Life Insurance Tips

Insurance the Easyway

By Easyway Insurance

Purchase life insurance when you’re young and healthy.

Seems ridiculous right? But you tend to be fitter and healthier when you are young – and less likely to be penalised through premium loadings or exclusions. Also, fyi, most insurance claims are paid to people between the age of 30  & 40.

Go for level premiums if you’re thinking about long term.

Affordability is often the objection for opting for a level premium. In the long term though you will be rewarded in $. When you start to ripen, you tend to start to get aches and pains and realise that you are not Teflon proof. Having an insurance policy with a premium locked in at inception will be a blessing

Think about your income.

Income Protection can provide up to 75% of your gross monthly income if you are unable to work due to sickness or injury. It will pay a monthly income to help ease the financial burden after a nominated waiting period for the duration of the event or the selected term of the benefit – i.e. age 65 or 70.

Opt for comprehensive cover.

Most Income Protection policies will offer a standard product and a more comprehensive offering. Inclusion in the comprehensive offering could include: Relocation benefit – if you are injured overseas, Rehabilitation expenses benefit and Carer benefits

Change your lifestyle.

If you are a smoker, you can reduce your premium by close to half if you quit. After 12 months you can sign a Non-Smokers Declaration and remove the smoker penalty premium! 

If you participate in dangerous activities through either work or play, changing this could also impact your premium.

 

Review your policy on a regular basis.

Believe it or not, but this is not only an effective way to reduce your premium, but also can provide better options as the products evolve.

Always a good idea to read the PDS and compare the Products.

 

Make annual payments.

This usually saves around 1 months premium.

 

Don’t be discouraged by the application process.

With many online companies promoting “no mandatory medicals” or offering cover without asking questions, there will always be escape clauses for pre-existing conditions or non-disclosure. This is their escape clause to not pay out. It is always recommended to proceed with full medical underwriting. And always, always tell the truth. The whole truth and nothing but the truth. That way you won’t be disappointed at claim time.

 

Assess future possibilities with your spouse.

These options could include downsizing your home in the event of a serious accident or illness. It could also include moving closer to family support.

 

Choose trustworthy companies.

The Market is shrinking, but the major players are still providing quality products.

 

Use a Broker if you need help.

A licenced Broker will be able sift through the various offering and  provide you with quotes for the cover you request.

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Life Insurance Tips

Life Insurance Tips By Easyway Insurance Purchase life insurance when you’re young and healthy. Seems ridiculous right? But you tend to be fitter and healthier when you are young – and less likely to be penalised through premium loadings or exclusions. Also, fyi, most insurance claims are paid to people between the age of 30 

Read More »
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