Premiums can start from as low as $20.47 per month for a $1,000,000 worth of cover on monthly stepped premiums.
Research from a number of major life insurance brands is below.
Average stepped monthly life insurance premiums:
| Sum insured | 20 year old | 30 year old | 40 year old | 50 year old | 60 year old |
|---|---|---|---|---|---|
| $200,000 | $23.71 | N/A | $20.47 | $38.59 | $141.88 |
| $500,000 | $41.56 | $25.61 | $29.50 | $71.48 | $275.56 |
| $1,000,000 | $68.99 | $41.70 | $46.98 | $122.67 | $484.10 |
Source: Life Insurance Direct, December 2020, non-smoking male, stepped premium, monthly based in NSW, Retail life insurance Brands
Average level monthly life insurance premiums:
| Sum insured | 20 year old | 30 year old | 40 year old | 50 year old | 60 year old |
|---|---|---|---|---|---|
| $200,000 | $29.18 | $28.67 | $41.04 | $97.96 | $233.06 |
| $500,000 | $53.01 | $47.97 | $77.06 | $191.66 | $462.09 |
| $1,000,000 | $90.87 | $82.09 | $134.23 | $338.71 | $812.38 |
Source: Life Insurance Direct quote form, December 2020, non-smoking male, level premium, monthly based in NSW
Take note: The premiums above were calculated for a non-smoking male with no pre-existing medical conditions.
Everyone’s requirements and situations are different. Therefore, you may want to request a quote today to discover which life insurance policy is best for you.
How to compare policies
Generally, you’ll need to examine the following factors before deciding which cover is right for you:
- Premiums: Policy premiums are generally made up by adding the base premium, policy fees and any applicable stamp duties, these are typically not applied to life cover but may be added to other policy types like Income Protection. To find the cheapest life cover, look for discounts for annual payments, savings when purchasing other types of cover from the same company and healthy life discounts. Alternatively, you could save on your premiums by maintaining a healthy lifestyle.
- Premium Types: Typically, there are three types of term life premiums:
- Stepped premiums: Start cheap but increase in cost as you age each year.
- Level premiums: May be more expensive when you apply for cover but do not increase due to a change in your age and are worth considering for long-term affordability.
- Hybrid premiums: Combines stepped and level premiums. Your premiums start as steeped but is converted to level style policy once the stepped premiums reach a higher amount than the level premium amount.
- Built-in Benefits: It’s important to examine the benefits you receive from your life cover. Some benefits are standard. However, these benefits may not be found in every policy. Or, some benefits may come standard with one provider but could be a paid-for option with another insurer. Common built-in benefits include:
- Terminal illness benefit: If you are diagnosed with a terminal illness and have less than 12 -24 months to live depending on the insurer, they will pay the full death benefit to you in advance.
- Funeral advancement benefits: This benefit typically ranges from $10,000 to 10% of your sum insured to help cover funeral expenses once the insurer receives the full claim forms and a valid death certificate.
- Future insurability benefit: Allows you to add to your cover after a significant life event without having to provide additional medical information.
- Financial advice benefit: Depending on your insurer, you could be reimbursed for the cost of obtaining financial advice. This benefit generally ranges between $2,000 and $5,000 depending on your insurer.
- Premium freeze option: If you’re on a stepped premium structure, you’ll be able to freeze your premiums. However, your level of cover will typically be reduced to keep your policy at its current price.
- Indexation: To help your policy keep up with inflation, your level of cover increases either by the CPI or a set percentage (3-5% depending on the insurer) each year, whichever is greater.
- Interim cover: If you pass away as a result of an accident during your policy assessment, your insurer may provide a lump sum payment. Insurers generally pay out the lesser of $1,000,000 or your sum insured at the time of application.
- Exclusions: A standard exclusion refers to events, conditions, or circumstances that your insurer won’t cover. For instance, most insurers won’t pay out your policy if your death was the result of suicide in the first 13 months after your policy was accepted. However, read your policy disclosure statement (PDS) to find out what you won’t be able to claim for.
- Expiry Ages: Different policies have different expiry ages. Typically, you’ll find that most term life policies expire when you turn 100 years old, however, its best to check with your insurer.
