Has anyone got any recommendations in regards to life insurance policies and which company is best to go with?
We know how all insurance companies are and there are some better than others, I want to make sure that if something were to happen to me that my family will be able to get paid out without hassle.
Tightarse runs a life insurance company now?
Can I give you some solid advice if you get TPD insurance as well…
Whatever you do with your TPD insurance, make sure you check if it's for "Own occupation" or "any occupation". And consider the difference between the two, as its really important if you're disabled and can no longer do your normal job.
If you get a policy for "any occupation" you will only get a payout if you cant get any job i.e. mow lawns or stack shelves at coles, or work in a call centre. E.G. a bricklayer does his back, has "any occupation TPD" doesnt get a payout as he can work in a call centre answering phones.
Where as if you go for "own occupation" if you cant perform your normal duties, then you get a payout. E.G. a finance guy gets stressed out by numbers and can no longer work in finance, would get a payout as thats his normal occupation.
It's a massively overlooked issue in Australia as most people have life/tpd through their super funds which 9/10 times is for "any occupation" leaving many people quite exposed if injured in their normal occupation and unable to return to work, BUT they deemed are fit enough to get any job.
"Own occuptation" is more expensive but gives you much more peace of mind for TPD.
Some reading material:
https://getmyltdbenefits.com/own-occupation-v-any-occupation…
https://www.comparethemarket.com.au/life-insurance/types/own…
P.S. My life/tpd insurance is with MLC and they are very highly rated and excellent to deal with.
I was warned about the any occupation and my advisor put me in for the own occupation. I work at a desk using a computer. What is going to stop me from working that I can make a legitiment claim? Seems like I would have to become blind/lose both hands to claim?
Say you have a stroke and get a a cognitive brain issue preventing you from working on your computer effectively. “Any occupation” means no pay out as you can stack shelves at woolies.
So it’s certainly something to think about.
Look I wasn’t saying “everyone must get own occupation cover” but when I found out the difference between the two types of cover, it seemed like a pretty good way insurance companies, especially via super, can avoid having to pay out on TPD claims. So I want to make people aware that the default in super TPD cover is usually “any occupation” and unless you’re a total vegetable, a payout is unlikely.
Never knew this, great tip, thankyou. Will have to check what mine covers now…
Speak to a broker IMO
Great advice. I am actually reviewing TAl quotes and they have provisioned TPD at two places. One from direct bank account and second from Super. Now direct bank account states that I'll get own occupation and super component states that any occupation.
Now my agent says that it is fine and claim will be assessed based on own occupation. The reason she has suggested is that it will save about $200 per year if I have split between own name and super, not sure what would be the reason for that.
Anyone can throw some light?
They'll look at any first, then if you don't qualify under any then they'll look at own.
If paid under any, the payout would be paid into super, and to get it out there could be tax consequences.
Thanks, I already paid through directly (about $150 but when I am spending $2000 plus just for peace of mind then better be another $150) so only component by super is life insurance. So Income protection, TPD and critical illness will be paid directly.
Wow did not know that! Thanks.
Have you talked to a financial advisor?
I am with Nobleoak
I was looking at Nobleaoak but there has been a few bad reviews about them paying out claims.
Best life insurance? Take a good care of your own life, better to prevent early.
Difficult to take care of yourself when a drunk driver drives in the wrong lane hits you head on.
I'm sure you were talking about destiny rather than life insurance
Wait… this wouldn't be an Ad for drinking Taro Milk Tea now?
cho cho cho cho choosi …ah nevermind.
I have mine with TAL, haven't had to use it yet though ;)