Your one-stop insurance broker for all your insurance needs

WHAT WEALTH SMART CAN DO FOR YOU AS ONE OF THE BEST INSURANCE COMPANIES AUSTRALIA?

Wealth Smart Australia Pty Ltd (Wealth Smart) is a financial advisor, Melbourne, for Corporate and Personal Superannuation advisor or broker insurance that provides financial advice and planning solutions to our private clients. We are an online Life Insurance comparison website that offers individuals and organisations the opportunity to select competitively priced yet comprehensive policies.

By working with insurance companies, Australia, we can assist in choosing, comparing, and even applying for insurance online or over the phone. We also help in raising awareness of their super plan offering.

We have two broker insurance businesses: Online Risk Business and Superannuation Advice Company (Wealth Smart Super). Online Risk Business offers the best but easy comparison of insurance covers and costs in Australia.

Superannuation advisor company (Wealth Smart Super) offers a more complex service that includes specialist insurance brokers services for businesses, corporate companies, and individuals the opportunity to arrange, review and select the best policy. Whether it is corporate, personal, or wholesale super policy across a vast array of products available in Australia.

Wealth Smart Australia is a corporate authorised representative of Millennium3 Financial Services Pty Ltd, which is one of the largest life insurance companies, Australia and is part of the reputable Financial Services licensee advisor groups. Millenium3 has an extensive network of 300 best financial planning advisors located in all states across Australia, with the head offices located in Sydney and Brisbane.

Our advisors are self-employed practice owners or employed by the specific practice as broker insurance advisors. They have an ethical duty always to keep the clients’ interests at heart, so get your life insurance quote online or speak to us today.

HOW OUR COMPANY SPECIALIST INSURANCE BROKERS WORK

BEFORE OUR MEETING

We require you to gather the necessary financial information and documents for your financial advisor Melbourne. This will allow us to understand the financial situation and offer you the best advice possible.

THE FACT FINDS

Our Wealth Smart financial advisor, Melbourne, will then conduct an in-depth analysis of your financial situation. This analysis will consider and determine your investor profile, needs, goals, and more.

PLAN PREPARATION

Our qualified financial advisors will then consider the in-depth analysis results to locate essential areas that require attention. Our financial advisor Melbourne will then compile a detailed report entailing the areas that need attention and their recommendations.

PLAN IMPLEMENTATION

Our best financial planning advisors will walk you through the report they have compiled to assist you in deciding on a preferred approach. Then, our financial advisor Melbourne will start implementing the chosen strategy.

REVIEW SESSIONS

After the approach has been implemented, keeping your financial information up to date is vital. Review sessions take your changed circumstances into account, as well as changes to legislation and the market. Our best financial planning advisors will tailor it to meet your needs and wants.

ONGOING SUPPORT

Your financial advisor will compile and implement an ongoing service package to meet your needs and provide continual financial advice regarding your life insurance quote.

OUR SERVICES

Wealth Smart is one of the insurance companies, Australia, which aims to provide you with meaningful information, help you find competitively priced insurance cover, and save you time and money. To do so, we compare life insurance cover online, Trauma Insurance, Income Protection, TDP, Corporate and Personal Superannuation, Commercial Insurance, Personal Insurance, and SMSF Insurance.

LIFE INSURANCE

Life Insurance policies can contain one or multiple different types of insurance. When purchasing a policy, you can bundle them into a comprehensive package, but you can also choose just one or two features. The different type of insurance included in Life Insurance is usually income protection, trauma, business expense cover, or TPD insurance.

An essential part of Life Insurance is Life Cover, which every Life Insurance in Australia provides. Life Cover, also known as Term Life Cover, is an agreement for the company insurance brokers to pay out a lump sum up to $1 million, or sometimes more, after death or if the client has been diagnosed with a terminal illness.

Terminal illness allows for an advanced payout as the medical practitioner has determined that the client will die within 12 months. When considering applying for Life Insurance, you need to consider the benefits and insurance policy features, the waiting periods before making a life cover claim, the limits on cover, the exclusions, and the cost of the insurance premiums.

Wealth Smart offers a range of resources and services to assist you in choosing life insurance products that fit your needs and wants. Feel free to contact us with any queries or questions, and let us be your peace of mind. Get in touch with us by calling 1800 765 100.

TRAUMA INSURANCE

Trauma insurance comes in handy if you need extended time off work. Income protection insurance and life insurance would assist you in this circumstance, but the lump sums paid out may not be enough to cover the costs over time. This is where trauma insurance becomes useful.

