How life insurance works

Life insurance can help protect you and your loved ones financially if something unexpected happens.

What life insurance covers

Different life insurance products are designed to protect you from different events that can occur:

What to check before you buy life insurance

Before buying, renewing or switching insurance, check if the policy will cover you for claims associated with COVID-19.

Before you buy life insurance, by law an insurer must give you a Product disclosure statement (PDS). Check the PDS for:

  • what’s covered and what’s excluded under the policy

  • what information you’ll need to give an insurer

  • information on premiums and how they change over time

  • waiting periods before you make a claim

  • how to make a claim

  • how to complain about the claims process or decision

Also check whether you already have life insurance through your super. Make sure you’re not paying for insurance twice.

Please contact us on |PHONE| if you seek further assistance on this topic.

Source : Moneysmart.gov.au October 2020 

Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at https://moneysmart.gov.au/how-life-insurance-works

Important note: This provides general information and hasn’t taken your circumstances into account.  It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.  Past performance is not a reliable guide to future returns.

 

Important Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

Recent stories

Working with a financial adviser

Financial advisers are professionals who can help you plan and manage bigger financial decisions. Know what to expect when you…

Read more

Estate planning and superannuation

Many of us spend a great deal of time planning for our retirement but understandably, often do not put the…

Read more

Financial literacy: Why it’s important and how we can all improve

More than most, small business owners are responsible for ‘knowing their numbers’. But what happens when financial literacy is variable…

Read more

Capital Gains: securing the finance your business needs

Whether you need funds to get a new enterprise off the ground or are looking for capital to take things…

Read more

Episode 117. Where Do We Stand On A Long Winding Road To A Tumultuous Year?

Our last year’s episode commences with a discussion on a report regarding the Australian Retirement System and the Three Pillars…

Read more