We have put together a list of the top 10 questions we get asked about life insurance.
We have put together a list of the top 10 questions we get asked about life insurance.
It pays a lump sum if you pass away or if you are diagnosed as being terminally ill. Which is generally defined as the life insured having 2 specialists confirm they have less than 12 months to live.
You can nominate anyone you like to receive the proceeds from your policy. You may nominate a family member, friend, institution or charity or you can leave it to your estate.
While you will be asked to do this during your application, the policy owner can change this nomination at any time.
In most cases, there is no limit on the amount of cover you can take out. If the level of cover requested is above a certain amount, you will generally need to financially justify the level of cover you want by providing further financial details to your insurer at the time you apply for the cover.
The policies we compare do provide worldwide cover 24/7. However in some cases, if you have booked to go overseas or are planning to go overseas to a country which is deemed unsafe by the Australian government, your insurer may exclude cover from that country or place a general war & terrorism exclusion on the policy. In most cases, insurers will use the ratings provided by the Department of Foreign Affairs and Trade / Smart Traveller. When you apply for your policy, you will be required to disclose any trips that are planned or booked at the time.
We do not charge any fees to our clients and offer a completely free service! We are remunerated through commissions we receive from insurance companies based on the policies we sell.
You may want to consider taking out cover if you:
Your premiums will vary depending on a number of factors:
The types and number of policies you take out are entirely up to you.
The policies we compare generally can offer cover for pre-existing conditions, including cancer and heart attacks however this is assessed on a case by case basis and it is essential that you fully disclose these conditions to any insurers at application time otherwise it will be excluded.
We compare some of the leading insurance companies in Australia; this is just an example of the different benefits some of the companies offer with their policy. There are many more of these and the best way to find them all out is to talk to one of our consultants so they can discuss the ones that you are interested in:
| Insurer | Example: Unique Benefit |
| AIA | School Fees Protector Option to help cover your children’s education costs |
| AMP Elevate | Financial Planning Benefit of up to $2,000 |
| AMP Flexible Lifetime | Discounts for RACV Members |
| CommInsure | Loyalty bonus of 5% additional free cover when policy held for five years |
| Macquarie Life FutureWise | No expiry age for Life Cover |
| Macquarie Life Active | Offers a Claim Protector Benefit of up to 25% of your sum insured |
| Macquarie Life Sumo | No expiry age for Life Cover |
| Asteron | Healthy Discount Options allows you to receive premium discounts for maintaining your health |
| TAL | Premium Relief Option which waives your premium if you are unable to work for at least 3 months due to sickness or injury. |
| ClearView | Offers a benefit which allows you to cash in your life cover if you suffer from a specific medical condition such as severe heart attack, stroke and cancer. |
| OnePath | Provides the option of receiving your benefit in monthly instalments which increases your annual benefit amount by 3% each year |
| Zurich | Pays an advanced payment of your life cover if you suffer an accidental injury such as loss of hand or foot |
| MLC | Gain access to the ‘Best Doctors’ program which allows you to consult with leading medical experts from around the world about your illness |
| BT | Loyalty Benefit Program which provides extra cover for no additional charge after you have held your policy for 3 years |
Understanding your obligations and providing accurate information during the life insurance policy application process is crucial!
A 5% discount applies to RACV members, and spouses who take out a new insurance policy from any of AMP Elevate (Life, TPD or Trauma insurance) policies.
Generally in order to take out life insurance or a related life insurance product you need to be an Australian permanent resident or citizen.
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