1. Why do I need insurance?
Insurance is the simplest and most cost-effective way to protect your, and your family’s, way of life against the financial burden that can result from your death, serious illness or injury. Whilst most working Australians have some life insurance cover through their superannuation, many do not have nearly enough to offset the permanent loss of a breadwinner’s income.
Understanding the financial risks you may face, and having the right sort of insurance protection in place, can help you to protect your lifestyle by ensuring that important expenses such as your mortgage, rent, utilities and other day to day living costs can continue to be paid should the worst occur. Additionally, knowing that you don’t need to worry about paying your bills and having the option to explore alternative medical treatments or make changes to your lifestyle, are all important benefits of insurance protection.
2. What is a Product Disclosure Statement?
A Product Disclosure Statement or PDS is a document provided to you by the issuer of the insurance product. The PDS is designed to help you decide if a product is right for you and includes important information, such as terms and conditions of the policy, premium payment information and details of how to make a claim.
Any information given in the PDS has been prepared without taking into account your individual objectives or financial situation. You should therefore consider whether the product is right for you, in regard to your objectives, financial situation and needs, and you should carefully read this PDS and all other documentation we send to you.
3. Can I get a quote online?
You can get a quick quote by answering a few simple questions and choosing the level of cover you want. Insure Me Now’s Cover Level ‘slider’ lets you easily look at different levels of cover and their corresponding premium amounts, helping you to estimate the level of cover that you need, with regard for your budget.
4. How do I apply for cover?
Cover is available online and applying for cover is simple. There are absolutely no medicals or blood tests so you can generally get your cover in just minutes. You will need the following information to apply:
- Superior Life Insurance Cover – information about your health and the general health of your family.
- Essential Life Accidental Death Cover – your acceptance for cover is guaranteed if you are eligible.
- Prime Funeral and Final Expenses Cover – your acceptance for cover is guaranteed if you are eligible.
5. What is Life Insurance?
Life insurance allows those left behind to move on financially and helps them to realise the future you had planned for them.
Life Insurance pays a significant lump sum benefit in the event of your death or your diagnosis with a terminal illness. This benefit can be used for any purpose, for example to pay off a mortgage or other debts or provide for ongoing living costs such as rent, children’s educational expenses and other day to day living expenses.
You can apply for this type of cover with Superior Life Insurance Cover.
6. What is Accidental Death Cover?
Accidental Death cover is a cost-effective alternative where traditional Life Insurance cover may not be an option.
Accidental Death Insurance is a guaranteed acceptance cover (for eligible applicants) that pays a significant lump sum benefit in the event of your death as a result of an accident. This benefit can be used for any purpose, for example to pay off a mortgage or other debts, provide for ongoing living costs such as rent, children’s educational expenses and other day to day living expenses.
You can apply for this type of cover with Essential Life Accidental Death Cover.
7. What is Funeral and Final Expenses Cover?
Funeral and Final Expenses Cover helps to ensure that your family is not left with the financial burden of your final expenses, at such a traumatic time. Funeral and Final Expenses Insurance pays a lump sum benefit, intended to cover the costs of a funeral and other final expenses and which often need to be paid within days of your death.
You can apply for this type of cover with Prime Funeral and Final Expenses Cover.
8. What is Total and Permanent Disability Insurance?
Total and Permanent Disability (TPD) Insurance helps you to carry on financially in the face of a life-changing medical condition and is available as an optional benefit with Life Insurance cover.
TPD Insurance pays a lump sum benefit in the event that you are totally and permanently disabled and can never work again. This benefit can be used for any purpose, for example to cover medical costs, make changes to your home or lifestyle to accommodate your condition or to pay off debts or provide for ongoing living expenses for you and your family.
You can apply for this type of cover as an optional benefit with Superior Life Insurance Cover.
9. What is Trauma Insurance?
Trauma Insurance gives you flexibility and options during a difficult period of your life and is available as an optional benefit with Life Insurance cover.
Trauma insurance pays a lump sum benefit in the event that you suffer, or are diagnosed with, a covered major illness such as cancer, heart attack or stroke (a number of conditions are covered - click on the link below for more details). This benefit can be used for any purpose, for example to cover medical costs, pay for nursing or household assistance, cover short-term living costs while you are recovering or to pay off debts.
You can apply for this type of cover as an optional benefit with Superior Life Insurance Cover.
10. What is Accidental Serious Injury Cover?
Accidental Serious Injury (ASI) cover helps to safeguard your lifestyle in the event that suffer a covered serious injury as a result of an accident and is available as optional benefit with Accidental Death Insurance as well as Funeral and Final Expenses Cover.
ASI cover pays a lump sum benefit in the event that an accident causes you to suffer a covered serious condition such as paraplegia, severe burns or major head trauma (a number of conditions are covered - click on the link below for more details). This benefit can be used for any purpose, for example to cover medical costs, make changes to your home or lifestyle to accommodate your condition or to pay off debts or provide for ongoing living expenses for you and your family.
You can apply for this type of cover as an optional benefit with Essential Life Accidental Death Cover and with Prime Funeral and Final Expenses Cover.
11. How much cover do I need?
We cannot advise you as to how much cover you need. This will be impacted by issues such as your age and stage of life, the number of dependents you have, the age of those dependents, your debts (such as your mortgage and other personal or business loans), the cost of your lifestyle and your plans for the future.
Insure Me Now's life insurance calculator, available on the website, can help you estimate the level of cover you may need.
12. Who can apply for cover?
You can apply for cover if you are an Australian or New Zealand citizen or the holder of an Australian Permanent Residency Visa and are currently residing in Australia plus you are between the ages of:
13. Do I need to see a doctor or have blood tests to get cover?
Absolutely not – you only have to answer the questions in the online application to apply for cover – it couldn’t be easier.
