Our FAQ
General Questions
The amount of cover you need depends on factors like family, housing, age, job, and savings, and changes as your life does.
Consider insurance when it's necessary for your circumstances:
- Income Protection: When you can't afford to be off work for a month to a few years.
- Life Insurance: If your passing would cause financial difficulties for loved ones.
- Disability Insurance (TPD): If early retirement due to disability would be unaffordable.
- Trauma Insurance: If you need financial support for unexpected medical bills or time off work during recovery from a critical illness or injury.
You can pay for retail income, life, and disability insurance through your super account, offering a 15% tax rebate and no impact on your cash flow. Although trauma insurance cannot be paid through your super account directly, it can be linked to your other policies. Income insurance is tax-deductible, so individuals in higher tax brackets may potentially save more by paying outside of super. While we can discuss different options with you, we recommend consulting a tax practitioner for personalized tax advice and to determine the best payment option for your insurance policies.
Review your cover to ensure it's suitable for your needs. Default insurance provided by super funds may not be tailored to your circumstances. Insurance inside super is generally not medically underwritten, which may affect the payout initially agreed upon.
Review your policies when significant life events occur, such as buying a home, changing jobs, getting married, or having children. We will contact you every two years to offer a full review of your policies.
Although there are no lock-in contracts for personal insurance, it's important to ensure that your policies still meet your needs and remain affordable. As part of our service, we will contact you every two years to offer a full review of your policies and discuss any changes that may be necessary.
Your health status won't affect your coverage once you're insured. Disclose any pre-existing medical conditions when applying for life insurance.
Accident-Only covers work absence due to accidents or injuries; Comprehensive covers accidents and illnesses. Accident-Only is more affordable but less extensive.
Payments are made monthly in arrears, usually after the waiting period.
Yes, self-employed individuals can obtain Income Protection, which is crucial for maintaining financial stability during illness or injury.
ndemnity value policies base benefit payouts on actual income at the time of the claim, requiring proof of income..
IP provides monthly benefits for temporary disabilities, while TPD offers a lump-sum payment for total and permanent disabilities.
Income Protection doesn't cover employment termination or redundancy.
Pre-existing conditions may lead to higher premiums (loadings), coverage exclusions. . Always disclose such conditions during the application process.
Yes, you can adjust your Income Protection coverage, but changes may affect your premiums. Review your coverage periodically to ensure it meets your needs.
Our FAQ
Life Insurance questions
Life insurance provides a lump-sum payment to your beneficiaries upon your death or diagnosis of a terminal illness. It helps protect your loved ones from financial burdens, such as mortgage payments, living expenses, and education costs, in the event of your passing.
Consider your current and future financial obligations, such as mortgage repayments, living expenses, and support for dependents. An insurance adviser can help you calculate the ideal coverage amount based on your unique circumstances.
How do I choose the right life insurance policy for my needs? Consider factors such as coverage amount, policy type, premium costs, and policy features. Consult with an Life review adviser to discuss your needs and find a policy that best suits your situation.
Yes you can. Income, Life and Disability Insurance can be paid for inside your super (trauma insurance can’t though). The benefit of paying for your insurance through super is that you’d get a 15% tax rebate. That means it’s 15% cheaper than paying it out of pocket and also it won’t affect your cash flow. It will be coming out of your super balance, though, which may impact your retirement savings. You can choose to add extra to your super to cover the amount of the premiums if you’d like.
Something to note is that Income Insurance is tax deductible, so you might be able to save more paying for it outside of super if you’re on a high tax bracket - we’re happy to chat through different options with you.
Premiums are the periodic payments you make to maintain your life insurance coverage. Factors influencing their cost include your age, gender, health, occupation, coverage amount, and policy type.
es, you can typically adjust your coverage as your needs change, such as after significant life events like buying a home or having a child. Consult your insurance adviser to ensure you have appropriate coverage in place.
Exclusions vary by policy but may include suicide, pre-existing conditions, or death due to dangerous activities. Review your policy's Product Disclosure Statement (PDS) for specific exclusions and limitations.
Our FAQ
TPD questions?
"Own Occupation" TPD covers you if you become permanently disabled and are unable to perform your specific job, while "Any Occupation"
TPD covers you if you're unable to perform any job reasonably suited to your education, training, and experience. "Own Occupation" coverage typically has higher premiums but offers a better chance of a successful claim.
Insurers may exclude or limit coverage for pre-existing medical conditions. It's essential to disclose your medical history when applying for TPD insurance, as failure to do so may result in a denied claim.
Yes, you can typically adjust your TPD insurance coverage as your needs change. However, increasing your coverage may require additional underwriting and may affect your premium.