This form of insurance, also known as critical illness insurance, pays out a lump sum payment based on the diagnosis of a serious medical condition. This lump sum can be used to pay medical bills and existing debts such as your mortgage or credit card debts.

Wealth Smart offers a range of resources and services to assist you in choosing trauma insurance products that fit your needs and wants. Feel free to contact us with any queries or questions, and let us be your peace of mind. Get in touch with us by calling 1800 765 100.

INCOME PROTECTION

An Income Protection policy allows you to maintain a stable inflow of funds. Like your other assets, your income can be insured, which will offer you the peace of mind of having a guaranteed steady income no matter what happens. In addition, having an Income Protection policy ensures that you will have a portion of your income paid monthly if you cannot work due to an illness or injury.

Additional features to an Income Protection policy are that the premium can be waived while you are receiving a claim, you can select the waiting period, and you can choose how long you’d like to receive your benefit. You can also choose between indemnity value cover and agreed value cover. This would influence your premium and benefit amounts.

Wealth Smart offers a range of resources and services to assist you in choosing income protection products that fit your needs and wants. Feel free to contact us with any queries or questions, and let us be your peace of mind. Get in touch with us by calling 1800 765 100.

TPD

Total and Permanent Disability (TPD) insurance offers policyholders a lump sum if they become totally or permanently disabled and unable to work for the foreseeable future. Causes of this may be the loss of a limb, vision, or even paralysis. TDP insurance is important for jobs requiring a high degree of physical mobility or strenuous fieldwork. The lump sum paid out by TDP insurance can be used for the cost of rehabilitation, repayment of outstanding debt, and general day-to-day expenses for you and your family.

Wealth Smart offers a range of resources and services to assist you in choosing TPD products that fit your needs and wants. Feel free to contact us with any queries or questions, and let us be your peace of mind. Get in touch with us by calling 1800 765 100.

CORPORATE AND PERSONAL SUPERANNUATION

In the same way as life insurance, superannuation functions to offer life cover and provides better investment earnings. A super fund also acts as a safety net for your family and loved ones if something happens to you. This means a salary sacrifice is necessary to benefit from the super fund. When you book a consultation with a superannuation advisor, you will learn more about this and other details.

When you invest in a super fund, you will increase the final lump sum payment once you retire. Additionally, contributions to the super fund come from federal government co-contribution.

The insurance provider you use is likely to run multiple super funds, which may work in your favour. The larger the super fund means your insurer can negotiate group discounts. Regardless of their negotiating abilities, your insurer is sure to keep your interests at heart as they aim to create more considerable superannuation savings.

You can also purchase an insurance product through your fund, which is advisable under the guidance of a superannuation advisor, instead of purchasing it from a retail life insurance provider. This often proves to be a cheaper option. For example, you can buy life cover, income protection, TPD insurance, and trauma cover when purchasing through your superannuation fund.

Purchasing insurance through your superannuation fund is accompanied by advantages and disadvantages. The benefits are that it is proven to be more cost-effective, you may not need to undergo medical checks, and premium payments are generally tax-deductible as they come from any contributions to your super fund.

The disadvantages are the cover may be generic, which means it is not tailored to your needs and wants. The cover is known to take longer to process as any benefit you receive must first run through your super fund. You may not be able to elect a beneficiary, and the premiums may negatively affect your overall retirement savings amounts.

Wealth Smart offers a range of resources and services to assist you in choosing superannuation products that fit your needs and wants. Feel free to contact us with any queries or questions, and let us be your peace of mind. Get in touch with us by calling 1800 765 100.

COMMERCIAL INSURANCE

Commercial insurance is a valuable tool for small business owners. This form of insurance can be used to secure your company and any assets, properties, businesses processes, and employees affiliated with the small business. Our Wealth Smart private and company insurance brokers will assist you in reviewing general insurance covers such as:

• Aviation
• Business interruption
• Business pack
• Contract works
• Corporate travel
• Cyber
• Events
• Farm
• Marine
• Management liability
• Products and public liability
• Professional indemnity
• Trade credit
• Works compensation
• Industrial special risks
• Product recall

The different types of insurance assist you in taking care of injuries to your customers if it were to happen and cover your property or buildings if it suffers a fire, theft, or flooding. These different types of insurance also provide vehicle protection if it is involved in an accident or needs repairs, and it provides infrastructure care if needed. Additionally, the different types of insurance mentioned can also recover losses such as eviction costs, damage, and loss of rent if you are the landlord.

