Jump to content

Life insurance


  • Please log in to reply
13 replies to this topic

#1 jamdonut

Posted 12 February 2013 - 02:14 PM

DH and I want to organise a life insurance policy to cover both of us. Any tips on how to find a good policy? Tricks or traps to be wary of?

#2 Coffeegirl

Posted 12 February 2013 - 02:31 PM

We're with Zurich.

Sit down and work out how much you would need to pay off your mortgage or at least live on without the insured's wage until your kids are 18.

DH is insured for more than I am. Mainly because he earns 5xs what I do.  So we get enough to pay off the mortgage in full then 1/2 again. DH also has trauma insurance.

Where I am only insured enough to clear the mortgage, because DH earns enough to cover a nanny or housekeeper. Not that I am just that in our marriage Tounge1.gif

DH is also ensured seperately through hos company as part of his contract. So if he dies on a work trip, I get another amount through that.

Read the policies carefully. Some will cover a lot less than others but charge more.


#3 Sassy Dingo

Posted 12 February 2013 - 04:35 PM

You could also check out your superannuation too, I have automatic life insurance through there.

#4 cornflake head

Posted 12 February 2013 - 04:38 PM

I went through i-select, who compared heaps of providers in relation to our situation/what we wanted and came back with the three most competitive prices for us.

I had this reviewed last month by a financial planner and she agreed that we are getting the best deal we can for what we get.

#5 SusanStoHelit

Posted 12 February 2013 - 04:58 PM

We saw an insurance broker. We went in knowing a rough idea of how much we would need to live off (debts, living expenses etc.)  Be wary of life insurance plans with your super. According to the broker we talked to they usually pay a pittance in the event of a death (particularly if it was non-work related). Also, they rarley cover for injury / disability. He said in his 20+ years in the industry he has never seen a successful claim under the permantent disability clause on a super policy.

#6 123tree

Posted 12 February 2013 - 05:07 PM

Someone I know had three kids and was a SAHM.  They lived in a house near his parents that was actually owned by his parents.  

The three children and her were the beneficiaries.

He passed away suddenly and therefore his income stopped immediately.  She was still able to live rent free but the way the life insurance money was divided up she only got a quarter and the rest went to the kids and is being held in trust for them.  She receives an "allowance" to look after her own kids and pay for the school, food etc.

The youngest child is too young for her to go back to work and she has been out of the workforce for a long time anyway so her options are limited.

So here is the thing. When she felt ready to move out of their house and go buy something elsewhere she didn't have enough money to buy one, but if she had been the sole beneficiary she could have easily.

My husband and I have made sure that this is not going to happen with us.  I get the lot.  Besides, I will have the best interests our our children at heart too.  

Just my opinion but something to think about.

#7 slinky

Posted 12 February 2013 - 05:59 PM

We have just gone from paying Life Insurance & Income Protection as an extra bill to now revewing and increasing what is offered on our Supperannuation. Its a huge cost saving for us.

Edited by slinky, 12 February 2013 - 06:00 PM.


#8 .Jerry.

Posted 12 February 2013 - 07:45 PM

I have just come from reading the fine print in my superannuation insurance.  It's the only one I have, so I was just checking a few things.
I am comfortable at the moment with just the superannuation life insurance component.
DP doesn't have any (unless it is in his insurance), but little would change financially should the worst happen to him.  I earn enough to maintain our current lifestyle.

#9 For Fox Sake

Posted 13 February 2013 - 12:17 AM

We actually had a meeting with an insurance broker tonight. We had no idea that DF has life insurance and income protection built in to his super.
Both are for around $120,000.
We have decided to increase the cover to a more realistic amount, add trauma cover and self fund the premium increase.

#10 neyrie

Posted 13 February 2013 - 01:40 PM

You can increase the amount you are covered for in your super, 1 of my super funds only has me worth $121000 but another has me worth $211000!! Also, I suggest thinking about "binding nominations" on super funds to stop potential squabbling about who it is to go to. If someone wants a claim on it the dispute can drag on for months, been there done that sad.gif





#11 Lainskii

Posted 13 February 2013 - 05:31 PM

QUOTE (neyrie @ 13/02/2013, 02:40 PM) <{POST_SNAPBACK}>
Also, I suggest thinking about "binding nominations" on super funds to stop potential squabbling about who it is to go to. If someone wants a claim on it the dispute can drag on for months, been there done that sad.gif



Not all funds/products offer binding nominations, so ensure you specify super separately in your will as this will usually be taken as what you intended by the fund (though they don't have to). It is a good idea to complete the binding nomination if the fund has one.


