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.
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Policy Maximum Cover Maximum Entry Age Expiry Age NobleOak Direct Life Insurance Protect your family with Life Insurance and pay on average 20%* less when compared with other insurers. T & Cs apply. Consider the PDS. Issuer is NobleOak Life Limited ABN 85087648708. AFSL 247302.
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.
Myth 2: I can’t get coverage 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.
We can help you compare a variety of companies and policies to find competitively priced cover if you have a pre-existing medical condition, including things like diabetes, mental health concerns, and sleep apnea.
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.
To find out how affordable your life insurance premiums can be, you might benefit from comparing life insurance policies. We can help you find a policy that fits your budget, while still providing the level of coverage you need to make a claim.
* Assumptions: non-smoker, stepped premiums, office position, $750,000 sum insured