Wealth Smart offers a range of resources and services to assist you in choosing commercial insurance products that fit your needs and wants. Feel free to contact us with any queries or questions, and let us be your peace of mind. Get in touch with us by calling 1800 765 100.

PERSONAL INSURANCE

Purchasing personal insurance would be a wise choice regardless of age, occupation, or current circumstances. The different types of personal insurance products that Wealth Smart will advise you on are:

• Home and contents
• Prestige home and contents
• Landlord
• Motor
• Strata
• Travel

Wealth Smart offers a range of resources and services to assist you in choosing personal insurance products that fit your needs and wants. Feel free to contact us with any queries or questions, and let us be your peace of mind. Get in touch with us by calling 1800 765 100.

SMSF INSURANCE

Self-managed super fund (SMSF) insurance is a group life insurance policy known to be simple and cost-effective. This life insurance product allows the policyholders to benefit from tax advantages by structuring their life insurance through their fund with the help of a superannuation advisor.

The SMSF insurance premiums are tax-deductible as they can be deducted from the super fund’s earnings in the annual tax return only if the SMSF is listed as the policy owner. SMSF insurance can be tailored to the members’ needs and wants, while this form of insurance ensures that the members’ cash flow is not affected, seeing that the super fund pays the premiums. Lump sums from the super fund are paid out under specific conditions, which are:

• A permanent disability that causes the member not to be able to work
• Temporary incapacity that causes the member to be unable to work for a period
• Death

Wealth Smart offers a range of resources and services to assist you in choosing SMSF insurance products that fit your needs and wants. Feel free to contact us with any queries or questions, and let us be your peace of mind. Get in touch with us by calling 1800 765 100.

PAYMENT CONDITIONS AND WAITING PERIODS

LIFE COVER

The lump sum will be paid out if the policyholder has died or been diagnosed with a terminal illness. If the policyholder has been diagnosed with a terminal illness, the doctor must give the person less than 12 months to live. The lump-sum is generally paid out within 14 days after the claim has been approved.

TPD INSURANCE

The lump sum will be paid out if a doctor concludes that the policyholder will never be able to work again. The lump-sum is paid out once the policyholder has had the disability for 3 to 6 months.

TRAUMA INSURANCE

Policyholders will not have their claim approved if they suffer from specific medical conditions within three months of purchasing a trauma insurance product. After that, the insurance provider will provide specific medical conditions. The lump sum will be paid out immediately once the claim has been approved, but payment can be delayed for up to 3 months for specific conditions.

OUR BEST INSURANCE COMPANIES, AUSTRALIA

At Wealth Insurance Australia, we offer you the choice between some of the best policies from top Australian insurers. The insurers we use to compare are:

AIA AUSTRALIA

AIA Australia, which forms part of the larger AIA Group, is one of the world’s largest independent, publicly listed pan-Asian life insurance groups. According to 2011 data, AIA had over 2.5 million customers and covered almost 30% of Australia’s labour force. AIA Australia had paid $445 million in claims per year and had over 24 million in-force policies.

AIA Australia offers Life Cover, Total and Permanent Disablement (TPD), Crisis Recovery (Trauma), and Income Protection. If you are looking for any insurance mentioned, AIA Australia would be the ideal choice. AIA Australia has financial stability and has excellent growth potential of emerging markets worldwide due to them having the support of the larger pan-Asian AIA Group.

AMP

Being one of the oldest life insurers in Australia, AMP is known for its financial security. Being founded in 1849 as a non-profit life insurer, AMP is now a publicly listed company on the stock exchange. AMP is the biggest provider of retail super, managed funds, and life insurance after merging with AXA in 2011.

According to data from 2013, AMP has over 5 million retail customers and 400 institutional clients across both Australia and New Zealand. AMP offers services and products such as best financial planning advisors, select banking accounts, superannuation, disability protection, and income protection.

AMP allows their clients to choose products and covers between their Flexible Lifetime Protection products or their Elevate range. The Flexible Lifetime Protection products are Income protection, TPD Cover, Death Cover, and Trauma Cover. AMP clients can include any or more of these products after customising them to suit their needs.

The products from the Elevate range, which became available after merging with AXA, offer affordable life insurance for the whole family. Clients can choose between Life Insurance, TPD Insurance, Trauma Insurance, and Income Insurance in this range.

If you are looking for any insurance mentioned, AMP would be a good choice. This is because the insurer has a customer-centric policy that ensures that customers’ needs and wants are always placed first.

