Life Insurance Tips

Understand the Product

Be sure to read and understand the product disclosure statement (PDS) which describes the product, its benefits and any limitations as well as the premium payments which apply.

Buy Life Insurance early in life

It is better to purchase life insurance at an early age as the younger you are, the healthier you’re likely to be, and the cheaper the premium will be. By doing this you can financially protect your beneficiaries as early as possible in life.

Quit Smoking

Since Life Insurance premiums are based on whether or not you smoke, smokers can not only save money by quitting smoking, but if you quit smoking and have not smoked for 12 consecutive months, you can save on your Life Insurance premiums as well. For information about quitting smoking, visit the Australian Government’s Quitnow website.

Choose a suitable payment method

Some people prefer to pay their premiums annually, monthly or fortnightly. Choose a payment method which best suits your budget. You are not charged extra for monthly or fortnightly payment options.

Update your policy

Make sure that as your financial circumstances change, your amount of cover is sufficient. For example, if you take out another mortgage, start or extend your family make sure that your level of cover takes this into account.

Tell the truth

When applying for Life Insurance, you will be asked a few health and lifestyle questions. You have a duty of disclosure which means you must answer all questions truthfully, paying particular attention to any medical conditions and whether you smoke, otherwise your insurer may decide not to pay a claim