Factors influencing TPD insurance premiums include your age, gender, occupation, health status, lifestyle choices, and the amount and type of coverage you choose.
To make a claim, contact your insurer as soon as possible and provide the necessary documentation, including medical records and proof of disability. The insurer will assess your claim and determine eligibility for benefits.
There are no lock-in contracts with personal insurance so it can be changed as life does. Generally you should think about reviewing your insurances when life changes (such as buying a home, changing jobs, changing marital status or having children). While we’re always available to chat, we’ll also contact you every two years to offer a full review of your insurances to ensure they still meet your needs and stay affordable.
Our FAQ
Trauma/ Critical Illness questions?
What medical conditions are typically covered under Trauma Insurance? While coverage varies between policies, common conditions include cancer, heart attack, stroke, organ transplant, major head trauma, and severe burns. Always consult the Product Disclosure Statement (PDS) for the specific conditions covered by a policy.
Consider factors such as your current and future financial obligations, including mortgage repayments, living expenses, medical bills, and support for dependents. An insurance adviser can help you calculate the ideal coverage amount based on your unique circumstances.
Trauma Insurance payouts are generally tax-free and do not attract Capital Gains Tax. However, it's always best to consult with a financial professional or tax adviser for personalized advice.
Yes, many insurers offer the option to add child trauma cover to your policy, providing financial support if your child suffers from a critical illness or injury..
No, Trauma Insurance is generally not available within superannuation funds and must be taken out as a standalone policy or combined with other personal insurance products.
Yes, you can typically adjust your coverage as your needs change, such as after significant life events like buying a home or having a child. Always consult your insurance adviser to ensure you have the appropriate coverage in place.
To make a claim, notify your insurer as soon as possible after being diagnosed with a covered condition. You'll need to provide medical documentation and any other requested information. Your insurer will then assess the claim, and if approved, provide the lump sum payment. Your insurance adviser can assist with the claims process and answer any questions you may have.
While trauma insurance can provide financial support during challenging times, there are some potential drawbacks to consider:
- Limited coverage: Trauma insurance covers only specific conditions listed in your PDS. Some illnesses or injuries, such as chronic pain, mental health conditions, or injuries from sports or pastimes, might not be covered.
- Waiting periods: Many policies have waiting periods before a claim can be made, which can be an issue if you need immediate financial support.
- Premium costs: Trauma insurance premiums can be expensive, especially if you have pre-existing conditions, are older, or engage in high-risk activities.
- Exclusions: Each policy will have certain exclusions, such as pre-existing conditions, that may not be covered. Make sure to carefully review your PDS to understand what is and isn't covered.
- Overlap with other insurance: You might have some degree of overlap with other insurance policies you hold, such as life insurance or income protection. It's essential to evaluate your overall insurance coverage to ensure you have the right mix of protection.
To make an informed decision about whether trauma insurance is right for you, it's important to weigh the benefits against these potential disadvantages. Consider discussing your options with a Life Review Insurance Adviser to help you choose a policy that best suits your needs and circumstances.
The main difference between trauma insurance and Total and Permanent Disability (TPD) insurance lies in the type of events they cover and the conditions under which they provide financial support.
Trauma Insurance:
- Covers specific critical illnesses or injuries listed in the policy, such as cancer, heart attack, or stroke.
- Provides a lump sum payment upon diagnosis of a covered condition, regardless of whether you can continue working or not.
- The payout can be used for any purpose, including medical expenses, lifestyle adjustments, or paying off debts.
- Typically does not cover pre-existing conditions or conditions unrelated to the specified illnesses or injuries.
TPD Insurance:
- Provides a lump sum payment if you become totally and permanently disabled due to an illness or injury.
- Covers you if you are unable to work in your own occupation or any occupation, depending on the policy type.
- The payout is meant to help with expenses such as mortgage repayments, medical costs, home modifications, and ongoing living expenses.
- Takes into account the severity and permanency of the disability, which may make the claims process more complex.
While both types of insurance provide financial support during challenging times, they serve different purposes and cover different scenarios. It's essential to understand the differences and consult with a Life Review Insurance Adviser to help you choose the right mix of protection for your needs and circumstances.
During the underwriting process, insurers assess the risk of insuring you by evaluating factors like age, health, occupation, and lifestyle. Based on their assessment, they may offer coverage, apply exclusions or loadings, or decline coverage. Full disclosure of your personal and medical history is essential during the application process.
Trauma Insurance premiums are determined by factors such as age, gender, occupation, health, and lifestyle choices. The policy type (e.g., stepped or level premiums) also affects the cost. Premiums can change over time due to factors like policy adjustments, age, or changes in insurer pricing. Review your policy regularly to ensure it remains suitable for your needs.
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