ASTERON

Asteron Life, which has been providing long-term financial security and sustainable premiums since 1883, is sure to offer reliability, fairness, and responsibility to its clients and advisers. According to 2010 data, Asteron Life paid close to $250 million in claims to over 3000 customers in Australia. Being a member of the Suncorp Group, Asteron Life is one of Australia’s leading general insurance, banking, and wealth management companies.

Asteron Life offers Life Cover, TPD Cover, Trauma Cover, and Income protection. In addition, Asteron Life, unlike many other insurers, offers the Asteron Life Wellbeing Program to ensure that their clients live a long, happy, healthy life.

The program is an online health and well-being resource that offers information, tips, recipes, health assessment tools, and meal and weight-loss programs to all Asteron Life’s clients. If you are looking for any insurance mentioned, Asteron Life is a trusted choice.

As Asteron Life is a member of the Suncorp Group, a parent company for many general insurance companies in Australia, their clients are assured of a safe financial investment. Suncorp Group’s 9 million customers and assets worth almost $100 billion prove testament to this.

BT

BT Australia, which has been in operation since 1969, offers insurance, superannuation, and investment solutions. BT, which was known as Banker’s Trust, forms part of the BT Financial Group and is the wealth management arm of the Westpac Group.

After being acquired by Westpac in 2002, who merged with St George in 2008, the BT Financial Group has over $144 billion in funds under management and administration. This acquisition makes it one of Australia’s most prominent wealth management businesses. BT Australia offers Term Life Cover, Total and Permanent Disability (TPD) Cover, Living Insurance, and Income Protection with over 1 million policies in force.

CLEARVIEW

ClearView, which launched as NRMA Life in 1976, aims to help Australians protect and grow their wealth while securing a comfortable financial future. ClearView is listed on the Australian Stock Exchange (ASX) under the code ‘CVW’ and offers quality financial advice with a portfolio of insurance and investment solutions.

ClearView offers Life Cover, Total and Permanent Disability (TPD) Cover, Trauma Cover, Income Protection Cover, Business Expense Cover, and Child Cover. So if you are looking for any insurance mentioned, ClearView is a good choice, and they can justify it.

Their cover is guaranteed to be renewable as the terms and conditions or premiums won’t change due to personal circumstances. In addition, they offer indexation, which means the cover will be increased annually, ensuring that the benefit amount matches inflation.

ClearView clients are also guaranteed an upgrade if they make any changes or add new benefits to their products. Besides these qualities, ClearView has won a range of awards such as the Money Management Adviser Choice Risk Awards 2020, Risk Company of the Year 2020, Term & TPD Products 2020, Inside Super Individual (Guaranteed Renewable) Term & TPD Rider 2020, Disability Income Product 2020, Investment Trends Planner Risk 2017, 2018 and 2019 winner for Overall Satisfaction, and the AFA/Beddoes Consumer Choice Awards 2018.

COMMINSURE

CommInsure, which was known as Commonwealth Connect Insurance Limited when launched in 1995, is one of Australia’s biggest life insurers and is listed on the Australian Securities Exchange (AS-X). CommInsure is the wealth management division of the Commonwealth Bank which has 138 years of experience in the finance industry. According to 2012 data, CommInsure has $1.97 billion worth of in-force premiums and pays close to $13 million per week in premiums.

CommInsure offers Life Care, Terminal, and Permanent Disablement (TPD) Cover, Trauma Cover, and Income Care. If you are looking for any of the care of cover mentioned, CommInsure would be the intelligent choice.

Being the first Australian insurer to become a signatory to the United Nations Principles for Responsible Investment, CommInsure has pledged to consider environmental, social, and corporate governance factors in its investment decisions.

CommInsure has also been the recipient of a range of industry awards, such as Money Magazine’s ‘Best Innovative Insurance Product 2014’ for their home insurance policy and being named one of the Contact Centres of the Year for 2013 by the Australian Teleservices Association.

MACQUARIE GROUP

The Macquarie Group is the largest investment bank in Australia. Macquarie Group has proven to have a steady growth as they operate in 28 countries, have over 13 000 employees, and offer a wide range of products and services. This growth was proven in the 2012-2013 financial year when Macquarie Group grew by 17% and their share price increased by 25%.

Some of the insurance policies that the Macquarie Group offers are Macquarie Life Active, FutureWise Total and Permanent Disability (TPD) Cover, FutureWise Disability Income Insurance, and FutureWise Trauma Insurance. The Macquarie Life Active policy is a life insurance cover that provides a lump sum for death, terminal illness, as well as additionally specified medical events.

