Life Insurance Application - Common Questions

When filling the life insurance or income protection insurance application most of the time you will be asked some common questions.

Medical Examination

If you are aged less than 45 years, normally the insurance company will not require you to undergo any medical examinations or blood tests if you are planning to insure yourself for less than 2.5 million or the income protection that you are seeking is below $6,500 per month.

For people over the age of 45 medicals is usually a requirement even at reduced levels of cover.

Should you have a medical condition which you are required to disclose then the insurance company usually requests a medical report from your doctor, or you may be required to undergo some tests or a medical exam, which can be organised by the insurance company at no cost to you. A mobile nurse will come to your home or workplace when it is convenient for you.

Types of financial information that you may need to provide

Depending on the nature and status of your employment you may be required to provide a statement of Assets and Liabilities and provide copies of your recent tax returns.

Types of payment options

Generally insurance companies offer monthly, half yearly, or annual payment options.

Methods of payments

When submitting your application form you will need to stipulate a payment preference from one of the following:

  • Payment by cheque (made out to the insurance company)
  • Direct Debit
  • Credit card authority

Rate Detective helps to answer all common questions on your application over the phone when you applying for life insurance or income protection through us. Just call us on 1300 793 143 or fill out the form on this page.

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Published on June 6-th, 2010 in Life Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.

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