Life Insurance FAQ

[vc_row][vc_column width=”1/1″][vc_accordion][vc_accordion_tab title=”About Us”][vc_toggle title=”Who are we?” open=”false”] is owned by miPlan Online. We are a privately owned financial services company, with no affiliation to any product providers. Please read our Terms and Conditions for additional details about our company Our sole purpose is to make it easier for Australians to get quality life insurance at a competitive price. Our convenient tool provides instant life insurance quotes for you to compare. Once you’ve found the right cover at the right price, you can complete your application online in about 10 minutes. [/vc_toggle][vc_toggle title=”How are we different?” open=”false”]Most online insurance companies, such as Real Insurance, Allianz and Suncorp, only offer you one product. We are not affiliated with any life insurance companies and so is able to provide instant life insurance comparisons from multiple providers. This allows you to choose the life insurance policy that best meets your unique needs. Furthermore, in the event of a claim, our life insurance specialists will manage the claims process, using our expertise and experience to ensure the life insurance company gives you the best possible outcome.[/vc_toggle][vc_toggle title=”How do we get paid?” open=”false”]As is common practice with most retail purchases through 3rd parties, when you obtain a life insurance policy through us, we receive commission from the life insurance company for distributing their product. The only out of pocket expenses you will pay are the life insurance premiums. Please refer to our Financial Services Guide for more information about how we get paid.[/vc_toggle][vc_toggle title=”Are your online policies the only ones available?” open=”false”]No! While direct life insurance products may work well for some, there are many Australians whose life insurance needs are more complex. For example, Income Protection and Trauma Insurance are more sophisticated products that are not suited to the online market. Because we are a full licensed financial services company, we are able to offer clients whose needs are more complex comparison quotes from all leading Australian life insurance companies, such as TAL, AMP, CommInsure, Zurich, AIA and many others. If desired, we’re also able to provide full advice on the most appropriate life insurance solutions for your needs, the cost of which is covered by the commissions we receive from the life insurance companies.[/vc_toggle][/vc_accordion_tab][vc_accordion_tab title=”Life Insurance FAQ”][vc_toggle title=”What is Life Insurance?” open=”false”]Life Insurance pays a lump sum to your nominated beneficiaries or estate in the event of death and, in most cases, terminal illness. The Life Insurance Benefit can be used by your loved ones to replace lost income, pay down debt and cover funeral and legal costs incurred due to your death.[/vc_toggle][vc_toggle title=”What is a Terminal Illness Benefit?” open=”false”]If your life insurance policy includes a terminal illness benefit, you will be paid your life insurance amount if you are diagnosed as Terminally Ill and not expected to not survive longer than 12 months. Receiving your life insurance benefit early can alleviate financial burden during an already difficult time. It also allows you and your loved ones to make the necessary preparations to ensure everything is in order financially prior to your death.[/vc_toggle][vc_toggle title=”Can I own more than one Life Insurance Policy?” open=”false”]Yes. It is possible to own more than once life insurance policy, and there are many valid reasons for considering two or more life insurance policies. Check out our blog post on the topic for more information.[/vc_toggle][/vc_accordion_tab][vc_accordion_tab title=”TPD Insurance FAQ”][vc_toggle title=”What is TPD Insurance?” open=”false”](Total and Permanent Disability) TPD Insurance provides a lump sum payment in the event you are unable to work due to accident or sickness and are unlikely to ever work again. The benefit you receive from a TPD Insurance Policy can be used to pay down debt, replace lost income and cover additional out of pocket expenses such as medical, rehabilitation and lifestyle adjustment costs. [/vc_toggle][vc_toggle title=”How is Total and Permanent Disablement determined?” open=”false”]Determining whether a person is totally and permanently disabled is often a complex process that is based great deal of subjectivity. It doesn’t help that the definition of TPD often varies between life insurance companies. Because of this TPD claims can be difficult and drawn out affairs. In general, to meet the definition of TPD, you must be unable to work at all in your current occupation and, based on the professional opinion of two or more medical specialists, unlikely to be able to work ever again. More detailed information about TPD insurance can be found in our blog. And our life insurance specialists are always available to answer any questions you may have.[/vc_toggle][vc_toggle title=”Is TPD insurance available without Life Insurance?” open=”false”]Yes. TPD Insurance can be purchased as a standalone policy or bundled with life insurance. Some life insurance policies only offer TPD insurance as an add-on to the life insurance. There are pros and cons associated with both options. Please contact one of our life insurance specialists if you would like help choosing the best option for your situation.[/vc_toggle][vc_toggle title=”Can TPD Insurance be funded through Superannuation?” open=”false”]Yes. Like Life Insurance, TPD Insurance can be owned (and funded) by a Superannuation policy. There are pros and cons associated with both options. Please contact one of our life insurance specialists if you would like help choosing the best option for your situation.[/vc_toggle][/vc_accordion_tab][vc_accordion_tab title=”Trauma Insurance FAQ”][vc_toggle title=”What is Trauma Insurance?” open=”false”]Trauma Insurance pays a lump sum benefit in the event of serious illness (e.g. cancer, stroke, heart attack) or injury (e.g. severe burns, head or spinal injury).[/vc_toggle][vc_toggle title=”Why do I need Trauma Insurance?” open=”false”]Statistics show that approximately 1 in 2 Australians will be diagnosed with a condition covered by Trauma by the time they are 65 and that most will fully recover and so will not be eligible for life insurance or TPD insurance. A Trauma Insurance benefit can be used to replace lost income, pay for access to alternative treatment options, pay for additional help around the house or cover the income of a loved one who is forced to take time of work.[/vc_toggle][vc_toggle title=”Are there differences between Trauma Insurance policies?” open=”false”]Yes. The number and definition of conditions covered varies greatly from one insurer to the next, so it is very important that compare the quality before choosing a Trauma Insurance policy.[/vc_toggle][/vc_accordion_tab][vc_accordion_tab title=”Life Insurance Costs”][vc_toggle title=”What are Stepped Premiums?” open=”false”]Stepped premiums increase (step up) with age. Initially they are cheaper than level premiums, but after about 7 years start to become more expensive than level premiums, eventually becoming so expensive that many life insurance policies become unaffordable. [/vc_toggle][vc_toggle title=”What are Level Premiums?” open=”false”]Level premiums stay constant (level) with age. Initially they are more expensive than stepped premiums, but over the life of the policy can save you tens of thousands of dollars. If you plan to keep your life insurance policy for more than 10 years, you should strongly consider level premiums.[/vc_toggle][vc_toggle title=”Is Life Insurance more expensive for smokers?” open=”false”]Yes. Life Insurance premiums are set based on the estimated risk of the person being covered. All things being equal, smokers are considered a higher risk of claim than non-smokers. On average, premiums for smokers are about double the cost of premiums for non-smokers. However, if you stop smoking for 12 months, most life insurance companies will allow you to change your premiums to non-smoking rates.[/vc_toggle][/vc_accordion_tab][/vc_accordion][/vc_column][/vc_row]