Life Insurance FAQs

Life insurance is a term that describes several different ways of protecting you and your loved ones financially, should you fall victim to accident, illness or death. The family of life insurance policies include Term Life, Trauma, Income Protection and various types of policy aimed at people in business.

In simple terms, you pay regular premiums and should anything happen to you that's covered by the policy, the insurance company will pay you.

Life insurance is a great way to ensure that your family and assets are protected should something unforeseen happen to you.

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Many people have some life insurance coverage as part of their superannuation fund. The amount of coverage, however, is rarely enough for even the immediate expenses related to serious injury, let alone providing a secure financial base for you or your family.

It is wise to investigate what insurance cover you currently have, and consider it in terms of long-term or permanent periods without income. You may well discover that you're not as protected as you thought.

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Your insurance needs change as you progress through life. When we're younger, we might want coverage for lost income in the event of an accident. If we have a family and a mortgage, we're suddenly responsible for the ongoing well-being and education of our children.

Your age, occupation, health, income level, debt level, investments and family situation are just some of the ingredients that go into determining your insurance needs. Talking to an independent advisor or broker, such as 1300 Life Insurance, is a simple and time-effective way of sorting out your insurance needs quickly.

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Determining your level of cover can be complicated. You need to consider variables such as your income, your (and your family's) stage of life, your debt, and what you have in mind for the ongoing life of your loved ones.

By asking the right questions, though, our 1300 Life Insurance policy experts are able to determine the coverage that fits you, your income and your lifestyle. Take the hassle out of insurance by talking to someone who knows the subject backwards!

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The expert advisers at 1300 Life Insurance deal with Australia's largest and most well-respected insurance providers. The breadth of products we deal with means we can find the right policy for you. Easy.

Companies include:

• CommInsure
• AMP
• AXA
• Zurich
• Tower
• MetLife
• Asteron
• Aviva

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Yes. There are many subtle differences between policies. Price is a key difference, with some cheaper policies increasing dramatically as you get older.

It's also important to understand the definition of many insurance terms. For example, policies such as Total and Permanent Disability will either cover your "own" occupation or "any" occupation. For a concert pianist or a surgeon, for example, "own occupation" coverage means a payment will be due if they lose a hand in an accident. If their policy is "any occupation", then no payment would occur as they could move into a related field (e.g. music teacher, GP) and continue working.

Insurance policies of all kinds are full of these small but important distinctions, so it's always best to seek advice from an independent broker. On a positive note, though, these subtle differences mean that it's usually possible to tailor a policy to suit your circumstances.

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In Australia, term life insurance is by far the most popular type of life insurance available. In simple terms, this type of life insurance involves the payment of premiums, and a payout upon the death of the insured person.

Increasingly, Australians are becoming aware of the benefits of insurance in the event of accident or injury, either temporary (trauma insurance) or permanent (total and permanent disability insurance).

As long as you declare all known medical conditions and family histories, no further tests or examinations are required. In the event of a claim, we may be required to look over past medical records and source other evidence, such as statements from your employer.

Yes. As soon as we receive your application, you are covered.

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Payment methods depend on the insurance company issuing the policy, although most premiums are payable by:

• Credit or debit card
• Direct debit from a nominated account
• Cheque or money order

Also, we can advise on ways to take out insurance in a way that doesn't impact your cashflow. Contact us for more information.

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An adviser can let you know whether there are any tax implications when taking out insurance. Some business-related life insurance policies, such as Key Person cover, shareholder protection and business expense cover may be tax deductable. In general, personal life insurance is not tax deductible, although any payout isn't taxable either.

Taking out insurance through your superannuation fund may also have tax implications. The insurance experts at 1300 Life Insurance can answer any questions you may have on tax and insurance.

When you – or your estate – need to make a claim, simply call us on 1300 543 346. If possible, have your policy details ready. We'll then send you a claim form. Claiming usually happens at a time of stress, so you can be sure our trained insurance experts will take the time to fully explain the process.