yorkey Posted July 21, 2015 Report Share Posted July 21, 2015 Hi folks, can anybody recommend a life insurance company? There are so many on the net its hard to get the head around it and not get screwed.:wacko: Quote Link to comment Share on other sites More sharing options...
Raychelsb Posted July 21, 2015 Report Share Posted July 21, 2015 Weve just signed up with Bankwest for income protection plus involuntary unemployment and permanent disability. We have life insurance already in the Uk and also through our superannuation here. I got a lot of quotes and couldn't beat Bankwest, who we are going through our home loan with plus not many offer the redundancy - reading on the net it looked like this wasn't straightforward to get unless you went with your lender...it is a minefield isn't it. Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted July 23, 2015 Report Share Posted July 23, 2015 Speak with Simon Boxshall of Total Wealth Advisory: M +61 (0) 450 579 750 | T +61 (0) 8 9284 1600 Feel able to mention my name if you call him. Quote Link to comment Share on other sites More sharing options...
Druid Posted July 23, 2015 Report Share Posted July 23, 2015 I got everything through my Super with AMP Quote Link to comment Share on other sites More sharing options...
newjez Posted July 23, 2015 Report Share Posted July 23, 2015 My pet subject life insurance. My situation was I had death in service cover with my employer (UK - BofA). Then I got cancer, then they made me redundant, and I lost the life insurance, (wasn't bothered about the job). Now I find I can't get life insurance. I am fortunate that my current company took me on and gave me unconditional cover. But I would advise people not to do as I did. Just out of interest, does anyone know the chances of a Perth company offering life with no medical? I currently have some cover under my old super, but I can't increase it without medical. Quote Link to comment Share on other sites More sharing options...
Andrew Williams Posted July 24, 2015 Report Share Posted July 24, 2015 Hi yorkey Typically there are 3 channels to purchase life insurance and income protection, direct, group and retail. Typically direct will be accessed via the internet and over the telephone, group is accessed through superannuation/employer benefits and retail through an Adviser. Generally the cheapest premiums will be group, then retail and direct being the dearest. However be aware that there are big differences….group is the most basic one example is that more often than not only a 2 year benefit period for income protection is available even if there is a longer benefit period available some will not continue to pay longer than 2 years unless the individual is permanently disabled, this is just one example there are many others. Direct cover is renowned for advertising that cover is accepted over the phone with no medicals however in a lot of cases with direct cover the underwriting is carried at time of claim and pre-existing conditions can then be excluded leading to no payout. Retail is the most comprehensive and underwriting is carried out at time of applying therefore you will know exactly what you are covered for or not (if applicable from the outset). Typically the only cost to you for arranging insurance is the actual premium as Advisers are remunerated by commission however some Advisers will work on a fee basis and rebate or dial down the commission. Generally Income Protection is tax deductible and retail cover can be structured so that it is owned and paid for directly or the premiums can be funded from your superannuation fund is cash-flow is an issue. An Adviser will be able to establish your needs and then recommend a strategy to suit you, using an Adviser independent of Banks/Insurance companies will ensure that you will be placed with one of the main Australian Life Insurance companies following comprehensive research rather than being sold their product. Regards Andy Quote Link to comment Share on other sites More sharing options...
Andrew Williams Posted July 24, 2015 Report Share Posted July 24, 2015 My pet subject life insurance. My situation was I had death in service cover with my employer (UK - BofA). Then I got cancer, then they made me redundant, and I lost the life insurance, (wasn't bothered about the job). Now I find I can't get life insurance. I am fortunate that my current company took me on and gave me unconditional cover. But I would advise people not to do as I did. Just out of interest, does anyone know the chances of a Perth company offering life with no medical? I currently have some cover under my old super, but I can't increase it without medical. You do not seem to be in Oz yet? When someone joins a super fund for the purpose of having employer contributions paid in there is generally a default amount of life cover offered, look into this closely at the time as there may be instances whereby it does not cover pre-existing but in cases it is default regardless of pre-existing conditions. With regards to applying for life cover without medicals as above re direct however direct is not always as it seems. Retail would be the best option and whether you would be offered it or not would depend on a number of situations, it is possible to obtain life insurance after having cancer in cases but all of your health history would have to be disclosed and your case underwritten before understanding the outcome, if it is possible then there likely would be a loading to the premium. Regards Andy Quote Link to comment Share on other sites More sharing options...
Druid Posted July 24, 2015 Report Share Posted July 24, 2015 My Super got "tailored" to suit my needs, it started as regular employer group super, but due to getting a huge mortgage, the group super did not cover it and could not be tailored within the group framework, I approached the group super financial advisor, who was able to retain all the benifits, bonuses & discounts of the group super, opt me out of the group super, set up a private super and then tailor it to suit my needs, my life isurance got doubled and I ended up with salary continuance and trauma cover up until retirement age, I ended up paying in monthly for the trauma cover I think, but at a vastly reduced rate, all the other increase in premiums are contained within the super, I know in the long run my super is getting hammered with all the additional premiums, but as things stabilise financially for me in the future, I can start paying extra into my super to make up for it Quote Link to comment Share on other sites More sharing options...
newjez Posted July 25, 2015 Report Share Posted July 25, 2015 You do not seem to be in Oz yet? When someone joins a super fund for the purpose of having employer contributions paid in there is generally a default amount of life cover offered, look into this closely at the time as there may be instances whereby it does not cover pre-existing but in cases it is default regardless of pre-existing conditions. With regards to applying for life cover without medicals as above re direct however direct is not always as it seems. Retail would be the best option and whether you would be offered it or not would depend on a number of situations, it is possible to obtain life insurance after having cancer in cases but all of your health history would have to be disclosed and your case underwritten before understanding the outcome, if it is possible then there likely would be a loading to the premium. Regards Andy Thanks Andy, I am Australian, hence the old super account, but I've been living in the UK for a while. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.