Whether or not you smoke / vape tobacco – premiums are higher for smokers.Your age – premiums generally increase with age as the likelihood of a claim increases.The amount of cover and the type of insurance benefits selected.The premium you pay depends on your circumstances, including but not limited to: Similarly, if you add Trauma cover to your Life cover, then any approved claim for a Trauma event will reduce the Life cover by the amount of the Trauma cover payment. If you add TPD cover to your Life cover then any approved claim for a TPD event will reduce your Life cover by the amount of the TPD cover payment. This can help to lessen the financial stress at a very emotional time so your family focus on their grief without the added worry of budgeting for the costs associated with a funeral.Īs an option, you also can add Total Permanent Disability (TPD) cover or Trauma Insurance within your Life Cover. In the event of the insured person’s death, with RAC Life Insurance, an advance payment of $15,000 will also be available from the Life cover amount that you have secured to assist with funeral expenses. Generally, people take a look at their current and future financial situation – such as the size of their mortgage, any other large debts, and future living costs – in arriving at a Life cover amount that may be suitable. If you are aged between 16 and 74 years you can apply for up to $25 million in Life cover. Life cover will allow you to protect your family against financial hardship with a lump sum benefit if you were to pass away or are diagnosed with a terminal illness that is likely to result in death within a period of 24 months. As long as you correctly disclose the information requested when you apply, you can be confident that a future claim will be paid as outlined in the Product Disclosure Statement. That means the insurer asks you about your health and lifestyle at the start, not when you make a claim. RAC Life Insurance is a fully-underwritten life insurance product. Income protection cover (known as disability income insurance) Depending on the cover type(s) you choose, and if you meet the conditions of cover, you would be eligible to claim if you were to pass away (life cover), could not work again due to a sickness or injury (TPD cover which provides a lump sum payment), were unable to work due to sickness or injury (income protection cover which provided a monthly payment for your chosen benefit period, whilst you are unable to work) or were diagnosed with a serious medical condition listed in the PDS (trauma cover).
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