Macquarie Group pays out sums based on the severity of the circumstance. The different covered events are accidents, injuries, long-term illnesses, and serious conditions like heart attacks, stroke, cancer, digestive disorders, severe depression, and more.

MLC INSURANCE

MLC Insurance, being one of the most powerful wealth management and insurance companies, Australia, specialises in offering investment opportunities, superannuation, insurance, and private wealth solution for corporate and institutional customers. MLC Insurance is owned by National Australia Bank and has become the second-largest superannuation advisor and provider in Australia with a 19.5% market share.

MLC Insurance offers Life Cover Insurance, Total and Permanent Disability (TPD) Insurance, Critical Illness Insurance, and Income Protection Insurance. MLC Insurance is a trusted choice if you are interested in any of the mentioned insurance products.

Being a part of socially conscious initiatives, the company has the interests of its customers and those in need at heart. MLC Insurance is a partner of the Garvan Institute for Medical Research. They support the crisis and suicide prevention hotline Lifeline and have established the MLC Community Foundation in 2008.

The foundation funds community mental health organisations and programs and aims to encourage and support their employee’s active engagement in community activities. MLC Insurance has also been the recipient of many industry awards, such as the Life Insurance Company of the year, Innovation Excellence Award for Best Doctors, Industry Excellence Award, winner of Life Insurance Innovation Award for Best Doctors, Major Financial Advice Group of the Year, and 5 Heron quality stars.

NEOS

NEOS Life, being of the top specialist Australian life insurance businesses, offers a wide range of retail life insurance products with the assistance of financial advisers. The insurance products offered by NEOS is issued by NobleOak, a trusted Australian insurer, and are reinsured by Pacific Life Re, one of the world’s largest insurers. NEOS is known for its fair pricing, fast decision-making processes, and better customer outcomes.

NEOS offers Life Cover, Total and Permanent (TPD) Cover, Critical Illness Cover, Child Cover, and Income Protection Cover. So if you are looking for any of the mentioned insurance products, NEOS could be the one for you. NEOS aims to put the customer’s needs and wants at the forefront through the NEOS Experience.

NEOS aims to make 80% of their underwriting decisions within three working days, use the latest technology, and have a start-up mentality that makes all their staff easily accessible. As a result, NEOS has also won a range of industry awards, such as winning best life insurance business by advisers in the Adviser Ratings Marketplace results and the award for Underwriting Team of the Year in 2019 by AFA Beddoes Institute Life Company of the Year.

ONEPATH LIFE INSURANCE

OnePath Life Insurance is one of Australia’s top insurance companies due to its competitive pricing, available extras, the easy application process, and helpful customer service. OnePath, which was known as ING Australia Life Insurance and Income Protection, is a specialist wealth management and protection business that operates in Australia, New Zealand, and 30 other countries.

Today, OnePath offers a wide range of wealth and insurance products with the guidance of financial advisors. OnePath Life Insurance customers are also able to apply directly through the website or via phone.

OnePath Life Insurance offers Income Protection, Trauma Cover, TPD (Total and Permanent Disability) Cover, and Life Insurance. The company also guarantees to upgrade the benefits to some of its policies if some of its products change and/or any improvements are made.

Besides this benefit, OnePath is also affiliated with the Qantas Frequent Flyer Club. As a result, OnePath’s clients can earn frequent flyer points for every $1 they pay in premiums on specific OnePath life insurance policies.

TAL

TAL, which has offered Life Insurance and Income Protection since 1990, is one of the top insurance companies, Australia. TAL, which was known as TOWER Australia Limited, provides its services to over 2 million Australians. According to 2013 data, TAL paid over $1.72 million in premiums during that financial year.

TAL offers Life Insurance, TPD Insurance, Critical Illness Insurance, and Income Protection. So if you are looking for any of the mentioned insurance products, TAL could be the one for you.

TAL has won a range of industry awards such as Life Insurance Company of the Year, Life Company of the Year 2011, Life & TPD Insurance Product Award 2011, and Life Insurance Product of the Year 2011. TAL is also known for its social, corporate, and environmental responsibility.

ZURICH

Although Zurich Life Insurance has a Swiss name, the insurance company has been serving Australians since the 1920s and is one of Australia’s top life insurers. Today, Zurich operates in over 70 countries and is renowned for its fast and sensitive claims payments.

Zurich Life Insurance offers Ezicover Accidental Death Insurance, TPD Insurance, Trauma Cover, and Income Replacement. Zurich aims to be an ethical and responsible insurer and achieves this by implementing several strategies.

