How do I compare term life insurance?

When you’re comparing your options through Savvy, there are a few factors you’ll need to consider, including: The cost of your premiums Level of coverage you want The type of life insurance you need (for example, you may want a TPD or trauma insurance policy) Inclusions and exclusions Waiting periods (these can vary between two weeks and two years)

Can I take out this type of cover through my super fund?

Yes – most superannuation funds across Australia will offer life, TPD and income protection insurance policies. While these cover options can seem quick and convenient, it’s a good idea to compare your options before committing to a policy to help ensure you’re taking out the most suitable coverage. You can compare offers with Savvy to help you determine which term life insurance policy is best for you from our partner’s panel of trusted insurers.

Are my premiums tax-deductible?

If you purchased a total and permanent disability (TPD), critical illness or life insurance policy outside of your super fund, you won’t be able to claim a tax deduction . However, term life insurance and TPD insurance purchased through your superannuation, as well as income protection insurance purchased inside or outside of super, may be able to be claimed as a deduction. If purchased through your super, your fund will generally claim these for you.

Can I get cover if I have a pre-existing condition?

This is different from provider to provider and dependent on the nature of your pre-existing condition. Some insurers may offer cover for your condition if you meet certain requirements, such as having not received treatment for five years, while others may charge an additional loading to include it under your policy. However, in some cases, it may be excluded from your coverage entirely. Be sure to check with your insurer before you buy to determine whether your condition can be covered.

Am I covered if I am outside of Australia?

Many life insurance policies offer worldwide cover, meaning you can still receive your payout if you’re injured, die or get seriously ill overseas and the circumstances meet their eligibility requirements. Check with your insurer to determine whether you can be covered overseas and find out the incidents where you may not be covered, such as travelling to a warzone.

Will I be covered if I make a claim related to COVID-19?

In most cases, life insurance companies will cover you if you’re struck down or die as a result of a COVID-19 diagnosis. However, it’s always worth confirming with your insurer if you’re unsure about what you can be covered for. If you’re still recovering from COVID-19 or are experiencing symptoms which are yet to be confirmed by a test result, you won’t be able to purchase a new life insurance policy.