Click on the links below for answers to frequently asked questions, or contact us directly:
Life Insurance - General questions
1. Why do I need life insurance? |
Life Insurance provides term life insurance cover, which pays out a lump sum benefit to your Estate if you die during the period of cover.
If you're the main income earner in the family, life insurance can help provide a stable financial future for your loved ones if you pass away. Life insurance can help your family manage major household expenses, such as the mortgage and education costs, plus other unforeseen expenses, such as funeral costs.
2. How much life insurance do I need? |
Most people take out life insurance at key stages during their lives, including:
- getting married
- starting a new job or changing jobs
- the birth of children
- moving house
- launching a business or partnership
Life Insurance lets you choose how much cover you would like depending on your age and circumstances. Whatever level of life cover you choose, your amount of cover is guaranteed to never decrease.
3. Why should I buy life insurance from TLC Risk Management? |
TLC Risk Management has access to most of Australia's life insurers. With many years' experience in life insurance we can provide you with a broad range of products to help protect you and your family.
4. I have life insurance cover with my superannuation. Why do I need additional life insurance? |
It's great that you've started to protect your family's lifestyle. However, your superannuation may have a lower level of cover than you expect and may not be adequate to cover your changing circumstances. Income protection within superannuation may be limited - 2 years benefit period and trauma insurance is not normally included inside superannuation.
5. I am self-employed. Why do I need life insurance? |
Running your own business is an even bigger reason to consider life insurance. Even if you have your own superannuation fund, you may not have any or adequate levels of life insurance cover. So, it's important to review your insurance cover to ensure that both the financial future of your business and your loved ones is secure, i.e. key person cover, business succession funding.
6. Can my partner and I get a joint policy? |
Yes, you can. You and your partner can also receive a joint policy discount when you apply for Life Insurance together at the same time. To be joint applicants, you and your partner need to be either a spouse, defacto spouse or person living in a bona fide domestic arrangement where one or each provides the other with financial support, domestic support and personal care.
How to get a quote and buy life insurance
7. How do I apply? |
It's quick and easy to get a quote and buy life insurance. Simply contact us at TLC Risk Management by phone on 03 9589 5844 or by email at dihadley@tlcrisk.com.au.
8. I quit smoking six months ago. Do I need to tell you? |
Yes. It's important that you provide accurate information on your smoker status. If you give up smoking for twelve months or more after you take out the policy, we can change your premium rates to the non-smoker price. Just contact us and we can update your policy details.
9. Who can apply for cover? |
If you're a permanent resident of Australia aged between 18 and 55 years you can apply for Life Insurance.
10. What if I change my mind? Do you offer a money back guarantee? |
The insurance cover comes with a money-back guaranteed cooling-off period so you have 21 days after you purchase your policy to decide if this cover is right for you. If it's not the cover you require, you can cancel the policy by contacting us. You'll receive a full refund on any premiums you have paid if you have not made a claim.
11. Can I cancel the policy at any time? |
If you cancel your cover within the 21 day cooling-off period, we will return any premiums to you. However, if you cancel your policy outside of the cooling off period, you will not receive a refund.
12. Is my personal information confidential? |
We are committed to ensuring that your personal information remains confidential and secure. Our Privacy policy explains how we manage personal information and can be reviewed by clicking here.
Paying your premiums
13. How can I pay my insurance premium? |
You can have the premium charged to your credit card each month (Visa or MasterCard).
14. When will premiums be deducted? |
Premiums will be deducted monthly. The premium for your first month of cover will be deducted from your nominated account on the date we process your application. After this first premium deduction, each subsequent premium will be deducted each month from your nominated credit card.
15. How much will it cost? |
To find out how much Life Insurance will cost you, contact us now to get a quick quote.
16. What if I stop paying my premiums? |
If you stop paying your premiums, the life insurance company will write you to to remind you to pay. If you still don't pay then they will let you know that your cover has ceased and no benefits will be payable.
17. Will the premiums change over time? |
Premiums are based on your age, and will increase over time as you get older.
18. When do I get paid a benefit under the policy? |
Life Insurance has been designed to keep premiums as low as possible so money is only paid out for specific events during the life of the policy. There is no cash-in value at the end of the policy. So, at the end of your policy your cover will end and you will stop paying premiums.
19. Can I get a discount if my partner and I get a joint policy? |
Yes, you can. Most Life Insurance Companies offer joint policy discounts if both you and your partner apply for cover at the same time.
Making a claim
20. How to make a claim |
We want to make the claims process as easy as possible. A claim can be made by simply making a call, write or email the TLC Risk Management as your adviser. We will then have the life insurance company send the necessary claim forms that will need to filled in and returned to us.
21. Can I choose who gets the money if I die? |
The lump sum payment will be paid directly to the policy holder or their estate.
22. What happens if I die? |
If you are covered through Life Insurance and you die before the end of your policy, the Life Insurance Company will pay the policy owner (or your estate) a lump sum. The amount of money that is paid will depend on your chosen level of cover.
Levels of cover
23. How much cover do I need? |
The level of cover you choose will depend on your personal needs. If your salary was no longer being paid you'd need to take into account how much it would cost your family to pay the following expenses:
- mortgage
- education costs
- day-to-day bills, e.g. electricity, food
24. Are there any age restrictions? |
You can apply for Life Insurance if you are aged between 18 and 58 years of age.
25. What does 'guaranteed renewable' mean? |
You can renew your policy each year, without evidence of continuing good health. The Life Insurance Company has to offer renewal, no matter your current state of health.
26. Do I have to take out cover for a minimum amount of time? |
No. You can cancel your policy at any time. If you cancel within the 21 day cooling off period, you will receive a full refund. However, if you can cancel after 21 days you will not receive a refund.
27. Can I get joint cover? |
Yes, you can. With most companies you will also receive a discount if you and your partner apply together at the same time.
28. What happens to the policy if one person under the joint policy passes away? |
In the event of your death, ownership of the policy will be transferred to your partner and the joint policy discount will be discontinued.
29. Am I covered if I go overseas? |
Yes. You will be covered anywhere in the world 24 hours a day, 365 days a year.
When your circumstances change
30. What if my contact details change? |
If your contact details or insurance needs change when you are insured with us please call us immediately.
Policy information and product features
31. What does my policy cover me for? |
Your policy is designed to provide you with cover for loss or damage as a result of various incidents known as Insured Events. It also comes with a number of additional features and benefits, which are automatically included. You can also choose from a range of optional covers (for an extra premium) so that you can tailor your policy to meet your individual needs.
32. What is NOT covered by my policy? |
The relevant Product Disclosure Statement (PDS) for your policy contains detailed information regarding what is not covered for each insured event, additional features and optional cover. A copy of the PDS will be provided for you to carefully consider before making a final insurance decision.
Contact us
If you've got any other questions about your business and lifestyle protection, or for an obligation free assessment of your business cover, contact Dianne Hadley today on 03 9589 5844 or dihadley@tlcrisk.com.au.
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