These strategies are responsibly investing, flood resilience, environmental protection, and corporate responsibility. Zurich has also won industry awards, such as the award for General Insurer of the Year by NIBA and recognition from Canstar Cannex and Money Magazine for the outstanding value they provide.

WHY YOU SHOULD USE AN INSURANCE BROKER

Purchasing insurance is not an easy task. Before purchasing a policy, you need to do your homework and get good advice to pay the lowest premiums while getting the most for your buck. Therefore, consulting the services of an insurance broker is a smart move.

Wealth Smart serves you, the client, and not the insurer. We function to manage all spheres of your program like from tender management, pricing risk management, claim management, personal care, and attention. At Wealth Smart, we focus on offering:

• Value for money
• The best cover at the best price every year
• Peace of mind
• Expert advice
• Qualified Insurance experts who partner with you every step of the way
• Service

LIFE INSURANCE FOR ALL

LIFE INSURANCE FOR 20- TO 30-YEAR-OLDS

If you fall part of this age bracket, life insurance has probably not been top of your plan. During this age, most people buy their first car, get car insurance, travel insurance, health insurance, and maybe even home insurance if they can afford it. If you are healthy and have no one dependent on you, getting life insurance may not seem as important as it would be when you’re older, but getting life insurance now may be the best choice you can make.

Life insurance premiums are calculated using your age, occupation, and gender. You can use our calculator to gain an estimated insight into how much your cover will cost. You can also run a personalised quote on life insurance policies if you are unsure what you can afford at this point.

The different forms of life insurance 20- to 30-year-olds can purchase are life cover, TPD insurance, trauma insurance, and income protection insurance. The main benefit of life insurance is that it lessens the financial burden of a funeral for your family and loved ones once you have passed.

But the benefit to you is that getting life insurance earlier means your premiums will be cheaper as you will likely be low risk. Purchasing life insurance after age 30 can be as high as 10% higher than when you’re under 30 and can become as much as 70% more after age 65. This will ensure that your premiums are cheaper throughout your life, and if you would like to increase the benefits at a later stage, you would be able to do so.

Getting life insurance at a young age will also assist in improving your credit rating so that you will have a better chance at taking out a loan if needed or if you need to secure a mortgage on your first home. However, it must be noted that most life insurance policies exclude self-inflicted injuries, pre-existing medical conditions, suicide, and injuries relating to war and high-risk sports or high-risk jobs. One of our financial advisors will advise you on all the exclusions made by life insurance policies.

LIFE INSURANCE FOR 30- TO 40-YEAR-OLDS

If you fall part of this age bracket, you’ve likely reached a point in your life where you are settling into your career and have begun reaching personal goals. You may also be starting to have children and buy a home. Whether you are single or not, whether you have children or a home, you will have more responsibilities than you had in your 20s. If you become ill, disabled, or die, more will be at risk.

Therefore, this age bracket would be the perfect time to purchase a life insurance policy if you have not already done so. Life insurance premiums are calculated using your age, occupation, and gender. You can use our calculator to gain an estimated insight into how much your cover will cost. You can also run a personalised life insurance quote if you are unsure what you can afford at this point.

Although many people choose a basic level of life insurance through their employer or super fund, this might not be the most brilliant move. When selecting a basic level of cover, it may not be enough to support your needs and family if you were to die. The different forms of life insurance 30- to 40-year-olds can purchase through Wealth Smart are life cover, TPD insurance, trauma insurance, and income protection insurance.

These different types of insurance will function to cover your home, your assets, yourself, and even your business if you own one. Of course, the main benefit of life insurance is that it lessens the financial burden of a funeral for your family and loved ones once you have passed. But the use to you is that getting life insurance earlier means your premiums will be cheaper as you will likely be low risk.

This will ensure that your premiums are cheaper throughout your life, and if you would like to increase the benefits at a later stage, you would be able to do so.

LIFE INSURANCE FOR 40- TO 50-YEAR-OLDS

If you fall part of this age bracket, you’ve likely reached a point in your life where you need to consider growing children, school fees, credit card debts, and mortgages. Therefore, your 40s are an important time to grow and develop a long-term financial plan while protecting yourself and your loved ones.

When you purchase life insurance, the younger you are, the lower your premiums will be. However, be aware that certain insurance products are not available for people in older age groups, so it would be wise to grab your opportunities while you are still eligible.

