Life Insurance Advice
Protect your family’s financial future by taking out personalised life cover that matches your health circumstances.
THE MiQ DIFFERENCE
What Makes Us Leading Insurance Advisers?
Too many financial advisers recommend insurance policies based on the commissions they receive – not what’s best for your business.
But MiQ is different.
Our approach is holistic: a detailed analysis of your succession plan to see what level of cover is required.
We’re paid by commission – but our diverse APL means there’s no incentive for us to recommend a particular insurer.
And we have access to a network of both internal and external specialists, such as accountants and solicitors, who can support your strategic objectives.
Protecting your business’s continuity starts right here, with us.
“I’m not one to leave reviews but my recent interaction with Kylie has been so pleasant and seamless, I could not, not share the experience. She has been prompt and transparent with me through the whole process, which has made it a lot less stressful, and I could not thank her enough for it.”
Our Term Life Insurance
What We Do
Life happens unexpectedly – and a healthy lifestyle can’t prevent accidents or hereditary diagnoses.
That’s why term life insurance can be a good idea.
If you pass away or are diagnosed with a terminal illness, your beneficiaries receive a lump-sum death benefit.
It’s a way to give your loved ones time to grieve, pay off liabilities like mortgages and funeral expenses, and plan for a future without you.
But the wrong life insurance product can come with excessive premiums – or, worse, exclusion criteria that could fail to cover you.
Your MiQ adviser can help you compare personalised options that give the coverage you need with premiums that match your long-term financial objectives.
Whether having life insurance is a good idea depends on your personal circumstances.
Because life insurance isn’t about you.
It’s about your loved ones:
Securing their financial futures if something unexpected happens to you.
So, for a single 30-year-old with no dependants, TPD insurance and income protection might be better options than life insurance.
But, for a married 45-year-old with two children and a mortgage, life insurance could be critical – a way to keep the family home and pay for future expenses.
Those personal circumstances are exactly what your MiQ adviser will discuss you with during your free 30-minute consultation.
Pass on your financial legacy.
Make sure your estate is distributed in the right way – and to the right people.
Our APL includes products from more than [x] leading insurers.
Your Life Insurance Questions, Answered
Term life insurance, also known as ‘life cover’, is a type of life insurance that pays out a lump sum to other people when you die. Those people are the beneficiaries whom you have nominated under your policy. (If you haven’t nominated beneficiaries, your estate’s executor will distribute the lump sum in accordance with your Will.)
Exactly how much your beneficiaries will receive depends on your policy; coverage amounts can range from $100,000 to $2.5 million. Insurers normally won’t cover certain types of deaths, such as suicide, and may charge higher premiums or refuse to cover you if you have certain pre-existing health conditions.
How much you’ll pay for life insurance varies hugely depending on your age, gender, lifestyle choices, and pre-existing health conditions. Recent Canstar research found, for example, that the average female non-smoker in her 20s pays just $29.52 per month – whereas the average male smoker in his late 50s pays $576.52 per month (versus $279 for a non-smoker of the same age).
Being female, being younger, not smoking, and being in general good health significantly lowers the premiums you’ll have to pay.
If you’re thinking about life insurance, going straight to an online broker can seem like a good way to save time and money. Unfortunately, there are a few major problems with online brokerage sites.
- Online brokerages normally have panels of insurers from whom they source products. That means, while it might seem as though you’re comparing every product on the market, you’re actually only seeing products from selected insurers.
- Low-cost or instant-coverage insurance products typically come with unfavourable conditions (for example, very broad exclusion criteria that could mean you aren’t actually covered).
- You’re only getting access to standardised products. While premiums for risk-rated products like life insurance are always personalised, the product itself may not be – which means you might pay more and get less than you would if you sourced a more personalised offering through your financial adviser.
Each insurer’s coverage policy differs, so always read the PDS and check with your financial adviser if you have questions. In general, life insurance covers death or a terminal illness diagnosis.
It generally doesn’t cover:
- suicide or deliberate self-harm
- death during or resulting from criminal activities
- death during incarceration that results from your incarceration
- death caused by war or civil disturbances (such as riots)
- death in certain high-risk, excluded professions (like serving in the armed forces)
- death resulting from participation in high-risk hobbies or activities
- death resulting from reckless or negligent conduct.
Some policies also have coverage exclusions for pre-existing health conditions, such as heart diseases, asthma, depression, high cholesterol, and sleep apnoea. While the exact health conditions that won’t be covered vary, it’s important to review your medical history and your insurer’s PDS before making any decisions.
If you do have a pre-existing health condition, make sure you disclose that fact to your insurer. You may have to pay higher premiums as a result, but failing to disclose can mean that your insurer won’t have to pay out your life insurance – regardless of whether you die as a result of your pre-existing condition or not.
Under s 29 of the Insurance Contracts Act 1984 (Cth), an insurer can avoid paying life insurance (or vary the amount paid) within three years of entering into a contract with you if you fail to comply with:
- your duty of disclosure
- your duty to take reasonable care to not make a misrepresentation.
Your insurer has to prove, though, that even if you had made accurate disclosures/representations, they wouldn’t have insured you. (They also can’t avoid paying you if the mistake was in relation to your date of birth.) Keep in mind that deliberate fraud (intentionally deceiving your insurer) is different to non-fraudulent failures of duty.
Most superannuation funds offer life insurance as an optional extra. If you’ve chosen to pay for life insurance through your fund, the premiums will be deducted from your super.
Keep in mind that life insurance through your super may not have the same scope or length of coverage as a retail policy brokered through your financial adviser. You also won’t benefit from a fully personalised policy with equally personalised rates.
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