Life Insurance Guide

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Life Insurance Guide

How to Get Life Insurance Cover

Understanding the process of obtaining life insurance is the first step toward securing your financial future.

The Life Insurance Application Journey

While every insurance provider may have a slightly different process, here’s what you can generally expect when applying for life insurance.

Assess Your Needs

Understand what coverage types and amounts would best protect you and your family.

Consult an Adviser

Get personalised recommendations from a qualified financial adviser who specialises in insurance.

Compare Policies

Review different options with your adviser to find the best coverage for your circumstances.

Apply & Secure

Complete the application process with your adviser’s guidance to secure your coverage.

Step 1

Step 1: Assess Your Insurance Needs

Before shopping for insurance, take time to understand your financial situation and protection needs:

  • Calculate your debts: Add up mortgage, personal loans, credit cards, and other debts that would need to be covered.
  • Assess income replacement needs: Determine how much income your family would need if you were no longer able to provide for them.
  • Consider education costs: Factor in future education expenses for children.
  • Evaluate existing coverage: Review any current insurance through your employer or superannuation fund.
  • Determine timeframe: Consider how long you'll need coverage (until retirement, until mortgage is paid, etc.).
  • Helpful Tip

Many financial experts recommend having life insurance coverage equal to 10-15 times your annual income, but your specific situation may require more or less coverage.

Step 2: Consult with a Financial Adviser

A qualified financial adviser specialising in insurance can provide valuable guidance:

  • Find a licensed adviser: Look for advisers with proper credentials and experience in life insurance.
  • Initial consultation: Most advisers offer a free initial meeting to discuss your needs.
  • Share your financial situation: Be prepared to discuss your income, assets, debts, and family situation.
  • Discuss your goals: Clearly communicate what you want your insurance to achieve.
  • Ask about their process: Understand how they'll research options and make recommendations.
  • Questions to Ask Your Adviser
  • What insurance providers do you work with?
  • How are you compensated?
  • What information will you need from me?
  • How do you determine appropriate coverage levels?
  • Will you help with the application process?
  • What support do you provide for claims?

Step 3: Compare Policies and Options

When reviewing insurance recommendations, consider these important factors:

  • Coverage amounts: Ensure the recommended coverage meets your calculated needs.
  • Premium structure: Compare stepped vs. level premiums and their long-term costs.
  • Policy features: Look at additional benefits, exclusions, and definitions.
  • Insurer reputation: Consider claim payment history and customer service ratings.
  • Premium options: Consider payment frequency and available discounts.
  • Policy Features to Compare
  • Terminal illness benefits
  • Future insurability options
  • Inflation protection
  • Premium waiver options
  • Reinstatement provisions
  • Upgrade guarantees

Step 4: Apply and Secure Your Coverage

Once you’ve selected a policy, you’ll need to complete the application process:

  • Complete application: Fill out all required forms with accurate information.
  • Health information: Provide detailed health history and any requested medical records.
  • Medical examination: Depending on coverage amount and age, you may need a medical exam or other tests.
  • Underwriting process: The insurer will assess your risk level and set final premiums.
  • Review and accept: Carefully review the final policy and terms before accepting.
  • Make first payment: Your coverage typically begins once your policy is issued - following the first premium payment and underwriting acceptance.
  • After You're Approved

Once approved, keep your policy documents in a safe place and inform your beneficiaries about your coverage. Review your policy annually and after major life events to ensure it still meets your needs.

Step 1: Assess Your Insurance Needs

Before shopping for insurance, take time to understand your financial situation and protection needs:

  • Calculate your debts: Add up mortgage, personal loans, credit cards, and other debts that would need to be covered.
  • Assess income replacement needs: Determine how much income your family would need if you were no longer able to provide for them.
  • Consider education costs: Factor in future education expenses for children.
  • Evaluate existing coverage: Review any current insurance through your employer or superannuation fund.
  • Determine timeframe: Consider how long you'll need coverage (until retirement, until mortgage is paid, etc.).
  • Helpful Tip

Many financial experts recommend having life insurance coverage equal to 10-15 times your annual income, but your specific situation may require more or less coverage.

Step 2: Consult with a Financial Adviser

A qualified financial adviser specialising in insurance can provide valuable guidance:

  • Find a licensed adviser: Look for advisers with proper credentials and experience in life insurance.
  • Initial consultation: Most advisers offer a free initial meeting to discuss your needs.
  • Share your financial situation: Be prepared to discuss your income, assets, debts, and family situation.
  • Discuss your goals: Clearly communicate what you want your insurance to achieve.
  • Ask about their process: Understand how they'll research options and make recommendations.
  • Questions to Ask Your Adviser
  • What insurance providers do you work with?
  • How are you compensated?
  • What information will you need from me?
  • How do you determine appropriate coverage levels?
  • Will you help with the application process?
  • What support do you provide for claims?