The different forms of life insurance 40- to 50-year-olds can purchase are life cover, TPD insurance, trauma insurance, and income protection insurance. Life insurance premiums are calculated using your age, occupation, and gender. You can use our calculator to gain an estimated insight into how much your cover will cost. You can also run a personalised life insurance quote to see what cover you can afford on your budget.

The main benefit of life insurance is that it lessens the financial burden of a funeral for your family and loved ones once you have passed.

LIFE INSURANCE FOR 50- TO 60-YEAR-OLDS

If you fall part of this age bracket, you’ve likely reached a point in your life where you have started to slow down. Your kids may be finishing school or even moving out, and your mortgage may almost be paid off. If you still do not have a life insurance policy, there is no better time to purchase one than right now.

Many may think that they have reached an age where it is too late to invest in term life insurance, but that is not true. For example, if you or your partner became injured, ill, or died with a life insurance policy, you would have to use your savings to settle bills or the funeral arrangements.

By purchasing a life insurance policy now, you can enter your retirement without financial worry. In addition, one of our financial advisors will advise you on all the exclusions made by life insurance policies.

The different forms of life insurance 50- to 60-year-olds can purchase are life cover, trauma insurance, travel insurance, funeral insurance/advanced payments, and income protection insurance. Life insurance premiums are calculated using your age, occupation, and gender. You can use our calculator to gain an estimated insight into how much your cover will cost.

You can also get your life insurance quote online to see what level of cover you would like. But, again, depending on your age and circumstance, some features may be available, and some may not.

One of our financial advisors will be able to advise you on what you qualify for and what you don’t when purchasing specific life insurance policies. It is also important to note that you have become a higher risk if you are in this age bracket. Due to this, insurance companies, Australia, will be able to refuse your application. If this were to happen, don’t become despondent. You can gain professional advice for buying life insurance from several insurance companies.

LIFE INSURANCE FOR OVER 60-YEAR-OLDS

If you fall part of this age bracket, you’ve likely reached a point in your life where you’re about to or have begun retirement. During these years where you’re meant to enjoy your hard work, free time, and family, you should not have to worry about your finances. If you do not have a life insurance policy, use Wealth Smart to get life insurance quotes for seniors.

By investing in a life insurance policy, you invest in yourself while providing peace of mind and financial support to your family and loved ones in the event of illness, injury, or untimely death. As you may know, investing in a life insurance policy is better to be done as young as possible, but it’s never too late.

If you are in this age bracket, you still meet the entry age to obtain term life insurance, but not all types of life insurance are available.

The different forms of life insurance over 60-year-olds can purchase are life cover, trauma insurance, and funeral insurance. By purchasing any of these insurance policies, you will be able to support your spouse and dependent children in the case of injury, illness, or death. You will also leave a legacy in the form of a lump sum payment.

This will cover funeral arrangements and may even provide financial support to your family and loved ones after your passing. Life insurance premiums are calculated using your age, occupation, health circumstances, and gender. You can use our calculator to gain an estimated insight into how much your cover will cost.

You can conveniently obtain a life insurance quote online to determine premium costs and cover. However, note that life insurance premiums for senior citizens in Australians are typically higher. Many of these insurance products also have a maximum entry age and may exclude you if your health and medical history are not as clear as they require. One of our financial advisors will be able to advise you on what you qualify for and what you don’t when purchasing specific life insurance policies.

If you are interested in purchasing a life insurance policy, one of Wealth Smart’s financial advisors can assist you. Our advisors, who are assured to be qualified and experienced, can recommend the best policy for you by considering taxation, premiums, family pay, and more. Get in touch with us to learn more. Call us at 1800 765 100.

HOW TO MAKE A CLAIM?

The circumstances leading to making a claim are sure to be stressful. This is why  Wealth Smart aims to make the claims process as easy and stress-free as possible. To make a claim, you should get into contact with a Wealth Smart advisor and follow these steps:

CONTACT WEALTH SMART OR YOUR INSURANCE PROVIDER

When making a claim is necessary, you should contact Wealth Smart of the insurance provider. We at Wealth Smart will assist you in completing the essential paperwork, gathering evidence, and additional information.

The primary beneficiary of the insurance policy does not need to make a claim, as the circumstances will likely make this impossible. In addition, the primary beneficiary does not have to be available for validation and to receive the claim. To get the claims process started, call us on 1800 765 100.

COLLECT NECESSARY DOCUMENTATION

Depending on the type of claim, you will need to provide certain documents. For example, if the claim is an Income Protection, TPD, or Trauma insurance claim, you need to consult a Wealth Smart advisor to determine which documents are necessary.

