Insurance Checklist

"Make sure you're covered only if you need to be, and only for the things that are most important"

Before deciding what type of insurance to get, and how much cover you need, we've prepared a simple checklist of questions to consider.

By taking your personal, family and work situations into account, you can make sure you're covered only if you need to be, and only for the things that are most important to you.

1. Type of insurance cover

What will happen to my family if I'm permanently injured today?

Who will pay for:

• Family living expenses?
• Rent or mortgage?
• Food and clothing?
• Ongoing education expenses?
• Medical bills and ongoing care?

What will happen if I'm temporarily injured or become sick for several months? How would my family cope financially if I was diagnosed with a serious illnesses?

Who will pay for:

• Financial obligations (debt, rent, mortgage)?
• Medical bills and rehabilitation?

How would my work or business survive if I wasn't there to run it day-to-day? What would happen if my business partner wasn't able to continue working?

2. Level of Insurance Cover

• Do I need coverage just for myself, or am I responsible for others as well?
• If I'm unable to work, how much money will I need to live?
• If I die or can't earn an income, how much does my family need to survive?
• How much debt do I have?
• Do I have default insurance through superannuation? Will it cover my costs?
• If I was injured, how long could I live off my savings?
• What plans do I have for my family's education and lifestyle if I wasn't around?

3. Life Insurance Costs

• Have I compared the cost of insurance through a Life Insurance broker with going direct to the insurance company? We think you should!
• How can I take out insurance, but not impact my cash flow?
• Am I taking full tax advantage with my insurance policies?
• How can I get better value out of my superannuation insurance investment?

4. Insurance Selection Tips

• Always read the PDS (product disclosure statement) and seek independent advice if anything is not clear.
• Seek advice from a Life Insurance broker or adviser to ensure I find the best product in the market to suit my needs.
• Never assume that what works for other people will be right for my situation.

5. Ready for the next step

Once you've reviewed your needs and developed an idea about the type of insurance you think you need, the next step is to discuss it with a qualified insurance expert. At 1300 Life Insurance, we are able to recommend a variety of life insurance products from Australia's largest insurers, so you can be sure you're getting the best coverage and a great price.

Find out how you can get full term life insurance cover without impacting on your cashflow!