Policy Options

Selecting the right policy option for your situation can play a huge part should you need to make a life insurance claim.

Premium payment structures

One particular policy option which every person must make a decision on is which premium payment structure best suits their needs.life-insurance-policy-options
Australian insurers offer the following structures:

The most common payment structures are stepped or level, with blended premiums introduced more recently.

Free childrens insurance

Select insurers offer premium free childrens insurance which can be added onto your policy.

Built-in funeral advancement benefit

Most Australian insurers offer some type of funeral advancement benefit which can be used to pay for funeral expenses.

Claim proceeds and beneficiaries

The purpose of a life insurance policy is to leave funds to your loved ones when you pass away, which is why it is vital that you nominate a beneficiary (or beneficiaries).

Doing this will ensure the right person will receive your life insurance proceeds.

Stand alone or Bundled cover

Many life insurance policies in Australia offer either a stand-alone or bundled insurance option.

A stand-alone policy has its own sum insured, whereas a bundled policy shares the same or lesser sum insured with either trauma or TPD insurance.

Both options have their own merits and it is important to discuss your options with an xLife adviser.

Cover for expats

xLife specializes in life insurance for Australian expatriates. If you are an Australia citizen but are living overseas, contact one of our advisers and find out what cover best suits your situation.

Cover for non-resident visa holders

Select life insurers offer cover to non-residents with certain visas who meet application guidelines.

Each insurer has different parameters as to who can apply for cover, so it is best to speak to an xLife adviser to find out if you can buy life insurance in Australia.

January 2013