From a minimum of $10,000 through to $20,000,000 in Life Insurance cover we can help get you covered.
For the majority of cases no medicals are required, except if you are a very high income earner, or have a pre-existing medical condition.
If you need to claim, it should be as easy as possible. We help you with the paperwork and deal with the insurers on your behalf
The application process ensures you know what you are covered for at the point of application, so no surprises at the claim stage.
We will always provide you the lowest price, based on the Income Protection features you require
Our dedicated team has one key goal – to provide you with the highest levels of service from your initial enquiry, all the way through to claim
What is Life Insurance?
Life insurance provides a benefit payment if you are diagnosed with a terminal illness or if you were to pass away. You or your beneficiaries will receive the payment as a lump sum payment. This can be used for various purposes such as your medical and funeral expenses, your children’s education, or to pay off your debt.
Why do I need Life Insurance?
You may need life insurance should you:
1. Have children or other dependants. The benefit payments will be paid out to the beneficiaries you elect, typically your family. This can help them stay financially secure even after you pass away.
2. Have any outstanding debts. Life insurance can help pay your outstanding debts such as mortgages and credit card debts. This will prevent you from passing on these debts to your loved ones.
3. Have assets. Even if you have no debts, receiving a lump sum may prevent your family having to sell your assets to maintain their lifestyle. They may also use this payment for what you originally intended, such as for their education.
4. Earn an income. This type of insurance can also replace your income through the lump sum payment if you are diagnosed with a terminal illness - important if you’re the family’s main income earner. This can aid in reducing financial stress and anxiety in an emergency and very stressful time
How much does Life Insurance cost?
Your life insurance premiums depend on a number of factors, which may include:
● Your age - the older you get, the more expensive your premiums will be for the same level of cover
● Your benefit amount - higher benefit amounts result in higher premium costs
● Features and benefits that are included - built-in and add-on benefits you choose may also affect your premium costs
● Whether you smoke or not - naturally, smokers pay higher premiums
● Other factors - these may include your gender, medical history, occupation, and your overall lifestyle
What Features are available in Life Insurance?
Specific benefits and features may vary among insurers, but here are some of the more common ones:
● Terminal illness benefit - the insurer will pay the benefit payment in advance if you are diagnosed with a terminal illness and are expected to pass away within the next 12 months
● Funeral Benefit - this covers your funeral costs or expenses of similar nature, and may be paid in advance, usually within 48 hours of passing
● Financial Planning Benefit - the insurer may also reimburse a specified amount for the creation of a financial plan by a financial adviser after the benefit payment has been paid out
● Accidental Death cover - this will cover you if you die an accidental death, and may exclude cases of suicide within the first 12 months or death through illegal activities
● 24/7 worldwide cover - the insurer will cover you for insured events that may happen to you anywhere in the world
● Premium waiver - the insurer will waive your premium payments for a set period when you meet certain conditions such as a serious disability
● Accommodation benefit - if you are confined to bed due to terminal illness as per your doctor’s advice, the insurer will reimburse the accommodation expenses of your immediate family member
Some of these are built-in benefits that automatically are included in the life insurance policy. Others are add-on options that may be available at an additional premium cost. The full list of features and benefits are provided in each insurance company’s Product Disclosure Statement (PDS).
Is a Stepped or a Level Premium better?
If you choose a policy with a stepped premium, your premium payments increase annually. This results in cheaper premium payments initially, which become more expensive as you get older. Premium payments of a policy taken with a level premium stay the same every year, except if there is an increase in taxes or monthly fees.
Level premiums tend to be more affordable over the long term. So consider how long you will hold the policy for when choosing between the two. There may not be a considerable difference between the two if you are younger, but this would depend on your personal situation.
If you would like to find out the difference in price over a period of time, a Save U professional will be able to help.
How Much Cover Do I Need?
To determine how much cover you need, consider your outstanding debts, your living expenses, and the future needs of your beneficiaries.
Knowing how much you owe can allow you to take out cover to prevent passing on the debt to your family when you die. Factoring in your living expenses will help support your family financially when you’re diagnosed with a terminal illness or when you die. Finally, knowing how much they will need in the future can cover the costs of your children’s education, their vacations, and other things that will help them live a happy and comfortable life even after you’re gone.
When deciding on your cover amount, you should choose the maximum cover that you can afford. A Save U professional can help you compare the different cover amounts, and how much they will cost you.
How Can I Pay for My Life Insurance?
You can pay for life insurance either with your income or through your super.
If you pay your premiums with your disposable income, i.e. it is an out of pocket expense, you will have less money to spend on other things every month. The advantage is that you can choose the maximum benefits and features based on what you can afford.
When paying through super, your disposable income won’t be affected. Insurance premiums through super are also relatively more affordable. The disadvantage is that the level of features and benefits are often not the same as a policy that you pay for using your disposable income. Processing of insurance claims may also take a longer time, as the trustee is required to confirm release of the funds.
If you couldn't work, how would you pay for all your bills, the car, the mortgage and the everyday living expenses that just keep coming in?
Income Protection covers up to 75% of your gross salary, so if you can't work because of an injury or illness, so you can concentrate on getting better.FIND OUT MORE
We guarantee to match or beat any Direct or Retail Life Insurers price on a comparable policy. The Direct or Retail Life Insurers price must be a fully underwritten existing policy / quote covering you for comparable insured events, and the same cover level. This offers excludes Level Premiums unless the level premium is for a new policy being taken out. This offer excludes group policies such as those sold through superannuation funds. You may be required to provide proof of your current policy / quote prior to being able to apply for the cover through saveu.com.au. If for some reason we cannot match or beat your existing policy, we will reward you with $100 cash.