Frequently Asked Questions
We might already have an answer for what you're after and we can clear up some misconceptions
Life insurance is too expensive!
A 40 year old male white collar worker is able to get $500,000 of cover for $38.34 per month, that's $9.60 per week!
A 40 year old female white collar worker is able to get $500,000 of cover for $31.10 per month, that's $7.80 per week!
I am already insured...I don't need more insurance.
Many people have default cover from their superannuation funds. However this cover is general cover that is usually based solely on age, occupation and smoker status and is not tailored to your circumstances.
Study has shown that cover in super funds is on average only 20% of what an individual needs, and has less benefits.
I have insurance that I bought online/on TV, am I covered for everything?
You must be careful of the policy definitions.
For example your policy may only cover accidental death, or only cover deaths that occur in the workplace, that could result in a knockback come claim time.
I would need a medical exam for insurance.
When applying for insurance, you will usually only need to answer general questions about your health, occupation and lifestyle, but occasionally further information will be required based on your health or level of cover.
If medical tests are required, the cost will be covered by the insurer.
Discussing my personal health in front of a stranger is uncomfortable.
These days many applications and underwriting can be done entirely over the phone if you feel uncomfortable talking about certain things in person.
Insurance is too complicated!
25% of people don't have insurance because they don't know where to start, and 20% say it's too hard to pick a product that suits them.
This is where we step in; we can analyse your needs and find the cheapest policy that best suits You, we'll do all the hard work for You!
Why do I need Life insurance?
Studies show that 37% of the Australian employed population have dependent children. If you were to pass away, who would support those that you love?
Life insurance can be used to settle debt, replace loss of income, ongoing living costs and extra costs such as funeral expenses. The loss of You is bad enough, don't make loved ones suffer through financial trouble at the same time.
What is Total Permanent Disablement insurance?
Total Permanent Disablement insurance covers you in the event that you suffer an illness or disability that prevents you from ever returning to work.
Why do I need Total Permanent Disablement insurance?
Studies have shown that the disability rate for people aged 15-64 (the prime working age) is approximately 15%. This figure increases with age; reaching 18% for 45-54 year olds, and 31% for 55-64 year olds. Furthermore 59% of working-age people with disabilities that are not in the labour force are permanently unable to return to work.
Being unable to work severely restricts your ability to provide for yourself and your loved ones.
What is Income Protection insurance?
Income Protection insurance is a safeguard that you will still receive a monthly benefit if circumstances prevent you from working and earning an income.
Why do I need Income Protection insurance?
83% of Australians insure their car, but only 31% insure their income. Many feel that they need to protect their assets, but your most important asset is your ability to earn an income.
38% of Australians feel they would survive less than 1 month before needing to sell assets, yet research shows that people have a 60% chance of being disabled for 1 month during their life, and a 33% chance for a disability lasting more than 3 months.
If something was to prevent you from working, how long do you think you could manage?
What is Critical Illness insurance?
Also known as Trauma insurance, Critical Illness insurance covers you in the event that you are diagnosed with an (often unpreventable) illness such as cancer, heart attack or stroke.
Why do I need Critical Illness insurance?
55,000 Australians have heart attacks each year, that's 1 every 10 minutes! Also males have a 33% chance and females a 25% chance of suffering from cancer before age 75. Thankfully survival rates for these illnesses are increasing, however surviving such a serious illness can result in expensive ongoing medical costs, with the average lifetime financial cost of cancer to an individual being more than $100,000.
If you are strong enough to survive a serious illness, don't let financial hardship be the thing to bring you down.
- KPMG. 2013. "Underinsurance: Death Protection Gap in Australia".
- Zurich. 2014. "Australians and Life Insurance: Misinformed, Misinsured?".
- Lifewise. 2015. "Industry Facts Page". http://www.lifewise.org.au/facts-research.