Generally speaking the retail life insurance policies we specialise in will pay out for life insurance if:
There are some key questions most people have around life insurance when they are taking out a policy. Chief amongst these is usually how much cover will I need?
Some key points to consider might be:
The Australian Government provide an excellent life insurance calculator, which can help guide you on indicative insurance amounts you may require. In most cases you can secure up to 20x your income in life insurance benefits without needing to provide financial justification to the insurance company.
A loved one passing, or being diagnosed with a terminal illness, is not something pleasant to think about or discuss. But statistics show that these events do happen in the community and also to people right across the age spectrum. Just because you might be in peak physical condition, or a young newly-wed with seemingly your whole life ahead of you, doesn’t mean that an illness, a road accident or a workplace fatality couldn’t happen at any time, and have loved ones left behind facing serious financial challenges.
That’s very true. Policies do vary greatly between different companies and what may be perfect for your next-door neighbour may not be appropriate for you.
At SMFS Insurance Partners we are experts at navigating the various insurance options from our extensive panel of leading insurance companies. We can provide you with a full comparison. In this scenario a trained insurance consultant will find out information about your lifestyle, work, and medical history, before helping you select an appropriate policy, and then also assist you in applying for it. This is an approach that can help to separate the range of life insurance products out there into a few easily understandable categories.
For instance, in Australia, we typically have a choice between what’s known as group, direct, or retail insurance policies. Group insurance is when members of a company, or super fund, operate under a single contract. Direct policies are purchased over the phone or online directly from an insurance company. The third category, retail policies, like the kind we deal with at SMFS Insurance Partners, are policies where a consultant will find out the subtleties of what you require and tailor a policy to your needs.
The overwhelming majority of life insurance policies do get paid out upon death. But there are some reasons why a company may not. These include:
Keep policy payments up to date.
Always check your policy thoroughly through in detail for this.
Your insurer may not pay out if they discover a non-disclosure when you die. This usually comes about by not answering questions to the best of your knowledge and leaving important information out of your disclosure.
In most instances insurance payouts for life insurance are not taxed. There are however some exceptions. For example, if your policy is held inside super and the payout is to a non-dependent. We can provide general advice when discussing your life insurance requirements.
As is evident there are a number of important considerations to make in comparing, selecting and applying for any life insurance policy. To assist you in making the correct choice for you and your loved ones SMFS Insurance Partners are available to meet with you and discuss your needs. Please contact us at your convenience on (07) 3064 0413 or leave a message on the contact us section of our website.
SMSF Insurance Partners Pty Ltd (ABN 83 629 598 661 / ARN 1269886) are Authorised Representatives of Ingenious brokers and ABN for that is 53 656 735 956 / AFSL 538868. SMSF Insurance Partners are authorised to advise and deal in superannuation and life risk insurance products only, including Term Life, Total and Permanent Disablement, Income Protection Insurance and Trauma Insurance.
Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information or advice on this website, you should consider the appropriateness of it (and any relevant product) having regard to your circumstances and, if a current offer document is available, read the offer document before acquiring products named on this website. Please note our advice does not include independent financial, legal and taxation advice prior to acquiring a product.
Not all providers of insurance on the market are included in our comparisons. The amount of any savings will depend on your circumstances.
The financial products compared on this website do not necessarily compare all features that may be relevant to you. Comparisons are made on the basis of price only and different products may have different features and different levels of coverage.
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