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Health and pre-existing conditions Whether or not you smoke - If you are a smoker, or if you have smoked within the last 12 months you will pay more in premiums compared to a non-smoker. However should you already have a policy and premium based on smokers’ rates and you have not smoked in the last 12 months you may be able to have your premiums reduced back to non-smokers rates. Occupation - If you are involved in a hazardous occupation or where there are more risks involved, you will pay a higher premium compared to a professional office worker. Waiting period - i.e. how long can you be off work before you require the income to commence. Generally the waiting periods range from 2 weeks to 2 years. Benefit Period - This is the maximum length of time following the waiting period that the policy will pay the benefit for. These can either be for a set period (2 year, 5 year) or until a certain age (to age 65). If you are able to return to work because you have recovered from your sickness or injury then the monthly benefit will cease at that time. Additional policy features - Whether you would like a ‘comprehensive’ or ‘basic’ policy or any additional features will also affect the cost of cover.
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author: insurance right 4 you www.lifeinsurancensw.com.au www.lifeinsurancevic.com.au
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