FAQ’s

FAQ’s

• Can I use superannuation to pay for my insurance?

  Insurance policies can be paid from any direct debit or credit card accounts and in some cases by Cheque. If affordability is an issue, your policy may be funded via a partial rollover from most superannuation funds. This will eliminate any out of pocket expenses

• What are Stepped & Level Premiums?

  Stepped premiums are generally cheaper to begin with however will increase each year – These increases are due to CPI or 5% whichever is the greater and in the case of stepped a risk loading is applied on every policy anniversary normally on your birthday, or on the policy anniversary date.

  Therefore, the older you get the higher this risk loading becomes. So stepped premiums increase at an ever increasing percentage as you age making it unaffordable when you need it the most. Stepped premiums are great for those who require an insurance policy for only a short time

  Level premiums allow you to ‘lock-in’ your premium – If you select level premiums, the amount you pay will be based on the Life Insured’s age at the Plan start date and premiums will remain the same other than CPI increases on each anniversary date of the policy renewal. Your premium normally only increase if your Benefit Amount increases or policy modification.

  This type of premium initially will be more expensive than stepped premium but can often result in greater savings over the long term. Most importantly, level premiums can ensure that your insurance cover remains affordable and sustainable when you need cover the most.