Life insurance

Anyone has gone through choosing a life insurance ? We will be Australians soon enough and with no way going back to home country I want to make sure the family is covered in the case of errrr... death.

Gone through Life / Life with TPD. What options & gotchas should I be looking for ? Does one have to mention motorcycle riding activities in the policy seeing that we are 70% more likely to die

ps. reading few quotes apparently it's cheaper to insure oneself than a car

Luckily it's included in my work health insurance package, so I didn't have to do all the research into it, but if you have a family I think you'd be silly not to have some sort of cover.

Good luck with it all and congrats on your impending citizenship

Luckily it's included in my work health insurance package, so I didn't have to do all the research into it, but if you have a family I think you'd be silly not to have some sort of cover.

Good luck with it all and congrats on your impending citizenship

Mine's part of the Super package that work pays

yup, get income protection as well as pernamnt disabilty policy. Go for a higher death payout, once you add up what teh living expensses will be for your family it may come as a surprise.

Thanks... we are just waiting for the ceremony. Hopefully the flag won't be banned then

I am covered by work, actually but the amount would only enough to pay for the house.

So I wanted to add my personal one on top of it, so the house can be paid and the kids can go to uni...

Is that a sound thinking or is there a gotcha there ? What is "income protection" is it for unability to work or as simple as getting laid off ?

It is the inability to work, like injured outside of work.. Iam currently recieving it as I had a major accident 7 years ago, I would have been stuffed without it. I had the policy for many years as a sub contractor then a business owner, not covered by workcover. You have to tell them all your activities such as sport and hangliding etc

Income protection can be for "involuntary" unemployment as well (so you can't just quit ). When I worked at a bank I didn't deal directly with Life insurance, that was for the planners, but one thing they always said is that about 80% of people are under insured. So be aware of that.

Can you increase your cover through your work super and have the premiums deducted from your super fund. It's effectively pre tax then so it'll save you a shitload. I know MLC will alow you to do it but I'm not sure of others

I wish I could get life assurance until I'm at least 90 I reckon

Pretty sure if you get TPD or Income Protection you can claim it on tax - ask your accountant.

I have life insurance (well, death insurance) but failed on TPD - something about past conditions etc. (i.e white male, overweight, high blood pressure, drinks)