14. When will my Policy expire?
Your Policy expires on the earliest of the following events:
- you choose to cancel your cover under the Policy;
- you make a claim that results in the payment of the full sum insured under your Policy;
- you stop paying premiums for your Policy; or
- you reach the age that the Policy expires, which is as follows:
- On your death for Superior Life Insurance Cover;
- Policy Anniversary following your 69th birthday for Essential Life Accidental Death Cover;
- On your death for Prime Funeral and Final Expenses Cover.
Cover for some optional benefits available under your Policy may expire prior to the expiration of your Policy and you should read the Product Disclosure Statement for information on these.
15. Can my spouse also be covered under my policy?
If both you and your spouse, or partner, require cover you will have to take out two separate policies. As there is no policy fee associated with Insure Me Now policies there is no financial disadvantage to taking out two policies.
16. Can I take out cover for my spouse?
You cannot take out a policy on behalf of another person – only the Life Insured can take out a policy on themselves.
17. If I cancel my policy will I get any money back?
There is a 30 day cooling-off period when you first take out cover. If you cancel your policy during this time any premiums you have paid will be fully refunded to you. Your policy is not an investment policy, and has no cash value, so if you cancel your cover at any time after the cooling off period you will get nothing back, unless you have paid annually in advance, in which case a pro-rated amount will be paid back to you.
18. Why do I need Life Insurance when I already have cover through my superannuation fund?
For a great many Australians the life insurance provided through their superannuation fund may only be a small amount, such as one or two times their annual salary. This amount of cover may be insufficient to meet the ongoing financial needs of most families. The Investment and Financial Services Association of Australia recently published a report stating that only 4% of Australians with dependent children had a sufficient amount of life insurance (Lifewise/NATSEM Underinsurance report February 2010).
It is a good idea to check how much life insurance cover is provided through your own superannuation fund and ensure that it is adequate to protect your family’s future. If not you can take out a second policy to ‘top up’ your cover.
19. What does ‘guaranteed acceptance’ mean?
If a product is ‘guaranteed acceptance’ this means that as long as you meet the eligibility criteria, usually age and citizenship based, you cannot be turned down for cover if you apply, regardless of your health or lifestyle. Insure Me Now’s guaranteed acceptance products are Essential Life Accidental Death Cover and Prime Funeral and Final Expenses Cover.
20. What sort of questions do you ask when I apply for life insurance cover?
When you apply for life insurance cover we will ask you some questions about your health and medical history, your immediate family’s medical history, your lifestyle and your occupation. We use the answers to these questions to determine whether to offer you cover under the policy and at what rates. In extreme cases you may not be offered cover, or you may be excluded from some aspects of the cover or have your premium ‘loaded’, which means that you may be asked to pay a higher premium to get cover. Most importantly, we respect your privacy in regard to the personal information you provide to us for the purpose of assessing your application.
21. When does my cover start?
Your cover starts when Hannover accepts your application. This is called the ‘Acceptance Date’ and is shown on your Policy Schedule.
22. What if I change my mind?
You have 30 days from the time your cover is accepted to review your policy to ensure the cover is right for you. If you change your mind during this time you can cancel your policy and receive a full refund of any premiums paid, providing no claim has been made under the policy. After the 30 days, you can cancel your cover by writing to Insurance Me Now and notifying us, however you will not get any refund of premiums.
23. What if my health changes after I have taken out a policy?
Once you have been accepted for cover and been issued with a policy, your cover is guaranteed to be renewed as long as your premiums remain paid when due.
24. How can I pay my premiums?
You can choose to pay your premiums either monthly or annually by credit card or direct debit from your bank account. Payments can only be made from an Australian banking institution and must be made in Australian dollars.
25. Am I covered outside of Australia?
Yes, your policy covers you worldwide, 24 hours a day, 7 days a week.
26. Can I decrease my cover level?
If your needs or budget change, you can decrease your level of cover at any time by writing to us.
27. Can I increase my level of cover?
You can apply at any time to increase your cover by completing a new application form. Your new application will be assessed based on your information provided at the time of the requested increase and if successful a new policy will be issued, replacing your current policy.
28. How do I or my family make a claim?
Our Claims co-ordinators will help you through this very difficult time. If an event occurs giving rise to a claim under the policy you, or your legal representative, should call us as soon as possible, to advise us of the impending claim. We will send you a claims pack and assist you through the claims process or you can download the claims forms from the website. Please see our contact details under ‘Contact us’ or ‘How to claim’ on this website or in the PDS.
29. Can I nominate who receives the benefit under my policy?
When you apply for cover you will be asked to nominate a beneficiary or beneficiaries under your policy. You can nominate up to 5 persons to receive you benefit and the percentage of benefit they each receive.
30. What if I have a problem with my policy?
If you have any problem with your policy, in the first instance you should contact Insure Me Now and speak to our customer support team. They will endeavour to solve your problem. If you are not satisfied with the resolution of your problem, we have an internal complaints resolution manager, whose details are available on this website or in the PDS.If you are still unhappy with the outcome of this process you can contact the
Financial Ombudsman Service. This is an independent complaints resolution body, which is available free of charge to you. Details can be found in the PDS.
31. What is Lifewise?
Insure Me Now is a supporter of Lifewise – an initiative of the Australian Financial Services Council. Lifewise provides a wealth of useful insurance information including:
- The risks you face in everyday life;
- The consequences of not protecting yourself financially from these risks;
- How much life insurance cover the average Australian holds; and
- How much cover the average Australian needs.