1. How much you’re covered for
It might sound obvious, but you need to think about the reasons you take out life cover when you apply for cover. You might think “$1 million should be enough” – but have you thought about how much money would really be needed to replace your income, support your family, educate your children etc.?
The Australian Securities and Investments Commission (ASIC) has developed a Life insurance calculator
Did you know?
There’s a common exclusion on life cover policies that means you’re generally not covered for suicide for the first 13 months of taking out cover or reinstating your policy. You can find details of any exclusions in your Product Disclosure Statement (PDS).
Want to know more? If you’d like to discuss any of the content in this article and how it may apply to you, please use this form
General Advice Warning
The information provided in this article is intended to provide general information only and the information has been prepared without taking into account your objectives, financial situation or needs. Before acting on such information, you should consider the appropriateness of the information having regard to your personal objectives, financial situation or needs.
