8 Life Insurance Cover Facts You Absolutely Must Know
More than half of Australian citizens with a family whose children are under the age of 17 do not have any life insurance cover
. Is it that folks who fall into this category simply believe acquiring insurance is too expensive? Perhaps there is a misconception of too many hoops and too much bureaucratic red tape? Whatever the reasons, in this day and age of near instant communications and Internet dissemination of information, providing peace of mind for yourself and financial support for your family has never been easier.Following are 8 facts you certainly need to know in order to help you jump easily through those rings:
1. Know what life insurance is? Policy holders in good standing are provided with financial benefits in the event they fall victim to one of the covered events, notably accidental or naturally caused death, or diagnosed with a terminal illness.
2. Who's eligible to be covered? You are if you live in Australia and are between the ages of 18 and 64. Additionally, you can cover your spouse or partner as well as being able to add children to your policy.
3. Does it take long to get coverage set up and in place? Usually not. Better life insurance companies have numerous live agents in place to handle your calls. The Internet makes sending and receiving information fast and easy. Plus a number of top insurers offer complimentary coverage up to 30 days should there be extenuating circumstances which require additional collection of data from the insured.
4. How much coverage can you get? Benefit amounts do vary depending upon your age when you commence coverage. On average, however, minimum policy coverage starts at $100,000 and can go as high as $1,500,000. Your needs may vary so be sure to consult with your potential insurer to determine what is best for you and your family.
5. What happens when benefits are claimed? In the unfortunate event you need to make a claim on your life insurance cover, better providers will advance you money against your benefit amount, up to $15,000 in order to help with expenses related to funeral arrangements. Once proper proof of death or diagnosis is confirmed, lump sum payments of remaining benefits can be expected in short order.
6. How much are premiums? A number of factors are taken into consideration when a policy premium is put into place. Your age at time of commencement, amount of coverage, any additional lives insured, etc. Also, on subsequent anniversaries of your policy commencement your premiums will be recalculated up to the age of 99. At this point all premiums are frozen for the remaining life of the insured.
7. Are there any exclusions to a benefit being paid? Terminal illness or death which results from self infliction is generally not covered within 13 months of acceptance or the date of any increase in cover.
8. When does a policy begin and end? Once accepted by your insurer, the policy will state an official acceptance date which indicates the beginning of your coverage. The policy will continue until the life insured receives payment for death or terminal illness. Otherwise, as long as payments are on time and up to date, the policy is in full force for life unless canceled by the insured or the insurer.
Armed with these 8 simple, straight forward facts, you should be able to easily research online and find a quality life insurance cover provider. Do what you can now to keep yourself out of the majority of folks who are under or uninsured. Your peace of mind is valuable. Just knowing your family's financial support is in place and dealt with will be more than enough to motivate you to do what is necessary to secure a proper insurance policy.
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