Jump to content

Life insurance


  • Please log in to reply
14 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 whoisme

Posted 12 February 2013 - 04:51 PM

As Sassy Dingo said....our Life Insurance premium is deducted from our Superannuation.

For us it is not a matter of how much either of us earn, but the cost of living, schooling, the cost of paying off any mortgage or loans and also how long will the surviving spouse be out of work for in order to go through the grieving process?  

There are many surviving spouses who never return to work as they feel their life isn't worth living, or it is just too hard for them now their life partner has passed away.

We have life insurance of $1 million, for each of us.

#6 pumpkin89

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.

#7 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.

#8 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.


#9 .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.

#10 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.

#11 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





#12 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.


#13 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.



#14 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.





#15 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

 

Heartwarming prank gives single mum the house she was hired to clean

Cara Simmons arrived at work to clean a large and beautiful house in time for a party planned for that evening. It was soon hers.

Why we should stop telling new parents to 'enjoy every moment'

A few weeks ago, some dear friends of mine had their first baby. As the proud dad texted me a picture I had to fight the natural instinct to say “Enjoy every moment!”

Transgender dad breastfeeds his babies

A transgender man who breastfed his first baby - despite having his breasts removed as part of his transformation from female to male - has now had a second child.

Couple face $1 million medical bill and bankruptcy after babymoon birth

A Canadian couple were slammed with a million dollar medical bill after their daughter was prematurely during their babymoon.

Win one of 5 Little Tikes Cozy Coupe Sport

Australia?s No 1 selling car is now available in a Sports model and we have 5 to give away to some lucky Essential Baby families.

Cigarettes, junk food dominate supermarket sales growth

One in every five dollars spent at supermarkets goes on cigarettes or junk food, according to industry data.

Teacher under fire for breastfeeding in class

There is no doubt mums have a right to continue breastfeeding after they have returned to work, but one teacher in the US has taken it to the extreme.

Video: Baby sniffs beardless dad to make sure it's him

She looks him up and down and then touches his chin, but baby Lindsey still isn't sure this clean-shaven man is her dad.

The tragedy of losing a favourite teddy bear

We were green and uninitiated, perhaps a little naïve when it came to the favourite toy responsibility.

It's possible to workout while pregnant

Medical experts say intense fitness routines can be done safely during pregnancy - if the mums-to-be follow some guidelines.

Baby for Asher Keddie and Vincent Fantauzzo

Fans followed every step of her on-screen pregnancy in Offspring, now Asher Keddie is going to be a mum in real life too.

What parents really want for their kids

Are our hopes, dreams and expectations for our children what they really need?

'I had a feeling something was seriously wrong': the fight for Kaden's diagnosis

Before even giving birth, Katie Myers' maternal instincts warned her something was wrong with her baby.

When your pregnancy causes a relationship rift

Some dads-to-be don't miss a beat when their partner is pregnant; others struggle with a range of issues and can become withdrawn, right when their support is needed most.

Couple uses group photo trick to announce pregnancy to loved ones

Katharine and Kris Camilli devised a clever trick to immortalise their family and friends' reaction to their exciting pregnancy news.

Why Tracey Spicer has given up make-up

"After 30 years on television, I had become what I despised: a painted doll who spent an hour a day and close to $200 a week putting on a mask."

Empowering bikini photo of 46-year-old mum goes viral

When a group of teenagers made rude remarks about her body as she walked past them in a bikini at the local beach, Julie Cross refused to cover up.

Devastated widow discovers she's pregnant the day before husband's funeral

They had been trying to conceive a baby for seven years. Tragically Kristy Kirchner found out she was pregnant the day before her husband Royce's funeral.

Win a family pass to Disney Live!

We have 4 family passes to give away to see Disney Live! presents Three Classic Fairy Tales, touring Australia this December/January.

Gabriella Goat sues Peppa Pig

Every toddler's favourite television pig is being sued by an Italian woman who shares a name with a Peppa Pig character.

Meet the Mpregs, the male pregnancy enthusiasts

"Men can't have babies - that's something only women can do! But our community is full of like-minded people who wish otherwise."

Your new motherhood survival kit

Forget about the bright, pretty baby things - while you're in survival mode, all you'll need are the essentials.