#12 Isolabella

Posted 14 February 2013 - 09:32 AM

This thread reminded me to follow up DH on his Super Nomination for Life... Said he had signed Binding nomination and sent it off yesterday. Interesting item he noted was that you have to RE nominate every three years or defaults back to standard.



#13 neyrie

Posted 17 February 2013 - 07:32 AM

Lainskii I had no idea some didn't offer binding, all mine always have and I've had a few lol.

I've been told not to mention your super in your will at all as it is considered separate from your estate therefore can't be used towards any debt or anything. A way to keep money for kids if you know your estate will go to paying off debt.





#14 MrsLexiK

Posted 17 February 2013 - 07:57 AM

Hi OP see a broker. They will tailor something that suits you. I generally wouldn't recommend Income protection in super - it won't pay if you are just sick it will only pay if you are TPD'd if it is held with another company outside of super you will normally have sickness cover and most offer one of payments for things like broken legs, cancer even if you don't meet the waiting day period (the time you are not working)

Life insurance seems to be paid easier when it comes from say Zurich or AMP etc then when it comes from a super company. They will normally release funds to help with immediate costs. I have had one client have an issue and this was due to the will not being granted probate.

If you are the owner of the policy the money will go to yourself, without question.(but you can't do this if it is under super because the super company is the owner) If you have no binding nominations it will be paid as per your estate.

If you would like more specific answers PM or ask here original.gif




1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

Win a Mountain Buggy Swift

To celebrate Essential Baby reaching half a million Facebook fans, we have a Mountain Buggy Swift to giveaway to a lucky fan.

Shopping with kids: breaking the pester-power cycle

You're out shopping with your little one and they're incessantly whining that they want a treat. It's easy to say no ... the first time, at least.

eBay jacket may hold clue to murdered girl's identity

A jacket similar to the one found with the remains of a brutally murdered little girl in South Australia has been identified on eBay.

New mum forced back to work early due to paid parental leave 'technicality'

Shelley Parker had to keep driving buses until the date her baby was due and will have to rush back to work at the end of this week after being denied paid parental leave on a "technicality".

Pregnant Amanda Palmer poses naked for book drive

It has to be the most original way ever of promoting a children's book donation day.

The conception dilemma facing many parents today

Some parents who conceived through a sperm donor will be wary of telling the child, while others prefer to deal with it early on. But recent research suggests it makes little difference either way.

The wedding photo the bridesmaid would rather forget

We've probably all seen a passed-out bridesmaid at one wedding or another, but it usually happens towards the end of the night.

Pregnant TV meteorologist takes on haters

Pregnant TV meteorologist Katie Fehlinger has hit back at haters who called her a "sausage in casing".

Honest words from first-time mums

I didn't want to say anything negative to my pregnant friend, but I wish I'd been more honest.

Adorable baby experiences rain for the first time, couldn't be happier

Harper had seen rain from the comfort of indoors before, but had never had the pleasure of being outside and experiencing it first hand.

What it's really like to start a family in your fifties

Many people suppose that it must be much more tiring to have a baby in middle age, but all the mothers in the playground look exhausted, whatever their age.

'Biggest hypocrite ever': Josh Duggar admits to Ashley Madison account

An American reality TV star has been busted with a cheating website account, according to US media.

Long recovery ahead for girl hit by car weeks after baby brother's death

A little girl is more alert and starting to talk after being hit by a car a week ago, but still faces a long recovery.

How to react when a toddler lies

Q: My almost-3-year-old is starting to figure out that he can lie when asked if he ripped the book, threw the food, hit his brother, etc. Totally normal, I know. How do we respond?

The circular experience of a Centrelink client

A mum-to-be experiences the frustration of dealing with Centrelink, myGov and everything in between.

Kelly Clarkson announces live on stage: 'I'm pregnant!'

