1Why should I arrange my insurance through AGLS rather than direct with the Insurance Company?
As a licensed and highly experienced authorised representative who specialises just in personal risk insurance, Australian Global Life Solutions has access to a wide range of products from the market. We constantly review and compare the life insurance products available in the market so we can find you the most affordable policy that best suits your needs and objectives. You won't find the same policy cheaper if you go direct, and in many instances we can get you a better deal.
When we evaluate your options so we can find the most appropriate insurance policy for you, we take into consideration your complete health and lifestyle profile so you get the best value policy. We don't just look at the premium rates, we also review the financial strength and integrity of each life insurance company, the availability of their products, and the insurers claims handling ability.
When you take out your insurance through Australian Global Life Solutions, your policy is still held with one of the major insurers. But if you ever need to claim on that policy, we're here to help you every step of the way. We know that if something has happened that means you need to claim, the last thing on your mind will be the time-consuming process and red tape that sometimes is involved in submitting a claim.
We are not affiliated with any life insurance company, so we have no reason to push one life insurance quote over another.
2Does it cost me anything to apply for insurance with AGLS?
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. You'll also need to pay the policy premium direct to the insurer.
3Should I take out cover for my spouse and/or children?
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 final expenses and/or to guarantee insurability for the child's future.
4Is additional life insurance required if my superannuation already includes life insurance cover?
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 check exactly what you're covered for - with many super funds, you'll only receive the amount of the cover less the balance of your super.
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.
5Doesn’t WorkCover provide protection?
WorkCover does provide some protection but only if you have an accident at 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.
6I have sick leave at work, so how long should my income protection insurance waiting period be?
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.
7If I am injured or become ill, how soon will my benefits from income protection insurance start?
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.
8How does my occupation affect the price of income protection insurance?
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.
9How much does insurance cost?
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. However, if the policy is cancelled within 24 months of inception you will be invoiced for the amount AGLS is charged by the product provider for cancellation fee. Please contact us if you need further details.
10Am I covered 24 hours per day, 7 days a week & while travelling overseas?
Yes, all Insurance products provide cover 24 hours a day, 7 days a week, wherever you are in the world.
11How do I apply for an insurance policy through AGLS?
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.
12When does my coverage begin?
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.
13Do I need to have medical tests before taking out a policy?
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.
14What happens after my insurance application is submitted and my medical exam has been completed?
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.
15Will my insurance rate be affected if I smoke?
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.
16How do I pay my premiums?
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 cheque, money order, credit card, or direct debit, or monthly via credit card or direct debit from your bank account. You may also be able to pay your premiums through your Super fund.
17Is there a money-back guarantee?
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.
18Can I change my amount of cover, if my personal circumstances change?
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.
19I’m considering replacing my existing insurance policy. Are there any risks in doing so?
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:
- 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.
20Will my insurance policy ever be canceled because of health reasons?
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.