More than 100,000 cars recalled globally after death of pregnant woman

The announcement of a mass recall comes as Malaysian police investigate the death of pregnant woman in July.

I had a 'good baby' but still suffered from postnatal depression

I had a much wanted precious baby girl, a 'good baby' who slept well, self settled and was mostly content. It just seemed implausible to think I could succumb to depression.

Download now: Essential Kids Activity Finder app

Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Win one of 5 Little Tikes Cozy Coupe Sport

Australia?s No 1 selling car is now available in a Sports model and we have 5 to give away to some lucky Essential Baby families.

Join PADDINGTON on the red carpet!

To celebrate the release of PADDINGTON, we are giving five lucky winners the chance to win a family pass to the exclusive Australian Premiere in Sydney on December 7!

Knowing you are one of the lucky ones

I am secure, confident and strong, but the responsibility of protecting my children can almost bring me undone.

Why I am so emotional now I have kids?

There are so many ways in which parenthood changes us as women, but one of the most noticeable, for me, has been the changing state of my emotions.

Baby survives despite sharing womb with 'foreign body'

Baby Maia was conceived against the odds, only to find she was sharing a womb with an ominous "foreign body".

Video: Baby shows dog how to jump - or vice versa

They say dog is man's best friend, but this playful pooch seems to have chosen a jumping baby as her number one buddy.

10 ways to soothe a crying baby

New paernts can get frustrated when their newborn gets fussy and can't settle down. When you're feeling overwhelmed, try some of these simple tips to help soothe your baby.

20 baby names that are becoming more popular every year

The data-lovers at nameberry.com have been at it again – this time, they’ve discovered the names that are continually rising up the ranks, ready to take out some top spots in the next few years.

10 great meals to make for new parents

Ideally, you want to give food that isn’t expensive to make, isn't too difficult to create, and freezes well; stews, bakes, soups and pasta sauces are perfect.

'It's not you, it's me': Boston bombing survivor mum to have leg amputated

Rebekah DiMartino is going through a break-up. She even wrote a farewell love letter. But it's not to her husband.

What it's like to go through early menopause

In a cruel twist, Carla had been breastfeeding and perimenopausal at the same time. But she's far from the only one to go through menopause early.

Restaurant served alcohol to two-year-old

Busy restaurants can be forgiven for getting food and drink orders mixed up from time to time, but not when the confusion leads to a two-year-old being served an alcoholic cocktail instead of the child-friendly beverage they ordered.

Julia Morris tells of miscarriage on a flight

Julia Morris has spoken about the devastation of suffering a miscarriage while on an international flight.

Woman's survival after birth 'a story of two miracles'

A US mother is home and tending to her new baby less than a month after surviving without a pulse for 45 minutes.

Eating ice may give mental boost to the iron deficient: study

A new study proposes that, like a strong cup of coffee, ice may give those with insufficient iron a much-needed mental boost.

Tiny lives in caring hands: Thank U NICU Day

Each year in Australia, over 40,000 newborns need the help of a special care nursery or neonatal intensive care unit. One day a year, the staff are honoured by the parents they help through those dark days.

I paid $50,000 to have a girl

This time my husband and I hadn't taken any chances. We had paid $50,000 and travelled 13,000 kilometres to make sure the baby growing inside me was female.

Weird pregnancy products

Some pregnancy products come to market and are just awesome. Others just leave you scratching your head.

Dear firstborn, I'm sorry

Being a first-time mum is tough for so many reasons – particularly because you really have no idea what you're doing.

A trace of sesame could kill my son

Helen Richardson son's had two anaphylactic reactions in a month. It's traumatic for everyone.

When you know before the test says yes

It wasn't a pregnancy test or missed period that told me I was pregnant with my second baby; it was too early for those things. A doner kebab told me I was going to be a mum again.

What not to do when your partner is in labour

Robbie Williams stole the show during his wife Ayda's labour, pretty much demonstrating everything on the "what not to do when your partner is in labour" list.

Best maternity swimwear and beach cover-ups

Thinking about a tropical babymoon but have nothing to wear? Here are some great swimwear and beach cover-up options for mums-to-be.

Dad breastfeeds his babies

Trevor Macdonald has now been pregnant twice, and is successfully breastfeeding his newest family member.

 

How many weeks til Christmas?

On your To-Do list

Get the "Santa" shopping done without the kids in tow.

 
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.