Good life insurance company?

EightImmortals on 19/04/2017 - 10:11

My current Life/Trauma policy is getting a bit ludicrous re monthly premiums. Am looking to go with just a Term Life policy. Was reading through the reviews of Insurance companies on ProductReview and if I do drop off the perch I don't want my wife to have to go through the trauma of dealing with a callous insurance company that wont honour it's contractual obligations. So if anyone knows of a reputable Life Insurance company that pays out on it's claims then please let me know. :)

(FWIW I'm fit and healthy, never smoked etc I only see the doctor once a year to reassure him that I haven't left him for someone else. :) )

Financial

Comments

  • [Deactivated] on 19/04/2017 - 10:22
    +2

    None.

  • dasher86 on 19/04/2017 - 10:34

    Self insurance.

  • zathras on 19/04/2017 - 10:42
    -1

    Life insurance is the biggest scam out there. If you must do it, do it through your industry superannuation fund.

    • EightImmortals on 19/04/2017 - 11:01
      +1

      I'm a househusband…not sure if we have an 'industry'. :)

      • one man clan on 19/04/2017 - 12:15
        +1

        Honest q: why do you have life insurance anyway?

        • EightImmortals on 19/04/2017 - 12:21
          +4

          In case I drop off the perch it would be nice to leave my wife not destitute. :)

        • [Deactivated] on 20/04/2017 - 15:11

          To encourage the wife/husband to take out insurance too before poisoning them ;)

    • Switchblade88 on 19/04/2017 - 12:31

      Super fund seems to make sense, but then the query becomes - what's the best super fund for insurance purposes? THIS I'd like to know.

      • poboy on 19/04/2017 - 15:35

        Most superannuation life insurance policies are pretty poor.

  • kobrien456 on 19/04/2017 - 12:28

    No advice from anyone? Im curious too

  • AlloAllo on 19/04/2017 - 14:22
    +1

    Most (not all) Life/Trauma policies are a combination of two separate benefits (life and trauma) and will have premiums allocated to each of these benefits separately. It will be possible in most case to cancel (or reduce to a more affordable level) just the trauma benefit, if you think this suits you, leaving the life benefit in place.
    Keeping an existing life policy will mean that you don't have to go through the hassle of a new application. You may also minimise any risk associated with non-disclosure (life contracts can generally be altered or cancelled by a life company within three years for innocent non-disclosure or at any time for a fraudulent non-disclosure).
    If you remove the trauma benefit you will then have a basis for comparing life premiums with other new policies.
    Obviously, life cover differs in cost between providers. Agree a super fund life policy offering is a good starting place but remember they are not all priced the same. There are expensive and inexpensive premiums in industry funds just as there are in non-industry funds.
    As a generalisation, you'll find less difference in life benefits between different providers (death is pretty conclusive) than you will see in disability, income protection and trauma benefits.
    Note: This is not financial product advice.

    • Switchblade88 on 20/04/2017 - 23:38
      +2

      "Note: This is not financial product advice."

      Spoken like a true financial industry employee.

  • Cheap Steve on 19/04/2017 - 15:32

    I took out a retail death insurance cover through my retail super fund. The reason I did this is because I wanted a "level" premium and can hold this death cover up to age 75.

    As a general rule of thumb, a level premium is more expensive than a stepped (ie age-based) premium for the first 7-10 years but then significantly cheaper from then after.

    Level premiums may be a good idea for anyone under age 40.

  • mrtin on 25/04/2017 - 22:25

    Where are you based?
    I tend to deal with a claim or two or three a year and i help with claims process too.
    My most difficult claims are from non comprehensively underwritten policies eg policies from industry funds.
    Otherwise most properly underwritten policies i have dealt with have been very positive and timely.
    Let me know if you want more info

    • EightImmortals on 26/04/2017 - 06:28

      Can you post a short list of companies who have comprehensively underwritten policies?

      • mrtin on 27/04/2017 - 22:32
        +1

        Many companies play on both sides of the field. Tal for example provides automatic insurance for some industry funds, but they also do comprehensive policies. Bt does it cba nab etc. Like the commwnt below, seek advice and you will get something appropriate for your needs

  • StonedWizard on 26/04/2017 - 06:34

    Insurance in Australia is heavily regulated, they can't just deny your claim for no reason.
    Read the legislation around this and you'll see how it's easier for a company to just pay a claim instead of fighting you on it, so long as you've disclosed everything.

    Your best bet is to speak to a financial advisor instead of asking on Ozbargain. You need to see if you go via a group policy or a retail policy.

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