- Other policy terms and conditions: It’s important to read through your policy’s terms and conditions. For instance, if you try to avoid exclusion by failing to inform the insurer of your medical conditions, the insurer might be within their rights to decline a future claim or void your policy.
Personally owned vs. Super owned
You generally have the option to purchase a policy with your as the policy owner and payer of the premium, or you can take out a policy through your superannuation, where the fund is the owner and payer of the premiums with you being the life insured.
These types of policies have several key differences from cover purchased outside of super. These include limited features, claim delays because you need to meet certain conditions of release as well as the policy terms and conditions before any benefits are paid.
Pros and Cons of life insurance inside Super
| Advantages | Disadvantages |
|---|---|
| Premiums are paid from your superannuation account, so there are no out of pocket costs. | Insurance premiums generally lower your Super balance (retirement savings). |
| You may be entitled to discounts for paying annually. | You must meet the Policy Terms and conditions and the SIS legislation conditions of release before your benefits can be released. |
| Life insurance premiums paid by your super fund are generally tax-deductible to your fund at 15%. | There is less certainty on death nomination, and nominations are easier to dispute, even with a Binding Death Nomination. |
| If your benefits are paid to a dependent who is not financially dependent on your, for instance, an adult child, the benefits are generally taxed. | |
| You may not be entitled to common built-in benefits like the Funeral Advancement Benefit. |
What is the best life insurance policy in Australia?
The best cover for you generally depends on your unique requirements. So, it may be a good idea to shop around and find the best option for you and your family. Keep in mind that all insurers are different, so they’ll analyse your situation differently.
However, to find the best life cover for you, there are a few things you should typically consider. Firstly, you should examine the duration of the policy. It’s also important to consider the built-in benefits. The right policy for you typically includes several common built-in benefits and some or all of the exclusive built-in benefits offered by the insurer. Generally, you’ll also want to examine the Product Disclosure Statement (PDS) to ensure that you choose a policy with as few exclusions as possible.
We understand how difficult it is to find the right protection for you and your loved ones, while still keeping money in your pocket. You are not alone; we have made protecting your loved ones our mission.
“The leader in Informing, protecting, and providing for Australian families.”
Frequently asked questions and answers
Which type of policy should you buy?
The type of cover will depend on you and your family need financial protection against, and the amount of cover you choose could be influenced by factors like your age, income, occupation, health, smoking status, and debts. Give us a call at 1300 135 205, and we can assist you with any questions you may have.Where to get insurance quotes?
You can get quotes online with our unique comparison engine, alternatively a broker or financial adviser. You could also approach your bank or super fund; there are many options; however compare premiums, features and exclusions to ensure it meets your requirements.Is life cover worth it?
This usually depends on your unique requirements. As you age and your circumstances change, your need for term life cover will also evolve. However, if you have a mortgage or loved ones who are financially dependent on you, life cover is generally worth it. The benefits that they receive after your death or terminal illness diagnosis can be used to pay off debts, fund your kids’ education or help them maintain their lifestyle.At what age can you get cover?
Typically each insurer sets the minimum age of the life insured, which can be as low as 16 years old. However, to be the policy owner, you may be required to be 18 to enter into a financial contract, which you’ll need to do when applying for any insurance policy. You might also want to note that all insurers vary, so it’s best to check with them or call 1300 135 205.When does your policy end?
Most life cover policies end when you turn 100 years old. However, it’s important to note that this varies between insurers. To find out more about the end date on your policy, it’s best to check your Product Disclosure Statement (PDS).What is the maximum life cover you can get?
This varies by insurer; however, for a number of insures, there is no limit so long as you can financially justify the level of cover applied for. However, best to consult the relevant PDS of the policy you are considering.Can you get whole life cover in Australia?
Generally, no, in 1992, the Australian government introduced compulsory superannuation, and as a result, whole life cover was primarily replaced by term life cover. Whole life cover policies that were opened before 1992 are still valid. But, if you applied for cover after this, you typically have a term life policy. It’s generally best to check before cancelling if you are not sure.Can you have multiple policies?