Step 3: Compare Policies and Options

When reviewing insurance recommendations, consider these important factors:

  • Coverage amounts: Ensure the recommended coverage meets your calculated needs.
  • Premium structure: Compare stepped vs. level premiums and their long-term costs.
  • Policy features: Look at additional benefits, exclusions, and definitions.
  • Insurer reputation: Consider claim payment history and customer service ratings.
  • Premium options: Consider payment frequency and available discounts.
  • Policy Features to Compare
  • Terminal illness benefits
  • Future insurability options
  • Inflation protection
  • Premium waiver options
  • Reinstatement provisions
  • Upgrade guarantees

Step 4: Apply and Secure Your Coverage

Once you’ve selected a policy, you’ll need to complete the application process:

  • Complete application: Fill out all required forms with accurate information.
  • Health information: Provide detailed health history and any requested medical records.
  • Medical examination: Depending on coverage amount and age, you may need a medical exam or other tests.
  • Underwriting process: The insurer will assess your risk level and set final premiums.
  • Review and accept: Carefully review the final policy and terms before accepting.
  • Make first payment: Your coverage typically begins once your policy is issued - following the first premium payment and underwriting acceptance.
  • After You're Approved

Once approved, keep your policy documents in a safe place and inform your beneficiaries about your coverage. Review your policy annually and after major life events to ensure it still meets your needs.

Ready to get started with your life insurance application?

Connect with an Adviser

Typical Application Timeline

The time it takes from first meeting with an adviser to having your cover in place can vary. Factors such as the amount of cover you need, your health, and whether medical checks are required will influence the process. In some cases, it may be as simple as completing a health questionnaire. In others, you may be asked to undergo a medical examination or provide additional reports.

Below is a typical timeline to give you an idea of what to expect and why the steps may differ from person to person.

Meet with your adviser to discuss your needs and financial situation

Initial Consultation

1-2 Hours
Meet with your adviser to discuss your needs and financial situation
Your adviser researches options and prepares recommendations based on your needs

Research & Recommendations

1-2 Weeks
Your adviser researches options and prepares recommendations based on your needs
Your adviser may check in with you during this stage to confirm the cover you need, likely costs, and any health factors that could affect your application.

Strategy check in

1-2 Weeks
Your adviser may check in with you during this stage to confirm the cover you need, likely costs, and any health factors that could affect your application.
Meet again to review recommendations and complete application forms.

Review & Application

3-7 Days
Meet again to review recommendations and complete application forms.
Could be a short questionnaire, doctor’s report, blood tests or full medical.

Medical Assessment

30-60 Minutes (if required)
Could be a short questionnaire, doctor’s report, blood tests or full medical.
The insurer reviews your application, medical results, and determines final terms.

Underwriting

1-3 Weeks
The insurer reviews your application, medical results, and determines final terms.
Receive and review your policy documents, checking all is in order, and your coverage begins.

Policy(s) Issued

1-2 Weeks
Receive and review your policy documents, checking all is in order, and your coverage begins.

* Timeline is approximate and may vary based on individual circumstances, complexity of coverage, and insurer processing times.

Typical Application Timeline

The time it takes from first meeting with an adviser to having your cover in place can vary. Factors such as the amount of cover you need, your health, and whether medical checks are required will influence the process. In some cases, it may be as simple as completing a health questionnaire. In others, you may be asked to undergo a medical examination or provide additional reports.

Below is a typical timeline to give you an idea of what to expect and why the steps may differ from person to person.

Meet with your adviser to discuss your needs and financial situation

Initial Consultation

1-2 Hours
Meet with your adviser to discuss your needs and financial situation
Your adviser researches options and prepares recommendations based on your needs

Research & Recommendations

1-2 Weeks
Your adviser researches options and prepares recommendations based on your needs
Your adviser may check in with you during this stage to confirm the cover you need, likely costs, and any health factors that could affect your application.

Strategy check in

1-2 Weeks
Your adviser may check in with you during this stage to confirm the cover you need, likely costs, and any health factors that could affect your application.
Meet again to review recommendations and complete application forms.

Review & Application

3-7 Days
Meet again to review recommendations and complete application forms.
Could be a short questionnaire, doctor’s report, blood tests or full medical.

Medical Assessment

30-60 Minutes (if required)
Could be a short questionnaire, doctor’s report, blood tests or full medical.
The insurer reviews your application, medical results, and determines final terms.

Underwriting

1-3 Weeks
The insurer reviews your application, medical results, and determines final terms.
Receive and review your policy documents, checking all is in order, and your coverage begins.

Policy(s) Issued

1-2 Weeks
Receive and review your policy documents, checking all is in order, and your coverage begins.

* Timeline is approximate and may vary based on individual circumstances, complexity of coverage, and insurer processing times.