How do I apply for Life Insurance?
Life Insurance allows you to financially protect your loved ones.
This article is sponsored content from our partner NobleOak.
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Key points
Applying for Life Insurance can be an important life step.
NobleOak explores the ways you can take out Life Insurance cover.
Going direct through NobleOak may suit your needs.
Applying for Life Insurance can be a very important life step because you are choosing a degree of financial protection for your loved ones in case you die or are diagnosed with a terminal illness.
If you have been thinking about applying for Life Insurance or wondering how to get started, here are a few tips to help you begin the process.
If you are looking to apply for Life Insurance directly, start by working out how much insurance you feel you might need.
You should also:
- Make a list of insurers and choose one based on their quote, your research, and their added benefits (such as flexible policies and discounts if paid annually).
- Compare various insurers’ prices, cover, inclusions, and exclusions.
- Get quotes online through various insurers.
- Call the insurer, and they will help you to apply direct. There is usually an online questionnaire as part of the application, asking for health, lifestyle, and other relevant information.
Applying through an accredited adviser is the more traditional approach. The application often takes longer, as the adviser needs to work out what level of cover is required by conducting a needs analysis of your circumstances and risk profile. Typically, they will talk you through various policies and what you are covered for and excluded from.
Before taking out further Life Insurance, check whether you already have this type of insurance through your super. This ensures you do not pay for insurance twice. On the other hand, you need to consider carefully if the cover provided is sufficient for your situation and needs.
Taking out Life Insurance through super means you pay the premiums from your super fund, and premiums may be tax-deductible. Sometimes, however, you are given the super fund default cover, and this may not be the most suitable option for you.
Before you buy Life Insurance (either direct, adviser or via super), by law the insurer must provide you with a product disclosure statement (PDS).
Check the PDS for:
- What is covered and what is excluded under the policy?
- Information on premiums and whether they change over time.
- Waiting periods.
- How to make a claim.
Applying for Life Insurance is a significant step in your life. You may choose to get your cover (directly), after carefully considering your needs and circumstances. Or you may seek professional help from an adviser. It is recommended that you seek advice about how tax applies to your situation. A Life Insurer like NobleOak can provide you with general advice and product information.
To find out more about NobleOak’s Life Insurance products, call a NobleOak Life Australian based insurance team member on 1300 041 494 or get a quote online at www.nobleoak.com.au/nationalseniors
This is general information only and does not take into consideration your individual circumstances, objectives, financial situation, or needs.