Yes, usually you’re entitled to have more than one life policy. However, your policies will need to be justified, and you’ll need to disclose your existing cover to the insurer before you apply for any new / additional policies.When do life insurance companies pay claims?
Generally, your insurer will pay claims on your term life policy in the event of your death. However, certain policies may have a terminal illness benefit. Typically, these benefits payout if you are diagnosed with a terminal illness and two specialists confirm that you have less than12- 24 months to live. However, this generally varies between insurers, so you may want to check your Product Disclosure Statement (PDS).
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Hi Team
I like life insurance quote. I can afford to pay approx $150 p/mnth. Ideally interested in cover between $300k-$500k.
Please provide me some quotes by Sunday. So that I can think it over on weekend & make decision by Monday.
Thanks
Md. Moiz Uddin Khan
Hi Moiz
Thanks for your inquiry.
We would be happy to provide you with a life for life insurance however we just need a few more details so we can give you a more accurate quote.
Please go to the quote form at the top of the page https://www.lifeinsurancedirect.com.au/life-insurance/ and submit your details and one of our consultants will send you a quote.
If you have any further questions please don’t hesitate to ask
Can I get a quote for life insurance for me and my partner ages 29(me) 30(partner) non smokers one daughter.
Hi Elaine,
Thanks so much for your inquiry. I appreciate you taking the initiative. Please refer to our couples & families page which explains some of the discounts on offer which can be up to 10% off the premiums for couple’s who take out cover with the same insurer & there are a few tips on how you may be able to qualify for free child cover for your daughter. I would then suggest including your details on the quote request form & a specialist consultant will give you a call you discuss further. Alternatively, you can use our Quote Index to compare premiums online.
Thank you for giving me the opportunity to assist you with this important decision. At the end of the day, we all just want to know our loved ones are taken care of.
Sincerely,
Russell Cain
Need a quote for life insurance for my husband $200,000-$300,000 born 2/10/43
Hi,
Thank you for your request. Please fill in your details on our request form above and a specialist consultant will call you to prepare a detailed report as soon as possible. Alternatively, if you would like to compare life insurance quotes before speaking to a consultant, I suggest trying our online life insurance quote index. It’s quick, easy and convenient.
If you require any additional information, please do not hesitate to ask. We are here to help you.
Sincerely,
Russell Cain
I have life insurance with a insurance company all they would cover me for is accidental death as i have ms. Ive been trying to find a policy to cover me for death when ever i pass or however not just accidentally
Hello Darby,
I am so glad you’ve asked this question, as there have been other visitors experiencing the same problems you’ve described.
Due to the increase in questions regarding MS and Life Insurance, we have escalated your question and written a guide for people looking for life insurance who have multiple sclerosis. Please have a read and let me know if I can be of any further assistance.
Sincerely,
Russell Cain
Hi, I am 60 yrs old & my wife 51. We have life insurance coverage but we are pretty worried about the future of life insurance coverage. From our many older friends, most of them did had life insurance cover before but the problem was, they said that the premium got so ridiculously high that it’s impossible to continue paying and that’s the sad part because that’s when they do need life insurance more. So to us, we are not sure whether we should bother to continue with our life insurance, as end of the day, we may be like them giving up altogether (assuming that we do live to a normal old age of say, 75-80yrs). Your advice would be greatly appreciated. Thank you. Kind regards, Roland
Hi Roland this is a very common question and I am glad you have asked it.
There are a few main ways to manage long term premium affordability firstly you may want to consider level premiums these premiums start off higher however do not go up due to a change in your age as they are based on your entry age into the policy (However they will increase if there is a rate rise or increase in sum insured). You can now get level premiums on life cover up to the age of 70, after this time they revert back to stepped premiums. The second option is hybrid or optimal premiums these start off as a stepped style policy then convert to a “level style premium” up to age 60/70. Generally these cumulative premiums are higher than if you had originally taken out level premiums however will be less than stepped premiums, that start off cheapest but increase each year as you get older. However if these alternative premiums types are not appropriate you may want to consider a stepped premium policy that has the premium freeze feature where the premiums stays consistent however each year your sum insured reduces to keep your premiums the same. This can be good for people who are happy to have their cover reduce each year, while maintaining the premium within the relevant budget. Please note this feature may not be available for you, however may be for your wife as the max entry age for this feature is generally age 55 but best to check with your insurer to be certain. Lastly you can review the sum insured each year when you get your renewal notice and reduce your cover accordingly to keep your premiums within your budget.
