Life Insurance

Not all life insurance is the same

Not All Life Insurance is the Same

You might already have life insurance and be paying for it without even knowing. If anything were to happen to you, how would your loved ones find out?

Life insurance is all about managing risk—for both you and the insurance company.

Do You Already Have Life Insurance?

You might already have life insurance and be paying for it without realising it.
If something were to happen to you, would your loved ones even know that cover exists?

Understanding what you’re paying for — and what you’re covered for — is essential.

Why Life Insurance Matters

The main purpose of life insurance is to provide your loved ones with a lump sum payment if something happens to you.
It’s designed to protect your family’s financial future when they need it most.

The Fine Print Matters

Some life insurance policies are easy to get — requiring little more than a few questions. While this may seem convenient, it also means the insurer knows very little about your health or lifestyle, which can lead to:

Higher premiums
More exclusions
Limited cover

These policies often include conditions such as exclusions for:

Pre-existing medical conditions unless you’ve been free of the condition for five years
Suicide or intentional self-injury within the first five years of the policy
Dangerous occupations or pastimes at any time
Participation in criminal activity
Known genetic conditions

In other words, you might be paying for life insurance that doesn’t provide the protection you expect.

Common Questions

Terminal Illness: What happens to your life insurance policy if you are diagnosed with a terminal illness?
Suicide: Can your policy still pay out in the event of suicide?

These are important questions that should be discussed with a qualified adviser before you commit to a policy.

Work with a Financial Adviser

By working with a professional financial adviser, you can ensure:

Your current cover is assessed properly
You have the right level of protection
Your premiums are as low as possible (especially if you’re in good health)

Contact Us for a Free Consultation

We can help you:

Check if you already have life insurance
Assess your current cover and find the best protection at the right price

Paul Woodward
1300 876 132

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.

Terminal Illness – Find out what happens to your life insurance policy if you are terminally ill.

Suicide – Can you commit suicide and still get your life insurance payout?

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.