Four life insurance inclusions you should know about

Published on November 25th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Inflation proofing

When looking for a life insurance policy it will be to your benefit to look for a policy that comes with features that are suitable for you and your loved ones. Most life insurance policies come with inflation proofing which means that your policy will automatically increase the value of your cover to keep up with inflation. This tends to be increased by 5% until you have reached your 65th birthday. You can rest assured that when it times to comes to claiming your cover will retain its value.

Cooling off periods

A cooling off period can come in handy, especially if you have found a policy that beats your current one. This basically allows you to return your policy and be refunded in a period, but it can only be valid for a period of 30 days or less. However, to avoid making a costly mistake it is important to compare and asking questions before putting your name on the dotted line. insurers differ in terms of the conditions that come with a cooling off period which means you will have to check with your insurer to see which one applies to you.

Be covered no matter where you are

It is possible to get life insurance if you are an Australian travelling to another country. Keep in mind that this will differ from insurer to insurer. According to the Australian government's site Smart Traveller, there were 1, 300 Australians that passed away while overseas due to an accident or illness which is another reason why you should have life insurance if you are planning on travelling. However, it is important that you check the restrictions that come with the policy before travelling abroad. For example, an insurer might not cover you if the country you are going to has a level 5 classification from the department of Foreign Affairs and Training (DFAT). Some insurers can even provide you with various plans such as Income Protection, Trauma Insurance ad TDP Insurance

Being able to get a funeral advancement cover

Death comes unexpectedly, but you do not have to be left feeling vulnerable to cover the rising expenses that come with passing. Insurers understand that during this time of loss the last thing that your loved one’s need is to stress about how they are going to cover emergency funeral expenses. A funeral advancement cover means that your insurer will advance you a certain amount of the life cover while your claim is still being assessed which can give your loved ones breathing room.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.

Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.

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