Examples of the necessary documents would be medical certificates and reports from your doctor, along with documentation from your employer. If the claim is for death cover, you need to provide the death certificate after collecting it from the coroner’s office or funeral director. You would need to make copies of the death certificate to submit while keeping the original in a safe space.

SUBMIT THE DOCUMENTATION AND DISCUSS THE SETTLEMENT WITH YOUR INSURANCE COMPANY

The Wealth Smart advisors will assist you in collecting and compiling the necessary documentation to submit the claim. Once the claim has been submitted, our advisors will liaise with your insurance provider through the claim assessment to achieve the best outcome for you and your loved ones.

The relevant payments will be made to the beneficiary/beneficiaries if the claim has been accepted. The payment time depends on the type of claim and the speed of the claim submission. But once all the conditions have been met, payment should reflect within a few days.

If you need assistance or want to follow up on a submission, you can contact your Wealth Smart insurance broker or your insurance provider to get a progress report on your claim.

FAQs

WHAT IS AN INSURANCE BROKER?

Specialist insurance brokers are professionals who act as middlemen between insurers and clients. They are responsible for understanding a client’s needs and risk profile, then sourcing insurance cover from suitable insurance companies.

They then explain the policy to the customer and answer any questions. Insurance brokers help customers make informed decisions about their insurance cover by explaining technical terms in layman’s terms.

Because insurance financial products are complex, you need specialist insurance brokers with detailed knowledge about each insurer’s underwriting criteria, policies, prices, and claims procedures. They also keep up to date with changes in legislation that can affect insurance premiums and benefits.

Specialist insurance brokers do not work for one insurance company but many different ones. They research the marketplace on behalf of their clients to secure the best prices and coverage available. They recommend a company that offers competitive premiums because they understand how the various insurance companies operate.

WHAT IS THE DIFFERENCE BETWEEN AN INSURANCE AGENT AND A BROKER?

A broker is a firm that brokers insurance. In other words, they match the buyer to the insurer. An independent broker can access many insurance companies, while a tied agent can only sell one company’s products.

Specialist insurance brokers and insurance agents are middlemen between you (the insurance buyer) and your insurers. Brokers work with multiple insurance companies to find you the best insurance rates. Agents work directly for one insurance company.

An insurance broker can provide you with more options than an agent, but you pay for this service. Similarly, an insurance broker may charge a fee or commission for their work in helping you find the most appropriate policy from various companies.

An insurance agent works for one company and only sells its products. They usually receive commissions from the company they represent, so it does not cost you anything initially to use an agent as these costs will be included in insurance premiums.

USE OF AN INSURANCE BROKER IN MELBOURNE?

Wealth Smart is a well-established Melbourne specialist insurance broker in Australia. We take the time to understand your business and personal needs to provide tailored insurance solutions.

We research our insurers to ensure you get the best possible cover at an affordable price. We do all the hard work for you to help you protect your interests.

Additionally, we have access to a wide range of insurance products and policies through our affiliated partners, enabling us to find solutions for every situation.

WHY USE AN INSURANCE BROKER?

Nearly one in three Australians use an insurance broker, but why use a broker when you can buy insurance directly from an insurer?

There are several reasons why people use brokers, including the following:

THEY SAVE TIME

Brokers can shop around and compare insurance products from a range of different insurers to find you the right cover at the best price. Most people don’t have the time to go directly to each insurance company themselves. Even if they did, it wouldn’t necessarily mean that they could get the best deal for their circumstances.

THEY HAVE INDUSTRY EXPERTISE.

Specialist insurance brokers are highly qualified professionals who have full-time access to all the relevant data, market intelligence, tools, and expertise needed to make sure you get the right cover at the best price.

An insurance broker knows your industry and understands what risks you face and the type of insurance required to protect against those risks. They can answer your questions about insurance and help guide you through buying insurance if you’re new to these products.

WHAT DOES AN INSURANCE BROKER DO?

Specialist insurance brokers are responsible for helping clients find the best policies to protect their assets and the people they love. Brokers provide a personalised service that includes assessing the needs of their clients, researching available options, and advising them on which plans will help them achieve their goals.

While some agents sell insurance products directly from a single company, brokers can shop around. They offer products from many insurers, enabling clients to find the best value for money.

CALL A WEALTH SMART INSURANCE BROKER TODAY

Connect with your friendly insurance boutique brokers. Our senior insurance specialist and our entire specialist insurance agency are eager to listen to your needs. Get your life insurance quote online or call us at 1800 765 100.