Life Insurance
Life insurance coverage provides your beneficiary with a one-time lump sum payment, should you pass away. You specify your beneficiary (or multiple beneficiaries), and they must enter a claim with the provider (referencing your policy and providing a certified death certificate), in order to receive the payment.
You may wish to set up life insurance if you have dependents, spouses, or significant debt (such as a mortgage), which would transfer to your loved ones should you pass away. Life insurance provides reassurance that they will be financially supported should you not be able to provide for them.
The amount of life insurance coverage is up to you, however the cost of the premium will increase with increased cover. A range of quotes can be provided to help you finalise your decision.
Life Insurance FAQ:
How much is life insurance?
On average in Australia, the average life insurance policy is for $500,000, and costs approximately $25/month. There are many variables when it comes to life insurance premiums however, including age, gender, medical conditions, family medical history, as well as the amount of life insurance being applied for. Once I have these details from you I can obtain specific quotes for you to compare.
How much life insurance should I get? Can you tell me?
As I can provide general advice only, I cannot assess your financial situation or provide guidance on how much life insurance you should get. I can however provide several quotes for you, should you wish to specify a range of life insurance amounts, to help you make you decision.
How do I apply for life insurance?
The application process is relatively straight forward, and our insurance brokers can help you every step of the way. Our aim is to make the process quick and streamlined for you, while answering any questions you may have along the way. Here’s a link to a guide that explains in more detail, What is the process to get Insurance with Blue Fox Insurance?
How do I choose an insurance provider?
I provide you with quotes from our four providers (Zurich, OnePath, AIA and Clearview). Choosing which one to apply with is completely up to you, and many people choose simply based on the most economical option. Here’s a link to: Helpful tips to choosing the right provider for Insurance.
Do I need to apply for life insurance if I have Superannuation?
This depends on your Superannuation plan, and the life insurance provided by Super. If you are happy with the cover (including the value), then you probably do not need anything else. If you would like to increase it, or compare other providers, then I can provide quotes for you. Here’s a link that explains: What’s the difference between Superannuation life insurance and getting life insurance through an insurance broker?
What is a beneficiary?
Your beneficiary is the person, trust or estate who is nominated in your life insurance policy, who benefits from the payout in the case of your death.
Do I need a medical assessment to get life insurance?
Typically, the insurance provider will arrange a nurse to complete a basic medical assessment (height / weight / heart rate / blood pressure etc), and also do some blood work. Depending on your age and medical conditions, some additional tests may be required, but those will be highly dependent on your specific circumstances.
How long does it take to get a life insurance policy?
The application process can be completed within a couple of days – once I have a completed client information form / Duty of Disclosure and FSG, I can create quotes within 24 hours, and if you review and confirm, we can arrange to complete the application within another 24 hours. Once submitted the provider can take between 2-10 weeks to underwrite, complete the medical assessment and issue the paperwork, depending on the complexity of the application and your circumstances.
Can life insurance premiums be stepped or levelled?
Yes – they can be either. I can provide a comparison graph for you to help decide which is best. Here’s a link to a description of how to choose the best option for you: Stepped vs Levelled – what does it mean and what should I choose?