Please note this response is general in nature as I don’t know your personal situation, however if you would like further assistance please contact us.
Sincerely,
Russell Cain
I want to pay life insurance for my son who is 20. He is not smoker. He is in good health. How much do I have to pay for him, monthly or fortnightly?
Hi Cornel,
Considering insurance for your son is a great initiative as younger people often don’t until they get older, however by then their premiums have substantially increased and they may have had a number of medical conditions and therefore find it harder to get cover. If you are looking for long term affordability you may want to consider level premiums as they are more affordable in the long run as premiums are based on entry age to the policy not your age at your policy renewal. To enable us to provide you with a detailed comparison between level & stepped premiums please complete the above quote request form with your sons details and your contact number and we will tailor a report for you based on what you are looking for.
Sincerely,
Russell Cain
Both my partner & I run a small business and have an insurance policy with
AIG to cover the business debts in case or when one of us pass away.
We are only looking at about 150,000.00 NOTHING MORE. What can you offer.
Please e-mail do not call on mobile. Thank You. Marie Chasle.
Hi Marie
Thank you for your enquiry, to provide you with an accurate quote we will
need to know your, age, smoking status, state of residence and a few other
things. However if you would just like a quick online life insurance quote
https: //www.lifeinsurancedirect.com.au/quote-index/our quote index is
the perfect resource where you can easily compare 24 policies premiums
online.
If you would like us to run a personal comparison, please get in touch.
Russell Cain
I am 73, have no existing medical condition, am relatively fit, my mother died when she was 88, and my father when he was 98.
Hi Ross, Thank You for the details you provided. Please contact us on 1300 135 205 so we can help you further with your enquiry. We look forward to assisting you.
Dear
I am writing to make an enquiry of an insurance product which covers severe illness and death.
I am an Australian citizen currently reside overseas but will relocate to Sydney in 1-2 years.
Hi Angela
The Life Insurance policies we currently have available will cover you for any type of death (excluding suicide in the first 13 months), and will pay out in advance if you are diagnosed with a terminal illness with less than 6 -12 months to live.
If you are looking to cover severe illnesses that are not terminal then you may want to consider taking out a combined life and trauma / critical illness policy by doing this you can add coverage for a list of 40 – 60 critical illnesses as defined in the relevant policy selected. If you then have a sickness (critical condition) as defined in the policy you will be paid a lump sum. I would also suggest considering “Plus” polices while these are slightly more expensive they generally offer greater coverage as they cover lessor degrees of critical illnesses and the major ones found in the “Standard” policy equivalent. Please note all trauma insurance policies have a 90 day qualifying period.
Another option for consideration is income protection which provides a monthly benefit of up to 75% of your income (as opposed to a lump sum) should you suffer from a sickness or accident and be off work for longer than the waiting period.
Lastly as you are an Australian citizen currently living overseas, I would also recommend reading this article, if you would like further assistance please contact our office.
1. Fixed life cover.
2. Quotation for $100,000 and $200,000.
3. Payment mode monthly
The best way for you to get a quote for the cover you are looking for is to complete the above online quote request form, this will allow us to prepare a detailed quote for you based on what you require.
One of our specialist consultants will call you and discuss what options are available for you to consider. You also mention “fixed” life cover, do you mean you want the premiums fixed or the level of cover. Please confirm this when you talk to our team & they will prepare your detailed quotes for the scenarios you would like to consider.
Hi team,
I am currently based out in Dubai, UAE. Need a life insurance of 1+million for myself 39 years and wife 33 years old, we are under 40 and will be residing here for some time.
Non smoker and a very healthy life style.
Thanks
Nathan
Hi Nathan, Thanks for making contact. We would require some more information to help you but we certainly can. We have some important information here for ‘Australian Expats Living Overseas’ which is worth reading in your situation. If you are able to make contact with our offices on +61 2 9929 7355 between 9am – 5.30pm (Sydney Time) we would just require initially some brief information at first to be able to help you and your wife. We specialize in these types of situations and we welcome the opportunity to assist you.
