Welcome to life insurance finder

Should I buy insurance from an adviser or straight from the insurer?

Both options have benefits to consider so it really comes down to your own personal preference.

I’ve already got life insurance in my retirement plan, is it enough?

Most retirement plans will provide members with a default level of coverage which can be increased, decreased or cancelled altogether. If your employer is making contributions through a 401K, you most likely have a default level of coverage. The coverage provided may be sufficient for your situation, but you need to weigh up the benefits and drawbacks of this option and whether you require an additional level of protection.

Am I eligible for coverage if…

• I am a non-US resident? Yes. There are a number of insurers willing to provide life insurance if you are a non resident. You must have a purpose for being in the US, whether it be work or family. Also, you must apply for the policy in the US and be willing to take a medical exam in the states.
• I am over 70? Yes. Most insurers provide life insurance to applicants up to age 75. There are a number of insurers that offer coverage for applicants up to age 80 or even 90. Most brands will reduce the level of coverage that older applicants are eligible to receive.
• I have a pre-existing condition? It will depend on the nature of the condition and any treatment you have or are currently receiving for it. The insurer will either exclude the condition from coverage, request you submit more details about the condition or automatically accept it. Requirements for how long ago you experienced the condition will vary between different companies so it can be worth speaking with a consultant to find options suitable for your situation.
• I work in a high-risk job? Yes. You will probably be required to pay a higher premium for coverage than an office worker – but it is still possible to get coverage. Again, it’s worth discussing your occupation with an insurance consultant to give yourself the best chance of finding an insurer willing to offer competitive coverage for your occupation.

Don’t want to overpay but don’t want to be under protected?

Here are some tips to get quality coverage that won’t break the bank.

Can life insurance fit into my budget?

You’d be surprised how little a life insurance policy can cost when you compare it with your other expenses. It may sound like “just one more expense” but if you ever need it, you’ll be glad it’s there. Here’s how it might compare to some of your other monthly budget items:

How do annuities work?

An annuity is periodic payment that is a similar to a regular income that can either be fixed or variable and immediate or deferred.

A fixed annuity is a set amount of money that you can count on receiving from your health insurance company. On the other hand, a variable annuity is a form of investing. Your money goes into a subaccount and it’s than managed by a pool of investors and what you’re paid is dependent upon the investment.

When it comes to how quickly you’ll get paid, you can either set up an immediate annuity that pays right away or a deferred annuity that disperses cash at a later, agreed upon date.

It’s important to keep in mind that your annuity is only valid as long as your insurer is in business. That means that when you’re looking for a policy, only shop with highly rated companies.

Still need help? Check out these answers to common questions

Whether you need it

• Q. I’m young, single and no one is dependent on me...why get life insurance?

  • A. You may not want to pass on outstanding mortgage debt, personal debt or final expenses like funeral costs to your family and friends. Disability insurance protects you if you suffer a serious injury and can’t work for a few months or longer.

• Q. Am I better off just putting funds into a high interest savings account?

  • A. Most people are not fortunate enough to have adequate funds invested in a high-interest account that would be enough to cover their outstanding debts and give their family support for the future. With some life and disability claims reaching up to $2 million, it’s a fair amount of cash to just have sitting around!

• Q. Aren't I already covered by my health insurance for illness and injury?

  • A. Not exactly. Health insurance covers medical expenses that are associated with sickness and injury but does not provide support for bills, debts or loss of income if you can’t work for an extended period or ever again. Life insurance covers the gap between the expenses covered by health insurance and additional costs of ongoing treatment, rehabilitation and loss of income.

Receiving a life insurance quote

• Q. How do I receive a quote?

  • A. You receive a quote for coverage by calling or going to a providers website and disclosing your personal details. A certified insurance consultant will discuss further or call you to talk about different policy options and provide you with a preliminary quote based on these details.

• Q. Why can't I receive a quote online?

  • A. Life insurance is not a straightforward type of insurance and the coverage that is available to you and what you will pay for it is greatly impacted by your own personal characteristics. Based on your gender, smoking status, age, type of protection, occupation, income and level of protection required a consultant can provide you with a preliminary quote.

  This preliminary quote can then change based on a number of factors including;

  • Any pre-existing medical conditions that you may have.
  • Nature of activities carried out in your occupation.
  • The policy you choose.
  • Style of premium you choose.
  • The policy fee charged

Applying for coverage

• Q. Who can apply?

  • A. United States citizens, US permanent residents (those residing in the US at time of application) and non-residents. Age restrictions vary between brands and cover selected.

• Q. What if I already have coverage in place?

  A. An insurance consultant can help you review your current policy to help you decide whether you can benefit when switching to another option or increasing or decreasing the level of coverage in your current policy.

