Advice matters
Three factors when choosing a life insurance policy

Thinking about getting life cover? It can be overwhelming with so many options out there, but we’ve got you covered. Here are key factors to consider when choosing the right life insurance policy for your needs.

Your unique circumstances

The purpose of life cover is to protect the people you love most financially. So, it’s essential to take into account your current financial circumstances.

Do you have assets or liabilities? What is your income, and what are your expenses? For instance, if you have a mortgage or personal debt, you’ll need to consider how your death or illness could impact your dependents’ financial security. Plus, you may also have high levels of personal debt, or have been saving for future goals – like your first-home or children’s tertiary education.

Your family’s financial future is worth protection, from every possible angle. And we’re here to help you take a comprehensive view of your financial situation and find the best coverage to meet your unique needs.

Your budget

After assessing your life insurance needs, it’s time to determine how much you can afford to pay. Insurance premiums vary depending on key factors like your age, your health, and whether you do any risky jobs or activities.

Of course, affordability is crucial, but don’t let price be the only factor. You’ll want to consider policy features and any extra benefits you may get from the insurer, still within your budget. So, understanding the small print is key, and we can help you navigate it.

Exclusions and loadings

Contrary to popular belief, pre-existing conditions aren’t always uncoverable: depending on the condition, your insurer may choose to either exclude it from cover (permanently or temporarily), or accept cover with a ‘loading’ (an extra charge added to your premium).

And remember, failing to disclose any current or past medical conditions is never a good idea. Non-disclosure – no matter if intentional or accidental – is a serious matter and can result in a claim being rejected and even your policy being cancelled.

The bottom line is: when applying for new cover, always disclose and don’t assume that a pre-existing condition will hinder your application. We can help you understand what may be covered and what not, depending on the provider.

Like to discuss your needs?

At the end of the day, premium costs are just one of the factors to consider (albeit an important one!). Knowing life insurance policies inside and out, we can help you find the right policy that meets your unique needs, ensure you understand how it works, and make the process as stress-free as possible. Like to discuss your options further? Get in touch with us today.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.