Author: Jeffrey Liu
4 key factors impact your premium Ever wondered how insurers work out the cost of your life insurance? There are many factors that can impact the premium you pay, but there are 4 factors in particular you need to be aware of. If your health improves or your lifestyle has changed recently, get in touch with your adviser to review your policy and determine if these loadings can be removed to help lower your premium Your cost is influenced by these important factors of your policy: For most policies, two premium structures are offered: A number of other factors may…
/*! elementor – v3.20.0 – 13-03-2024 */ .elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=”.svg”]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block} Life insurance protects our future financial circumstances against unexpected illness or injury. Deep down, most of us probably know that’s a good investment in our future. But the truth is many people struggle to engage with life insurance enough to actually buy it. And for those that do, more struggle to keep it, review it and feel comfortable with it. Some of the issues are based on effort – life insurance isn’t an easily accessible product, and it requires people to read an entire product Disclosure Statement (PDS)…
Unlike your car insurance, most life insurers offer what’s known as ‘guaranteed renewable’ policies – meaning that each year your policy is renewed, the insurer must continue to cover you under the same terms and conditions. So regardless of whether your health has declined or you’ve taken up new activities, they cannot revoke your cover or change what you’re covered for. For example, if you’re diagnosed with diabetes or even choose to start base jumping two years after you take out your policy, you’re guaranteed to have the same cover, for the same price. In fact, you don’t even have…
Income protection insurance offers financial support if you’re unable to work due to illness or injury. This coverage can help ease the burden of bills and expenses, allowing you to focus on recovery. What Income Protection Insurance Covers Income protection insurance typically pays up to 90% of your pre-tax income for the first six months of disability, and up to 70% for a specified time thereafter. This policy is tailored to replace your income based on your earnings in the year before your disability. Each policy has its own criteria for partial or total disability, so it’s important to review…
In today’s unpredictable landscape, superannuation schemes extend a robust safety net, offering members various insurance options including life, total and permanent disability (TPD), and income protection. Exploring the array of insurance offerings within your super fund is crucial. By evaluating your coverage against external alternatives, you can pinpoint the policy that best aligns with your needs. Within super, three primary forms of life insurance are typically available: Super funds commonly automate the provision of life cover and TPD insurance, with some also including income protection insurance. Such insurance is typically accessible without medical assessments, albeit for a predetermined sum. Notably,…