Hi all
I have been looking for a Life insurance and TPD Insurance for $500k.
I have a quote from Allianz for $40/month.
I would also like to be able to claim 50% of the cover in case I lost one eye (50% of my sight -> 50% of the claim). Usually is works only for 100% for a total blindness.
I would appreciate an honest insurer that you don't need to sue to get your money.
Any suggestion, feedback, or link are welcome.
Thanks!
I am in Sydney
It might be worth checking what cover you currently have with your superannuation fund and whether that cover meets your needs.
If you're employed by a larger company, they may have an agreement with an insurer to provide a group policy for your company - which usually means cheaper rates.
Amazing how many people I have come across , in the course of my job, who don't know they are insured.
A few times people have told me they are doing it tough because of illness and not working, and have found they were insured when I suggested checking.
Alternatively, this can get very expensive as you get older and many spend a lot on this insurance (from their super) when maybe they shouldn't, still not realising they have it.
Have you checked with what you already have with your super? I got offered by phone on a promo a couple years ago, only pay $7 from my super per month to cover extra Life insurance and TPD, get's deducted from my supers earnings.
It is good that you are considering what coverage is best for you and the cost of this coverage.
I agree that your Super fund is a good place to start looking as you will already have some life cover and income protection cover, although it may not be at the levels you require. You can apply for additional insurance at whatever level you want but you will probably need to undertake a medical before they approve it. The big advantage of taking out these insurances through a super fund is that they will be usually be cheaper and the premiums are simply deducted from your super fund annual earnings.
For example HESTA Super have full details of each type of insurance on their website and the cost of the insurance. In relation to your query re 50% coverage for the loss of one eye, I note this is covered under their policy.
Finally in relation to the honest insurer query, good luck on that one! When you have your medical they will usually find some reason to charge a loading on the monthly premium (eg blood pressure)and when you try and claim you will get put through the hoops as no insurance company really wants to pay our particularly if its a long term claim.
Where are you located?
My brother in law recommended a guy he works with to set all of this up for us. Might be worth a chat with him if you're in Sydney.