Personal accident insurance
Insurance to replace your income if you are temporarily unable to work after an accident.Chennai Investment
This cover can be bought as a standalone policy. Keep in mind it won’t cover you if you get sick and can no longer work.Personal insurance
An umbrella term for the following 4 core types of life cover: Life insurance, Total and permanent disability (TPD) insurance, trauma insurance and income protection cover.
Choose the type of cover that best meets your personal situation and needs.Pre-existing medical condition
A medical condition you have, or have had, prior to taking out life insurance.
You may be able to get life insurance that includes cover for a defined medical condition. It’s likely to cost you more. However, if an insurer thinks your condition is too high risk or isn’t under control, they’ll exclude it from your policy.Premiums
The amount you pay an insurer for your cover. Premiums can be paid weekly, fortnightly, monthly or annually.Premium suspension cover
A policy option that lets you stop paying premiums entirely. You will typically lose all your cover while your policy is suspended.
Not all life insurance policies include a suspension of cover benefitIndore Investment. Check with an insurer directly.Premium freeze
A premium freeze lets you stop your premiums from increasing as you age.
It’s only available with stepped premium policies because the cost rises with age. By activating a premium freeze, your level of cover will drop over time.Retail life insurance
Buying life insurance through a broker, who will give you tailored advice on securing cover.
Buying a retail policy is one of 3 ways to get life insurance in Australia. The others are directly with an insurer or through your superannuation.Salary continuance
You can receive up to 75% of your regular earnings each month to cover general living expenses if you can’t work due to an accident, illness or injury.
Salary continuance insurance is held within a super fund, and you’ll pay your insurance premiums from your super balance rather than directly from your bank account.Smoker status
If you’ve regularly used a nicotine product in the past year, including vaping, then you will be considered a smoker in your life insurance application.
Typically, to be classed as a ‘non-smoker’ you’ll need to be free of any smoking products for 12 months, but this can vary between insurers.Stepped premiums
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