I am a Malaysian but I have a business in Australia can I look at taking out Income Protection or Life Insurance?
Thanks for contacting us Jayas and this is an interesting question. Firstly, you must remember that the Life Insurance Companies in Australia are generally looking at insuring Australian Citizens, Permanent Residents or people looking to permanently reside in Australia. For example they may consider a non-resident on the basis that they will be applying for residency within a certain time frame and therefore for the policy to be valid they must have applied for and received permanent residency by a certain date in the future otherwise a claim could be totally invalid or dismissed. This would be indicated on the Policy Schedule issued by the Life Insurer on a confirmed in-force policy. Under a Duty of Disclosure at application time the Insurer is going to ask questions regarding countries visited and frequency also. It is important to highlight that there are significant differences between Life Insurance and Income Protection. There will be significantly more stringent requirements with Income Protection asked by the Insurer due to the fact that a claim on Income Protection is more likely than Life Insurance. This page on our website regarding Australian Expats may or may not apply to you but may give you some more information. You are also welcome to contact us on +61 2 9929 7355 and one of our Life Insurance Specialists can obtain your details to check on your eligibility.
Hi,
I have been HIV positive for 3 years now, and I am on a very successful treatment. My Doctor has assured me that in today’s day and age people with HIV don’t die anymore and I will live a normal life span. So I am looking to start a family and wanting a death policy in case I was to die from an accident or a separate illness from HIV.
Is it possible to get a policy and just exclude HIV from the policy, but be covered for everything else?
Thank You for contacting us Michael regarding your Life Insurance Enquiry. From talking to Underwriters it would seem you could get cover but it is subject to your individual circumstances and keep in mind all Insurers are different. However, here is some information that will assist:
-If your application was successful on a fully underwritten application – it would be full cover ie .. HIV related death / terminal illness would be covered.
-Your policy may be granted on terms that the cover will cease in 10-15 years from policy commencement date for example.
-The Insurer will want to know how the HIV was acquired and approximate date and current ART treatment. They will also request your CD4 Count & Viral Load.
-Typically you would be looking at a loading on your premiums also.
You are welcome to contact us on 1300 135 205 and one of our Life Insurance Specialists can undertake a pre-assessment with the Life Insurers to provide you with some available options.
I am trying to get Life Insurance. Can you help?
Hi Debra, Thanks for reaching out. Do you mind if I ask if your difficulties in obtaining life insurance are due to a medical issue / concern or the fact that the companies you are contacting for this cover are making it difficult? We specialize in helping people with medical issues who are looking at getting Life Insurance and it is easy for one of our Specialists to conduct a pre-assessment with the 12 x Life Insurance Companies we compare to provide you with some options. You can contact us on 1300 135 205. Thanks
How much is Life Insurance for my wife who is 62 and I am 58? We are both looking for $200,000 and we are both non-smokers. Thanks
Thanks for contacting us John. We can certainly help you and your wife with those levels of cover. In house we compare up to 12 x Life Insurance Providers in the Advised Retail Market. You may also be interested in looking at our Quote Index which compares 32 different products across 3 x market segments and is very easy to use. This will give you an approximate of the cost of the cover for you and your wife. Please call us on 1300 135 205 and one of our Life Insurance Specialists can easily help you with your requirements and answer your questions.
My father was born in 1943, 18th of December.
Hi Rula, Could you please make contact with our offices on 1300 135 205 or 02 9929 7355 so we can help you a little more specifically around your requirements for your father. One of our Life Insurance Specialists can look at the levels of cover that would suit your father’s needs as we also compare 11 x Life Insurance Companies in the Australian Market to provide you with choice in this regard. Thank You
Hi, I am a previous Life Insurance Direct client and would like a quote on how much is fortnightly payments for $500,000? Thank You
Thanks for making contact Lisa. There are many factors that apply when providing a quote for Life Insurance such as your age, smoking status, current health issues (if any), pastimes and financial situation. Also there can be a difference if you choose to pay your premiums annually, monthly or from your Superannuation Fund. However, we would like to help you and we also compare up to 11 x Life Insurance Providers in the Australian Market so you are welcome to make contact with us on 1300 135 205 and one of our Life Insurance Specialists can assist you.
