Your Life Insurance Questions, Answered

Let's face it, unless you work in the life insurance industry, chances are that you find a lot of things confusing when it comes to getting a policy. Questions such as choosing the right policy, knowing how much one should pay for their premiums, and why one needs a medical exam are just some of the most common ones we receive regularly at Rate Detective. All these are valid questions. After all, you want to make sure that you are getting the best deal in your life insurance. What's more, taking the time to have your answers questioned helps ensure that you are adequately covered.

That is why we have written this article for you. We will share with you the answers to some of these common questions, so that you too will know exactly what you need to do when buying insurance. Let's get started with...

  1. What's the right policy for me? Because life insurance comes in different packages and features, it's easy to get confused with all your options out there. But for starters, term life insurance is what covers your beneficiaries when you die. Meanwhile, income protection insurance provides you with funds if you're unable to work because of an illness or injury. Then trauma insurance is for when you suffer from any type of condition specified in your policy. It thus helps to let your broker know what your needs are so they can help you find the best policy for you.
  2. Why is it important to undergo medical examination? Your insurer wants to minimize its risk before signing you up. After all, if you're a heavy smoker for example, you are in greater danger of getting sick than someone who lives a healthy lifestyle. That's why insurers require applicants to go through a medical exam first. You can also opt for a "no medical" insurance, but it is usually more expensive than those with medical.
  3. Is my policy tax deductible? Income protection insurance is fully tax-deductible. The same may not apply to some policies, however. It is therefore important that you ask your broker or insurer about this before buying the policy.

There you have it, your answers to some of the most common questions people have about life insurance. If you have more, feel free to contact our qualified life insurance advisors today. They can even provide you with rate comparisons of Australia's top insurers, and help buy a policy on your behalf. Contact us today for more details!

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Published on June 6-th, 2013 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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