It is a document that is issued by the insurer which provides you with important information on the product. This can assist you to review and make a decision as it outlines important details such as the product features, associated benefits, exclusions, limits, conditions, and other important information.
We receive a commission or referral fee for the insurances you take out through Compare Life Insurance.com.au or its affiliates and we do not charge any additional fees or charges when taking out an insurance policy. The commissions or fees we receive don’t affect the insurance premiums you pay and therefore the insurance rates you will pay will be the same as if you dealt directly with the insurer.
We deal with leading reputable Australian life insurance companies.See our life insurance companies section for more information on the insurance companies we deal with.
The nature of the service is not to provide you with full advice on to the type and amount of cover you should establish. The advice is limited to providing the best options for the cover amounts and types you select. If you are seeking advice as to the level of cover required, the service provided may not suit you. Please speak to us for more details on this.
No. The policy that you set up may be cancelled at any time without any penalties.
When an insurance policy is purchased it also comes with a cooling off period, which means that if you decide to cancel the insurance within the specified time you will be eligible a full refund on the premiums you paid during that period. The person insured or policy owner also have the option to cancel your insurance outside the cooling off period. The insurance company however is not able to cancel the policy once it is in force if there is a change in your health.
Yes, insurance products generally provide cover 24 hours a day, wherever you are in the world. There may be different requirements if you intend to travel or reside overseas over a long term basis and its best to enquire if and how this may affect your insurance. Please contact us for more information on this.
We look to provide our clients with a variety of different choices as well as providing you with a range of premiums from a range of different insurance companies based on the different levels of cover. We can also provide specific comparisons if you wish on how different polices may vary.
A medical examination or blood test may be required prior to taking out an insurance policy however this will depend on a range of different factors such as the level of cover, your age, smoking status, and health. The insurance company will cover the medical requirements or examinations costs relating to the application if they are required.
There are usually no tax benefits for making payments on life cover if the insurance is not taken out through a superannuation fund and therefore on most occasions no tax is payable on the benefit your receive.
Income protection premiums however are fully tax deductible.
As everyone's circumstances are different, you do however need to consult your tax advisor.
Stepped premiums increase in line with your age each year the amount of increase also depends on your age.
Therefore as you’re getting older the insurance premiums will increase, however you can stop this happening by selecting to take out a level premium. A level premium is when the premium stays the same up to age 65 so long as the cover remains the same. Level premiums are more expensive to begin with however over the long run they are significantly cheaper. CPI may also have an effect on your premium.
This is a guide only and actual increases can vary which is determined by a range of factors.
If you are a smoker you may still apply for cover, however this could affect the insurance premium you pay.
Your cover will generally start as soon as your application has been accepted by the insurer that you have selected to take out your policy with. The policy schedule you receive will outline when your premiums are due.
Still unsure or have further questions, get in touch with us and a consultant will be glad to assist you further.