Not all life insurance is the same
The first thing you need to know is that you might already have life insurance, are paying for it and you don’t know about it. So if anything ever happens to you, if you don’t know about your life insurance, how will your loved ones ever find out?
Life insurance is all about managing risk, for both you and for the insurance company.
The main reason for having life insurance is for you loved ones to get a lump sum payment should something happen to you.
When it comes to life insurance, not all life insurance is the same. There are some life insurances where you can get it with answering minimal questions. The problem with this is that the insurance company doesn’t know much about you and your state of health. As such, the risk is higher and the insurance company will factor this in as higher payments.
Also, these companies mitigate their risk by adding conditions that you might not be aware of. For instance you may not covered for:
- Pre-Existing Medical Conditions unless it can be proved to our satisfaction that you have been Free of the Condition for the five years following the Cover Commencement Date, reinstatement or an increase in Cover you apply for.
- Suicide and Intentional self- injury during the first five years following the Cover Commencement Date, reinstatement or any increase in Cover you apply for.
- A Dangerous Occupation or Dangerous Pastime at any time following the Cover Commencement Date,
- Participation in any criminal activity at any time
- A Known Genetic Condition.
In other words, you might be paying for life insurance that will not cover you as per your expectations.
Working with a financial adviser to answer the important questions needed by an insurance provider will all but guarantee your premiums are lower, so long as you are in good health.
Contact us for a free consultation where we will
- Check to see if you already have life insurance
- Assess your current situation and come up with the best cover for you at the right price
1300 876 132