FAQs

No, it doesn’t cost you anything to apply for a risk insurance policy with Australian Global Life Solutions if you take out the insurance that has been recommended. If you do not go ahead with the recommendation there may be a fee charged for the preparation of the statement of advice. Please contact AGLS for further details. The life insurance company pays for all of the underwriting expenses and you have a cooling off period. Your only other commitment is your time it takes to complete application forms, and – if required by the insurer – to complete medical requirements. We organise for you to pay your premiums directly to the insurer.

Most families take out cover on both husband and wife. The emotional and financial pressure following the loss of a spouse can be significant, even if the person that has died wasn’t the main breadwinner in the family. Often the surviving partners needs to take time off work to adjust, and in some cases reduce their working hours in order to spend more time with children. Coverage for children is also available to cover critical illness and final expenses.

Many superannuation funds provide life and TPD insurance as part of your Super plan, and it’s a great start to protect your family’s lifestyle. However, it pays to understand the amount you will receive on death or total disablement – with many super funds the default cover reduces as you get older.

When considering the level of the life insurance cover that’s right for you, it’s important to think about how much you would need to cover your mortgage, credit card and other loans as well as your day-to-day living expenses, children’s education, lost income and other expenses. At Australian Global Life Solutions we offer a completely obligation-free review – we can check your existing cover and let you know exactly what it means in plain English.

Workcover does provide some protection for employees but only if your have an accident at work, or to and from work. Statistically, more than half of serious accidents happen away from work, and in these cases workers compensation does not apply. Consider also that 57% of Income Protection claims relate to illness not accident.

Ideally, with income protection insurance, your waiting period should coincide with the period of any sick leave entitlements. The longer the waiting period, the less you will pay for your policy.

The timing of your insurance payments depends on the waiting period that you have selected and the type of benefits you have in your income protection policy.

Generally, the greater your chances of suffering an illness or being injured as a result of the duties you perform in your occupation, the more you will pay for your income protection policy. For example, plumbers carry out duties that expose them to greater risk of having an illness or injury than, say office workers, who are less likely to be exposed to risks that might prevent them from working due to sickness or injury.

The premium will depend on how much cover you choose, what benefits you require, and a range of factors such as age, gender, smoking status, health and occupation. Getting a quote is quick and easy, and the premiums are often less than many people expect – for example, if you’re a healthy, non-smoker in your mid 40’s and you work in an office, your premium will be roughly the cost of a cup of coffee a day for a $1 million life insurance policy. However, premiums vary depending on your situation including age, health, occupation etc and they may be other costs to consider. Please contact us if you need further details.

Yes, all life insurance products that we recommended provide cover 24 hours a day, 7 days a week, wherever you are in the world.

Well it wouldn’t be insurance if there weren’t forms to fill out – but don’t worry, we’ll go through all of the questions with you so we can fill out the application form together. There will be a number of questions relating to your health, lifestyle and occupation. Once the completed forms are reviewed and signed by you, we send them off to the insurer for assessment.

Your coverage does not begin until your policy is approved and your first premium has been paid. Most companies provide some temporary conditional coverage during the application process (assuming certain conditions are met). This temporary coverage is limited in time and amount. The availability, amount and conditions are described in the product disclosure statement and vary from company to company.

Important! If you are replacing existing coverage, you should never cancel your existing coverage until your new policy has been approved, and your first premium has been paid.

You may need to have medical tests before taking out a policy, but this will depend on how much and which cover you choose, and a range of factors such as age and health.

At this time, the life insurance company will begin to evaluate your case. This evaluation is called “underwriting.” A life insurance underwriter initially reviews the answers to the questions on your applications, along with the results of any medicals or blood tests. The insurance underwriting process generally takes 1-2 weeks depending on the amount of information the company must gather in order to make their decision. Once all required information has been received, the life insurance company will decide whether they want to provide you with insurance and if so, at what premium.

Insurance rates for smokers are higher than for non-smokers. In order to qualify for non-smoker rates, life insurance companies require that you be smoke-free for at least 12 months.

Most insurance carriers offer several fractional premium modes, including monthly, quarterly or half yearly. The charges for each fractional mode vary by insurance company. Premiums can be paid annually or half yearly by credit card, or direct debit, or monthly via credit card or direct debit from your bank account. You may also pay some premiums annually through your super fund.

Yes. If at any time during the application process you change your mind for any reason whatsoever, you will receive a full refund, no questions asked. This guarantee also continues during the insurers cooling off period.

Yes, you can increase or decrease your cover if your circumstances change. However, you may need to provide further information. Remember it’s always a good idea to regularly review your insurance, and we recommend that you do this annually at renewal time.

Before replacing an existing insurance policy make sure you compare your existing policy with the new one you’re considering. It’s easy to find a policy that is cheaper BUT it is very unlikely to provide you with the same level of cover, and exclusions may apply for certain events and periods.

When comparing policies, always consider:

• Price
• Policy structure
• Financial strength of the insurer
• Policy benefits

Most importantly, DO NOT CANCEL any existing coverage until the new policy has been approved, paid for, and delivered to you. Before an existing policy is replaced, you should be confident that your new cover is providing you with the protection you need. If you’re not sure just give us a call on 07 5526 8955 and we will be happy to chat.

No, as your policy is a guaranteed renewable your policy will never be canceled because of a change in your health. You will not be asked to provide evidence of good health in order to renew your policy each year. You do of course need to ensure your policy is paid up to date and doesn’t lapse. If you let your policy lapse and then want to reinstate it, the insurance company may request further medical evidence. However, YOU have the right to cancel your policy at anytime for any reason.