Hi
I’m trying to group of insurances for me and my wife which are
Life/ TPD x2 with our SMSF
Then out of pocket insurances are as follows
TPD x2
Trauma x2
Income protection x2
Kid Trauma for our two kids
Hi David and thanks for contacting us. We are the experts when it comes to setting up these Insurances within your SMSF.
With the details you have provided there is a structure which I will outline below which may suit your needs in your situation for you and your wife. This generally is how the TPD is structured inside and outside of your SMSF.
Firstly, the policies can be flexi-linked which allows you to take advantage of combined savings by having multiple policies. Therefore, you can look at having the entire TPD outside of your SMSF if you are looking at the ‘Own Occupation’ Cover or you could structure a split of ‘Any Occupation’ within the SMSF and the other component of ‘Own Occupation’ outside the SMSF. As you have indicated you would like the Trauma Cover outside as this cannot be held inside a SMSF and by also having Income Protection and Child Cover with the Flexi-Linking method you are maximising your potential savings on premiums. Keep in mind that with flexi-linking your TPD and Trauma to the Life Cover held within the SMSF, if you were to claim on either the TPD or the Trauma, this would cause the Life Insurance Sum Insured to decrease by the corresponding amount.
You are most welcome to talk through your requirements with one of our Life Insurance Specialists on 1300 135 205 who can assist you with your structures and likewise we compare 11 x Life Insurers in the Australian Market so we can provide you the information that suits you based on either the most suitable features and benefits or the most competitive premiums.
Hi, I am 50 years old – female 140 kg, can I get Life Insurance?
Hi Tracey, Thanks for making contact with us. When looking at Life Insurance, the Insurers will consider your BMI (Body Mass Index) and any other pre-existing medical conditions. You are welcome to contact us on 1300 135 205 and one of our Life Insurance Specialists can undertake a pre-assessment with the 11 x Insurers that we work with to provide some potential options for you. There is no charge for this service. Thank You
Can you draw money out of your life insurance?
When I took out the policy in the 80’s the person who referred me said I could re-draw money for a car or holiday after 5 years after starting the policy? Thanks
Hi Gary and thank you for your question. The policy that I suspect you are referring to is known as a ‘Whole of Life’ policy. If your policy is as such it is likely possible that you could do a part withdrawal of funds up to the accumulated cash value of the policy. This can be tax free up to the amount of premiums you have currently paid to date. You could contact your Insurer and confirm the policy value with them. If appropriate you will also need to consider the implications of a part withdrawal in terms of your family situation and any potential payout on this policy in the future.
I am about to retire.
My retirement pension will provide generously for my spouse in the event of my death.
However, if both my spouse and I die within the next 10 or so years, the pension will not have paid out its capital value and there is no provision for the residual capital value to pass to my 3 children.
I wish to know whether it is possible to purchase insurance coverage so that in the specific event of both me and my spouse dying before, say, 2030 my children will receive a payout. After that time, insurance is not required as the capital value of the pension will have been realised and our estate will be able to provide bequests.
I am a 57 year old male and a non-smoker.
My spouse is a 56 year old female and a non-smoker.
I stress my interest is in purchasing insurance coverage only in the event of both our deaths. The policy would not pay out if neither or only one of us died before 2030.
If this type of insurance is possible, what premiums would be required to fund coverage of $500,000?
Thanks for your great question Cecil. It is certainly an interesting one. I understand the points you make in terms of your ‘RCV’ and the time frames you have mentioned along with the fact that your interest is purely in a policy that covers you and your spouse if you were to pass away together. First of all it should be mentioned that it is possible to obtain a Fixed Term Contract Life Insurance Policy in Australia but there is no advantage in receiving reduced premiums on these types of policies compared to a policy that covers you to age 99 and that is also an Individual Life Policy so the regard that you both must pass away together is also not factored. Fixed Term Life Insurance Policies can also be issued for medically underwritten reasons by Life Insurers as it is uncommon for people to request them otherwise as there is no discount to be gained as I mentioned. You might say then if you sought a Life Insurance Cover for you and your spouse based on the nature of your question, you would then possibly look to cancel the cover when it is no longer required for your circumstances. By all means if you would like to discuss this with one of our specialists and obtain a quote please call us on 1300 135 205 and we can assist. Thank You
I would like a quote for my husband. He is 58 and a smoker. I would like about 200,000 cover. Thank you.
