My husband and I are looking at getting life insurance. Can someone please recomend for me a good insurer. Also it would be good to know any "pitfalls" that I should lookout for or information that is important to check. Every insurance company I called so far seem to be too keen to sell their policy but don't provide information on the fine print.
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24-01-2012 11:20 #1Senior Member
- Join Date
- May 2009
24-01-2012 12:06 #2
Where are you? I have a really good insurance broker in brissy. He got me a fantastic deal and cover for a very good price. He has sorted out my entire family over the last 20? Years.
We pay $90 a month and that's for $500,000.00 for me and $1,000,00.00 for dh. (life insurance) and that also with my dh's mental issues (depression and anxiety)
Happy to give u details if ur in qld.
24-01-2012 13:13 #3Senior Member
- Join Date
- Dec 2011
HBF ours is $50 a month with both insured for $500,000
24-01-2012 13:32 #4
I have posted in these threads a few times; but I don't think any of them where ever turned into stickies.
MajesticHiss pointed out the other day a really good site - moneymatters (gov site) I think it was? Anyway it explained the difference between all the types of insurance.
My main points of advise are
- look for a reliable company that has been around for a long time and will continue to be around. no point paying for insurance with a company that could fold in 10yrs.
- I personally would never buy insurance that is not underwritten before acceptance. Underwritting basically means they will assess your application BEFORE they offer you insurance. They will take into account your health, finances and all that stuff and then offer you x amount of insurance. The other way, means they accept your request and then at claim time they will put you through underwritting and decide if you are insureable. (of course, I don't think this really matters so much if you are just applying for death cover - because once your dead your dead IYKWIM??)
- Most insurance can be set up under super - which has tax benefits for some ppl? Best to talk to a proper adviser for advice.
- Cover can be aged/unit based or cover based. Age/unit based means you buy say 2 units that at age 25 are worth $50,000 and at aged 50 decrease to $10,000. Bascially the older you get, the less cover you have. Or you go for a level of cover ie. $300k. (level cover can also have the option of setting it to increase with CPI each year).
- Premiums - can be stept or level. Stept means they increase with age. Level means they stay the same and increase only with CPI. Stept starts out cheap as you are young and ends up really expensive when you get older. Level premiums are calculated on the age you are at the time of the policy starting. As an example my hubby has level premium cos he joined at 27 - the difference in price of level and stept at that age was quite low. Depending on your age an adviser will work out best structure for you and may even split half level, half stept.
- Income protection: you want to investigate benefit period and waiting period. Benefit period is how long they will pay for and waiting period is how you have to wait before they will pay claim. The longer the benefit period and shorter the waiting period the more $$$ the premium. Again an adviser will work out what suits bests. But most reputable insurance companies offer your benefit periods to age 65 rather then just 2yrs. If you are permentaely unable to work a 2yr benefit period isn't really going to be much help. Again, if you are older though you may only require a 5yr benegit because you plan of retiring or being financially supported by then IYKWIM?
We all have Life/TPD/CI/IP in our house. Some within super, some external. We are all on level premiums.
24-01-2012 14:10 #5
glad you asked, DH has insurance with suncorp but I want insurance for me and the the kids as we live in a very dangerous area road wise. He is firm with suncorp but I am looking at options his insurance has terminal illness cover too $90p/m around 1 mill cover.
Last edited by fairyflossfairy; 24-01-2012 at 14:12.
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