What is life cover?
Life cover, or life insurance, helps to protect the financial requirements of your loved ones, or people who rely on you, with a lump sum payment after you have passed away.
Why do I need life cover?
It is important that your loved ones are financially supported if you pass away. If you have people who rely on you, life cover can help relieve any financial stress your loved ones may experience if you pass away.
If I pass away, who will make a claim on my behalf?
When you take out life cover, it is important to nominate a person on your policy who can make claims on your behalf.
If you do not nominate an additional policy holder, it could be that your claim process is handled by a third party, like the court system. (Probate)
You can also work with a lawyer to get a power of attorney set up to avoid claims going through the court system (Probate)
Will life cover pay out any immediate costs to my family after I pass away?
This will depend on the provider; however, most providers pay out an initial lump sum to help pay for immediate costs such as funeral arrangements.
Will I receive an early payment if I am diagnosed terminally ill?
You may be eligible for an early payment if you are diagnosed as terminally ill. The amount you are paid out is dependent on each provider.
Your Moose insurance adviser will talk you through the finer details of each policy.
Will I be covered if I am travelling or living overseas?
Some providers offer worldwide cover. If this is an important part of your justification for taking out Life cover, be sure to mention this to your Moose insurance adviser so they can align the best product to suit your needs.
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Benefits of getting life cover
01 Peace of mind
It is impossible to predict how life will unfold; however, life cover can offer you peace of mind knowing that you and your family will be appropriately cared for when it comes to claim time.
02 Financial certainty
Taking out life cover can relieve the financial stress that your family experiences if you pass away. Most life cover products offer support for funeral arrangements, and can offer financial certainty for your surviving family members.
03 Trusted advice
Moose insurance advisers are here to make sure your insurance is fit for purpose. We tailor a plan to provide the right cover to meet your needs, so that you are not under- or over-investing in your insurance policy. When it comes to claim time, we are also here to guide you through the process.
04 Bereavement benefit
Some insurers may cover you with a bereavement benefit of up to $15,000 immediately after you pass away (death certificate provided). This can help with funeral arrangements or any time your beneficiary may need to take off work.
05 Terminal illness
Some insurers may pay a percentage of your life cover prior to passing away if you are diagnosed with a terminal illness by a registered medical professional. This means you can spend your remaining time with family and friends without worrying about your finances
06 A lump sum payment
A lump sum payment made to your beneficiary could help to pay off or reduce a mortgage, clear any existing debts and/or financially support your surviving family members.
Why should I use an insurance adviser?
An insurance adviser will be able to run through a series of questions with you, to gather enough information to determine your financial position. This will enable us to understand what type and level of cover would be required to meet your needs, whilst balancing the affordability of your premiums.
Moose Mortgages & Insurance is accredited with a range of providers. This enables us to provide our clients with competitive pricing, and solutions to meet your needs.
- Advice recommended to suit your individual circumstances
- Access to a range of insurance providers
- Save time by letting us do the heavy lifting on your behalf
- On-going management of your insurance policy
- No fee service for our recommendation
Use our link ‘Get Started’ to create a profile, and complete a series of questions to identify what types of insurance you may be interested in. This will take only a couple minutes.
Once you’ve completed our online fact find, an adviser will be in touch to arrange a time to meet you in person, or online through video call to discuss the information disclosed. We will add any additional information that may be fit for purpose, along with a needs analysis to determine suitability of the insurance.
An adviser disclosure document will be provided outlining the adviser’s scope of service, personal details including FSP (Financial Service Provider) registration number, and how we are paid by the insurance companies. If a fee applies for our advice this would be disclosed upfront prior to you engaging our services
After we’ve gathered all the information from our meeting, we will begin the process of research and analysis. This will include comparing product provider’s pricing, product benefits and features, insurer financial ratings, and claim payout percentages for the previous year.
We will use our research findings to tailor a recommendation that is aligned to the needs based information gathered in our first meeting.
Once our recommendations are ready we will arrange a time to catch up with you to review the document either in person, or online through screenshare.
In this second meeting in person, or through screenshare, the adviser will talk you through the options in our statement of advice (recommendation) document, and answer any questions you may have.
If the advice provided requires variations the adviser will take notes, and rework the recommendations to ensure your needs are met prior to you either accepting, or declining the recommendations.
If you accept the recommendations provided by the adviser, we will lodge an application to the insurance provider on your behalf. This will require us to complete the insurer’s health questionnaire along with your personal details. This application usually takes around 20 – 30 minutes to complete.
Your completed application will be sent to underwriting for approval, where they will either issue the policy if there are no conditions, or come back to us to advise you there are conditions for us to work through prior to the insurer providing you a policy offer to accept.
Your adviser will contact you annually to review your insurance. This is to ensure that your cover remains fit for purpose through the changes in your life. We are here to ensure you are looked after for the long term.