Thanks for contacting us Cath. We are happy to assist you. As we compare up to 11 x Life Insurers in the market we can provide a range of options and quotes for your husband. Easiest way is to contact one of our Life Insurance Specialists on 1300 135 205 and we can discuss this with you and also answer any questions you may have at the same time. Thank You
Need quotes for life, Income and trauma
CAll me on 0400*****4
Hi Charlie
I have booked one of our specialists to call you first thing in the morning.
Cheers
Russell
I am 53 years old, in great health, work as a tennis coach. I am currently with Mercer for death and disability and it is extremely expensive. Can you tell me the best monthly payment on my current death and disability amount of $350,000
Hi Peter
There are a few other variables we need for the quote. However here is a quote for a 53 year old non-smoker based in NSW, for $350,000 life combined with Any Occupation Total and permanent disablement cover paid through your superfund (any super fund). $2,736 / year or $244.95 / month based on the above.
Please note if you would like a detailed comparison quote based on your exact details please reach out to the team on 1300 135 205. We also have a Lowest Price Guarantee.
Hi,
I’m interested in life insurance cover. I understand it covers in the event of my death , but it says it also covers in the event of a terminal illness diagnosis. Which are these illnesses and how does it differ to TPD & Trauma? What are the differences in costs and why?
Thanks in advance.
Regards
Costa
Hi Costa
Yes, having terminal illness covered in a life insurance policy is fairly standard these days. While the terms and conditions differ according to the relevant policy, generally policies will pay the life cover lump sum benefit in advance if you are diagnosed by two independent doctors who confirm that you will pass away in under 12 months. Therefore it would be very unlikely that you would survive past this point. This definition generally covers all medical conditions that give rise to the terminal illness, but here again you would need to check the relevant PDS.
TPD and trauma cover are different in a sense as these provide a lump sum on the general proviso that you will survive. With TPD cover it pays a lump sum on you being made totally and permanently disabled whereas with trauma insurance it pays a lump sum on the diagnosis of a critical illness as defined in the policy. You can see a detailed comparison in our TPD vs Trauma Insurance guide. If you have any further questions please feel free to reach out to us on 1300135205.
Hi I am an Australian Citizen but currently reside overseas can I still be covered under the policy?
Hi Anthony
The policies we offer provide worldwide cover 24/7 cover, however in saying that they may restrict the policy if at the time of application you are planning on visiting or residing in a high risk country.
If you have a current policy in place I am happy for one of the team to confirm if this is the case for your particular policy or if you are currently residing overseas and need cover please contact us.
I have a life insurance policy with your company, however, I don’t have the policy details available. Can you help me as I need to change details?
Hi Anthony,
I did a quick search and it doesn’t look like you are a customer of ours, however, I might be mistaken.
If you would be so kind as to call us on 1300 135 205 and provide us with your policy number or phone number, we can double check and make sure.
Thank you.
I have AMP insurance cover which costs me roughly $2000 a year. I was informed recently that it is unlikely that it covers major illnesses like cancer. Is this true?
Hi Mick
Thanks for your question.
Please be aware that there is a lot of misconception on what or will or will not be covered. To help you with your query we will need a bit more information. For example, what cover type do you have with AMP: Life cover, trauma insurance, TPD or income protection.
Your cover type generally determines what is what is not covered. AMP Elevate Trauma Insurance, for example, pays out a lump sum amount if you suffer one of the serious illnesses or injuries as defined in their product disclosure statement (PDS).
Life insurance from AMP, on the other hand, pays out a lump sum in the event of your death or diagnosis of a terminal illness, which a medical practitioner has certified will likely result in your death within 12 months.
