You may also be required to take out a level of cover sufficient to meet the minimum premium. The premium amount includes government charges such as stamp duty and taxes.
If you are a member of an Australian superannuation fund you might already have some life and income protection insurance cover, though typically the default option may only provide a fraction of the cover you need.
Australian superannuation plans also don’t normally include serious or critical illness insurance.
To work out if you need extra cover, check the insurance you have through your superannuation fund or employer.
Yes, you are covered 24 hours a day, 365 days a year, as long as you’re residing in Australia when you apply and when you receive the Product Disclosure Statement and Policy Document. Note that your policy may not cover you in certain circumstances, like death or injury due to war.
For life insurance
For income protection insurance
Yes. You can decrease your cover (subject to the minimum Sum Insured or premium requirements) at any time by contacting us. You can apply to increase your cover (up to the maximum amount, up to75% of your income to a maximum of $10,000* per month) at any time. To increase your cover you may need to answer some additional health and lifestyle questions.
No, however you may be asked some questions about your health and medical history.
Finding the right level of life insurance cover depends on your own individual circumstances. When deciding how much cover you need, you should consider your stage of life, whether you have dependants, your debt levels and the ongoing needs of your family and loved ones.
Here is an online calculator that may be able to help you.
For income protection insurance the level of income protection insurance cover available is limited to 75% of your income.
There is a 30-day cooling-off period, where you can cancel your policy and receive a full refund if you change your mind.