• Q. What are the classifications of a smoker?

  • A. Insurers classify anyone that has smoked tobacco or any other substance in the last 12 months as a smoker.

• Q. Can I take out coverage with my spouse/partner?

  • A. Yes. Generally, two people can be covered under a single policy. Discounts for multi-policies are offered by some brands.

• Q. Can I add my partner later?

  • A. No, generally they will be required to take out a separate policy.

• Q. Do I need to do a medical or blood test when applying?

  • A. Most insurers will only require medical or blood tests at application if the insured has a pre-existing condition that needs to be assessed further. Additional evidence may be required in the event of a claim.

• Q. Can I get coverage if I have a medical condition?

  • A. It depends on the condition and treatment. Every insurer has different conditions for pre-existing conditions so it is best to check the terms and conditions before taking out cover. If the insurer decides that your pre-existing medical condition presents too great a risk for them, they will generally exclude it from your coverage. As an example, if you are applying for coverage and have a history of back problems, your insurer may exclude all claims related to back conditions from your policy.

• Q. Is there anything I can do if I have taken out coverage and my condition is not covered?

  • A. There are generally two options available to you:

  • It might be worth speaking with an insurance consultant to see if there are any other companies out there that are willing to provide you with coverage. Assessment criteria is not the same for all insurers so it’s always worth looking around if you have struggled to get coverage due to a medical condition.
  • You may also be able to have your current insurer review your condition when it comes time to renew your policy to see if the exclusion can be lifted if your situation has changed.

Policy exclusions

• Q. When won't I be paid for life insurance?

  • A. Generally all deaths are covered except for suicide within one to two years of the policy. Accident only life insurance will only provide coverage for death that is the result of an accident. Some policies may exclude death related to pre-existing medical conditions for a set number of years from the start date of the policy.

• Q. When won't I be paid for disability or critical illness?

  • A. Most policies will not pay a benefit for claims arising from:

  • Intentional self-inflicted injury or self harm.
  • Acquiring HIV, AIDS, Hepatitis B or Hepatitis C unless if through performing duties of the your occupation.
  • Disability caused during engagement in armed forces of any country.
  • Claims related to pregnancy, uncomplicated childbirth or miscarriage.
  • Claims caused by your engagement in unlawful acts.
  • Claims from aviation activity unless you are a fare paying passenger on a scheduled flight.

Your policy

• Q. Can I increase or decrease my level of coverage?

  • A. Yes. You can apply to increase or decrease your coverage at any stage to meet your needs. It’s worth noting that you will be required to undertake another round of assessments with your insurer.

• Q. Can I add/remove beneficiaries from my policy?

  • A. Yes. You can update beneficiaries at any stage.

• Q. Can I cancel my policy?

  A. Yes. Most policies offer a 30 day cooling off period whereby premiums paid during this period will be refunded. No premiums will be refunded if you cancel your policy after the cooling off period.

• Q. Do life insurance brands still offer surrender value for policies?

  • A. No. Life insurance is not an investment product and is designed to pay a benefit for death, terminal illness, injury or illness.

• Q. Am I covered overseas?

  • A. Some do. Policies are out there that provide coverage 24 hours a day anywhere in the world. Countries that have been advised against travel are generally not covered.

Making a claim

• Q. If I pass away, how is my claim paid?

  • A. In the event of your death, your life insurance brand or 401K trustee will pay out the nominated death benefit to one or more of your financial dependents or to your estate. A “binding nomination” can ensure the benefit from the coverage in your 401K is paid to the beneficiary of your choice. You should make sure your estate has the necessary documentation so that they can claim on your behalf (see below).

• Q. What does a beneficiary need to provide to claim a benefit from a deceased policyholder?

  • A. Generally, the beneficiary will need to provide:

  • A completed claim form.
  • Original policy document and policy schedule.
  • A copy of the deceased’s birth certificate.
  • A certified copy of the deceased’s will.
  • Probate or letters of administration.

• Q. Do I have to keep paying premiums if I make a claim for injury or illness?

  • A. If you claim for injury or illness on a life cover policy, your benefit will be reduced by the amount paid and your premiums adjusted accordingly.

• Q. What happens if I can't make a life insurance payment?

  • A. If you’re premiums are becoming to expensive or if you’re going through financial hardship, there are options to freeze premiums for a short period of time.

• Q. How many people can I nominate to receive a benefit on my policy?

  • A. Most policies allow you to nominate up to 5 beneficiaries on your policy.

• Q. What happens if I don’t nominate anyone to receive the benefit?

  • A. The claim will be paid to your estate.

What are the best life insurance brands?

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