Singer Kelly Clarkson has announced she is pregnant with her second child during a concert in Los Angeles.

Hack

How to search the leaked Ashley Madison data

At least three sites are republishing Ashley Madison's user data on the public-facing internet.

Mum dances her way through labour

There are a fair few ways to distract yourself and beat pains while in labour, but it's probably a rare woman who chooses her dance her way through it.

'Rest in peace, my little lion': premmie baby Jacob passes away

Baby Jacob, whose photo of him born at just 27 weeks was deemed 'too graphic' for a fundraising site, has died.

Mum killed three young sons 'to help her daughter', prosecutor says

Niall Pilkington's death last summer apparently raised little alarm in Bellefontaine, Ohio. Tragic accidents happen, after all.

Shorter women have shorter pregnancies: study

When a group of researchers studied nearly 3500 mothers and their babies, they noticed a curious pattern.

Get your FREE Baby & Toddler Show ticket!

Get your free ticket to the Sydney Essential Baby & Toddler Show for September 25-27 - register online now.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

The worst 20 minutes of my life

Thirty seconds was all it took to turn a shopping trip into my worst nightmare.

Top baby names for England and Wales in 2014

George has overtaken William in the official rankings of most popular British baby names - and Game of Thrones is still having an impact on parents.

Baseball or baby? Dad's tough choice

What's more important, a baby or a baseball? That's a question this dad seems to struggle with.

Childbirth choices: five star or free?

It's not often you hear the words labour and luxury in the same sentence but for some, a 5-star start to parenthood is exactly what they seek. And with a number of private hospitals now offering packages which include a post-birth stay at a sumptuous first class resort, many mums are choosing to recover in style.

'Where did your boobies go, Mummy?' and other soul-destroying comments from kids

Most women carry a smidge of baby weight after giving birth. If you're lucky enough to have an older child in the house, they can keep you on track with your weight loss goals.

Do you read me, baby?

Is it too soon to be reading to my two-month-old son? If not, what should I read?

Minimising sibling rivalry when you've got a baby

Sibling rivalry is an act of competition, but if your children feel involved and special, this type of jealousy will be minimised.

Will studying on maternity leave take you away from your most important job?

I remember when I was trying to decide if I could combine motherhood and furthering my university education.

Win a Pacapod this Father's Day

To celebrate dads and families, we are giving away a Picos Pack from Pacapod Australia filled with a few extra goodies ENTER NOW

Preschooler hit by car shortly after baby brother's death

A mother has had a frantic race to the hospital after her daughter was hit by a car, just four weeks after her infant son died.

Gay couple and Thai surrogate in custody tug-of-war

A six-month-old baby girl is trapped in the Thai capital in a bitter custody wrangle between her Thai surrogate mother and her biological father.

Couple denied IVF over parenting concerns

A mother of six has been denied access to IVF treatment in order to have another child over concerns about her parenting skills.

The book that promises to put your children to sleep

Exhausted parents from around the world are singing the praises of a "miracle" book which promises to put even the most restless child to sleep in just minutes.

5 things every parent who feels guilty needs to know

Parenthood can make you feel bad, but you're not alone.

Royals criticise 'dangerous' attempts to photograph Prince George

The British royal family criticized paparazzi on Friday for what it called their increasingly dangerous attempts to photograph young Prince George.

'No jab, no play' rule to cover Victorian kindergartens and childcare centres

"Anti-vaxxers" face not being able to send their children to childcare centres or kindergarten if they refuse to have them immunised.

15,000 birthing kits on their way to developing countries

Giving birth in a hospital surrounded by medical experts is tough enough, but some women deliver babies without a clean sheet to lie on.

Photo of premmie 'too graphic', fundraising site says

When their son Jacob was born at just 27 weeks, Christina and Jeff Hinks were thrown into an uncertain world.

The latest Bugaboo collections: cool chevron and runner prams

Bugaboo sure likes to keep things fresh, and with the Australian spring/summer season coming up, there are two new Bugaboo pram releases.

Making room for two in the bed

Mum's room or their own room? Cot or bassinets? Deciding where twins will sleep can be tricky.

 

FREE TICKET

See Hi-5 LIVE in Sydney!

Get your free ticket to The Essential Baby & Toddler Show and save $20 - register online now!

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.