How life insurance works

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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.

 

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