Tips to Review Instant Life Insurance Cover from Australian Insurers

How do I receive an instant life insurance quote?

If you know the type and amount of life insurance you're after you can avoid working with an insurance adviser by getting cover directly from the insurer. Direct life insurance allows you to purchase cover completely online or over the phone without having to go through a lengthy underwriting process. After contacting the insurer, you will be provided with a quote and can apply immediately with the help of the insurer's staff and cover will commence as soon as you're accepted.

Receive Instant Life Insurance Quotes

Rates last updated June 26th, 2017
Product details Maximum cover Maximum Entry Age Cooling-off
Life Insurance
Life Insurance
Choice of cover options and flexible premiums to suit budget. No lock-in contracts and fast application. $1,500,000 65 30 Get quoteMore info
Real Family Life Insurance
Real Family Life Insurance
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ . $1,000,000 64 30 Get quoteMore info
TAL Lifetime Protection Life Insurance
TAL Lifetime Protection Life Insurance
Get up to 1.5 million in life insurance cover and choose from a range of additional options. $1,500,000 74 30 Get quoteMore info
Term Life Insurance
Term Life Insurance
A simple life insurance product that can offer up to $1,500,000 in a lump sum payment on death or diagnosis of terminal illness. $1,500,000 69 30 Get quoteMore info
Ozicare Life Cover
Ozicare Life Cover
Get up to $1 million in life insurance with Ozicare Life Cover. $1,000,000 63 30 Get quoteMore info
NobleOak Term Life Insurance
NobleOak Term Life Insurance
Receive the first month free for Life Insurance or two months free with combined cover. Offer ends 30 June 2017 $15,000,000 69 30 Get quoteMore info
Woolworths Life Insurance
Woolworths Life Insurance
Receive a discount of 10% on life insurance as a Woolworths Rewards Member. T's and C's apply. $1,500,000 65 30 Get quoteMore info

What types of details are required to receive instant life cover?

When speaking with the direct insurers staff or filling out the application form online, you'll be asked a series of questions that will allow the insurer to determine if you're eligible for cover. Typical details required by a direct insurer include:

  • Your occupation
  • Type of insurance you require
  • Amount of cover you require
  • If you have any significant pre-existing health conditions
Insurers can use a “retrospective underwriting approach” whereby the insurer will assess the claimant’s adherence to the policy eligibility requirements after a claim has been made.

Am I still able to take out instant life insurance online if I have health problems?

Direct life insurance was very black and white in the past around who was accepted for cover. If you didn't tick all of the boxes you could be immediately refused cover. Direct insurers have realised in recent years that this not a very realistic approach in assessing clients in that it shut the door to people that were actually of decent health or where the nature of their occupation did not actually present any real substandard risk. For example, if in the past the applicant stated they were a miner, their application may have been rejected. Most direct insurers will now find out more details around their actual role to see if it really contains much risk i.e. a miner whose position is generally confined to the office. Similarly, most direct insurers will now ask the applicant to complete some medical tests during the application process if there are some pre-existing conditions present.

What will happen if the insurer decides the applicant presents significant risk?

If the applicant does present some risk either through their occupation or pre-existing conditions, the insurer will generally take one of or a combination of the following steps:

  1. Refuse the cover. Reject the application and recommend alternatives.
  2. Refer the cover. Contact the applicant to find out more about their situation and how it may change into the future.
  3. Apply a loading. The insurer may decide to apply a premium loading to the cover to account for the additional risk carried by the insurer.
  4. Exclude certain conditions. Exclude certain medical conditions or injury that occurs at work. The insurer may also apply an accident-only clause for a defined period.

How does an insurer assess applications and provide cover so quickly?

Direct insurers have sped up the underwriting process by introducing new automated software to assess applications electronically with specified underwriting rules. This technology allows the person to find out immediately if their application has been accepted or if the insurer will require additional information to be sent to the insurer for assessment.

Steps to getting cover in an instant online

  1. Review the options available to you and consult with a financial planner if required
  2. Once you've decided on a policy, submit your details either online or over the phone
  3. Get your quote
  4. Review your quote
  5. Go through the application process
  6. Cover starts once the process is complete

Receive instant quotes from direct life insurers

Maurice Thach

An insurance savvy publisher for who loves finding an answer to the question "Am I covered for ________?"

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