Are my premiums guaranteed?
No-one in Australia offers a premium rate guarantee. Premiums may change from time to time, however, any change must apply to a group (for example all 35 year olds) and will not be made to individual policies regardless of any changes to your health, occupations or pastimes. You will be notified in writing at least thirty days prior to any change in premiums taking effect.
Am I locked into the cover for a certain period?
No. The policy that you establish can be cancelled at any time without any penalties.
Can the policy be cancelled?
Yes but only by the policy owner, not by the insurance company.
How do I pay my premiums?
Most companies offer the choice of 3 methods of payment:
- Cheque or money orders.
- Credit card.
- Direct debit authority from your bank account.
Most companies also offer the option to pay monthly, quarterly, half yearly and yearly.
What if I travel overseas?
Once your cover is in place you will be covered 24 hours a day, 7 days a week and anywhere in the world. Some insurers may require that you return to Australia within a specified period (eg three months) after making a claim in order to continue to receive payments. However if at the time of application for insurance you intend travelling or living overseas you will need to declare this and depending on the destination and the length of stay the insurance company may decline or restrict cover.
What’s the difference between stepped and level premiums?
Stepped premiums increase each year as you get older, the amount they increase each year will depend on age. This means that as you get older the insurance premiums can get quite high, but there is one way of avoiding this, level premiums. Level premiums are where the premium will remain constant up to age 65 so long as the cover remains constant. Level premiums may be higher now, but over the long term they are significantly cheaper. Where appropriate we will always provide quotes on stepped and level premiums.
Why use a Life Insurance Broker?
Your life insurance broker should be looking out for you. The best way he or she can do this is by only dealing with the most highly rated insurance companies. This ensures that your policy originates with a financially secure and competitive insurer. Our affiliation with all the largest life insurance companies in Australia gives you access to the most competitive rates on term life insurance available. Without a life insurance broker you might not obtain the best possible policy suited to your specific needs. The process of obtaining your coverage is simple and straight forward using our proven track record. We are life insurance brokers with the resources to put you on the road to quick, affordable coverage. Protect your family or business the smart way with Make A Difference Insurance.
Do I need to have a medical examination before taking out a policy?
Generally no, however for very high sums insured or if you have a medical history you may be required to undergo a medical examination, blood test or ECG as part of the underwriting process.
How much Life Insurance do I need?
How much insurance you need will vary according to your individual circumstances. In general, you should consider:
- Any other life insurance that you may have, including life insurance provided through your Superannuation fund (if any).
- What you can afford.
- Whether or not you have dependants (e.g. spouse and/or children) who are reliant on your income.
- Whether or not you have a mortgage, or any other debts for which you are responsible.
If you are unsure of the level of cover you require, we suggest you speak with your financial adviser before deciding to purchase this product.