If you need some help navigating the ins and out of your insurance policy, please feel free to reach out by filling in the quote form above or calling us on 1300 135 205.
I would like a quote on a level premium, for a one million dollars life insurance policy.
Hello John.
Thanks for reaching out.
Although you have not specified your age or the state you live in, the below shows the 5 cheapest level premium options for a $1 million life insurance policy, based on a 35-year-old, non-smoking, male living in NSW as of April 2018.
• TAL Accelerated Protection with Health Sense: $76.11 per month.
• Asteron Life Complete with Healthy Life Option: $80.49 per month.
• AIA Priority Protection Vitality: $81.90 per month.
• Zurich Wealth Protection: $82.05 per month.
• ClearView Life Solutions: $84.95 per month.
For a more detailed quote based on your personal requirements, kindly fill in the form above or give us a call on 1300 135 205.
If I decide to cancel my cover can I get a proportion refunded to me?
Hi Julia,
If you paid your premiums annually, you’ll usually get a pro-rata refund. For example, if you cancel your policy after 6 months, you’ll generally get 50% of your premiums paid back.
However, if you pay premiums monthly and cancel your life insurance policy after the usual 30-day cooling off period, you will generally not receive a refund because term life insurance policies have no cash-value component.
If you’re thinking of cancelling your policy because you want to switch to another insurer, please note that you would want to ensure the new policy is active before you cancel your existing policy.
Hi. My wife applied for additional life cover through her super fund as we are building a new house and have an 8-year-old son.
She only has the standard cover of around 150k. She applied for an additional 250K but was rejected because of her mental health history, which is successfully managed by her GP.
I feel that her only way of getting additional death cover is to open a new super fund with the additional standard cover. Is this her only option?
Regards Wayne
Hi Wayne. Thanks for reaching out.
Rest assured, your wife definitely has more options. There are 3 main ways you can buy life insurance:
1. Retail: Buying life insurance through a broker or comparison website, like Life Insurance Direct.
2. Direct: Purchasing death cover straight from the insurer.
3. Group: Life insurance through your superannuation or employer.
Regrading life insurance being declined because of your wife’s metal health history, please know that each insurer has different underwriting guidelines. While one may decline or exclude cover, another might offer standard rates or request that she pay a higher premium.
To find the right cover at the best price, it’s always wise to shop around and compare policies from a variety of insurance companies. Please fill in the quote form above and we’ll compare some of Australia’s leading life insurance companies to help your wife find what she’s looking for.
If you prefer to talk with a specialist right away, kindly give us a call on 1300 135 205.
What happens when you outlive your term life insurance? Do you get money back? I’ve been paying in for 30 years, it’s about to expire and I don’t intend to reinsure.
Hello Dee.
Generally, term life insurance policies expire at age 99, depending on your policy type and insurer. Be sure to check your product disclosure statement (PDS) to confirm the expiry date. When your policy expires, you do not get money back as it has no cash-value component. If you have any questions or concerns please give us a call on 1300 135 205.
Hi there, how do I see my policy?
Hello Julie.
From your email address, it doesn’t seem that you have a policy with us. However, please give us a call on 1300 135 205 and provide us with your full details and policy number and we’ll have a look.
I want insurance for me and my partner.
Hi Patrick.
To provide you with a quote, I need some information, including the cover amount you want, your age, smoking status and the state you live in. You can generate a quote online by completing the form at the top of this page or alternatively give us a call on 1300 135 205.
I am a diabetic for 20 yrs, have angina heart & hypertension. My age 56yrs. How much will life cover cost me now for 1 million Rands? Prepared to go for any medicals. I am a smoker for 30yrs to current and a seldom drinker.
Hi Ashwin.
We only compare Australian life insurance policies. If you’re in Australia you can request a quote by completing the form at the top of this page or call us directly on 1300 135 205. Please have a read of our article regarding life insurance for diabetics.
I was born on the 30th September 1968. What will my premium be and how much is the claiming cost?
Hi Jan.
We need a bit more information to provide you with a quote and to help you find a policy suited to your requirements and budget. Kindly complete the form at the top of this page or give us a call on 1300 135 205.