Life Insurance Myths Busted

Not all Australians really understand life insurance well. It can be a confusing topic, particularly with the many hundreds of policies and options available.

As such, there are quite a few misconceptions surrounding life insurance coverage, particularly around medical examinations, pre-existing medical conditions, and the cost of life insurance.

Here we clear the air on these myths surrounding life insurance coverage.

Myth 1: I have to get a medical examination

Believe it or not, but life insurance medical examinations are not mandatory.

Only under certain circumstances is someone required to undertake a medical and/or blood test to finalise their life insurance application.

If after careful consideration you decide you definitely do not want a medical examination due to personal reasons or concerns, we do have 'no medical' life insurance options available.

However please be aware that a 'no medical' life insurance option will generally have higher premiums compared to a fully underwritten policy - which may not include a medical examination anyway depending on your situation.

If a 'no medical' life insurance policy is still what you would prefer, please ask an xLife adviser about the policies available.

Myth 2: I can't get cover with a pre-existing condition

This statement isn't really correct; there are many Australians with a medical condition and who have been able to get adequate life insurance coverage.

You can get cover depending on the pre-existing condition you have. Never assume that you can't get cover because of a pre-existing medical condition!

Our advisers are specialists when it comes to finding competitively priced cover for those with a pre-existing medical condition, including things like diabetes, mental health concerns, and sleep apnea.

If you are concerned about a pre-existing medical condition, please let your xLife adviser know so we can help find the best type of cover for you.

Myth 3: It's too expensive

Actually, life insurance is a lot more affordable than you may think. Life insurance cover can cost as little as a cup of coffee a day, and offers far more financial protection compared to relying on your own personal savings should the worst happen.

A 30 year old male* will only pay around $40 per month for life insurance coverage - that's a mere $1.30 a day!

Affordable life insurance coverage

To find out how affordable your life insurance premiums can be, call an xLife adviser on 1300 135 205. We can help tailor your policy costs to your budget and still ensure your level of coverage is still enough in the event you need to make a claim.

* Assumptions: non-smoker, stepped premiums, office position, $750,000 sum insured

Exclusive Offer! Call xLife on 1300 135 205 today and
save up to 20% on your first year's life insurance premium.

October 2011