Things You Should Know About High Risk Life Insurance

high risk life insurance

The concept of life insurance in Perth is not different from what you get in other parts of the world. You have a job or you run a thriving business. You also have a family and you want to ensure that you provide for your beneficiaries in case the unexpected happens. The smart move here is to take out a life insurance policy. 

Understanding High Risk Life Insurance

Insurance companies are not in business to lose money. Before any insurer will offer you a life insurance policy, you need to undergo a few tests. These tests will determine if you are a relatively healthy person. In addition, your profession and your personal habits matter. If you work in a dangerous industry, you might fall under the high risk life insurance category. The same thing applies if you smoke cigarettes or cigars. 

What Happens to High Risk Clients

In extreme cases, insurance companies might deny you life insurance if you fall under the extremely high risk category. However, in most cases, you will qualify for high risk life insurance if you meet certain conditions. Below are ways potentially high risk clients can get life insurance policies.

high risk insurance client

Change of Lifestyle

If you smoke two packs of cigarettes daily and you want to purchase a life insurance policy you are definitely a high risk client. Your insurer will insist on a test to ensure that there is no damage to your lungs or other vital organs. If your vital organs are still in good shape, you can get an insurance policy if you give up smoking or cut down on the number of cigarettes you smoke. 

Health Issues

Some medical conditions can be controlled or even reversed with the right diet and regular exercise. For instance, if you are denied life insurance because your cholesterol level is too high, you can do something about it. Just embrace the right diet and your cholesterol level will crash. Now, apply again for the same insurance policy and you will definitely get it. 

Risky Professions

If you are a pilot, a soldier or a commercial driver, you definitely fall under the high risk life insurance category. Now, you cannot give up your job in order to purchase life insurance. Your insurer will insist on a high premium because you are a high risk candidate.

high risk profession

Final Word

You can get a life insurance policy from reputable firms like Absolute Insurance. Just log on to https://absoluteinsurance.com.au/ for more information. You can also call us and we will be happy to serve you.

What Are The Benefits Of Having Business Expense Insurance?

Income Protection

There are lots of things to consider, when running a business, and although the rewards can justify the risks, you are never too far away from a new obstacle. Many entrepreneurs do not think about what would happen to their businesses if they became ill and were unable to work for several months. Business expense insurance, sometimes called business overhead insurance, will safeguard the company you have put your heart and soul into. 

While the precise cover provided differs depending on the insurer, business expense insurance usually offers the benefits below:

Partial Disablement

These benefits are paid if you can only do a small quantity of your usual work, due to a partial disability. The payments will start after a waiting period, and you will keep receiving them until you recover.

Complete Disablement 

You receive this benefit if you can not work at all, due to total or partial disability.

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Additional Benefits

Numerous business expenses insurance plans feature particular injury benefits, which guarantee specific benefit payments for a predetermined time period after you are injured in a certain way. Crisis benefits might be included too, which offer guaranteed payments if you are diagnosed with a range of severe medical problems.

Business expense insurance will pay benefits for as long as a year. This affords you the freedom and time to recuperate, and choose whether you wish to resume your venture or put your business on the market. Another key advantage of this type of insurance is that it can allow you to resume working every week, for a specified number of hours (normally ten) – without your benefits being affected.

The majority of business expense plans are provided with reimbursement clauses, which ensure that you will get money each month to cover your business overheads, as you incur them. Other plans only cover a company’s fixed costs, which include loan repayments and ongoing office expenses.

Of course, you could manage without business expense insurance if you have the capital to keep your company running, while you recover from an injury. Nonetheless, there are many small business owners, sole traders, partnerships with five or fewer members, and consultants who depend on services delivered to generate income, who do not have this luxury. 

Better still, while receiving your monthly payments, you will not be charged for your business expense cover. This way, rather than fretting over your company’s financial health, you can concentrate on improving your own health at your own pace. Contact Absolute Insurance today for more information and professional assistance.

How To Find The Right Broker For You?

Tips on How to Find an Insurance Broker

Life is full of uncertainties and death is the only guarantee you get after you are born. Can you imagine the financial situation of your family members if you are the sole breadwinner and die suddenly? You can prevent them from facing a financial crunch by purchasing a suitable life insurance plan.

What is life insurance?

Life insurance provides a cover for your life. If you suffer from a serious accident and become disabled or if you die prematurely, then you can depend on a life insurance policy to help you out. The insured amount along with applicable bonuses can help to pay your medical expenses or compensate your lost income in case you are no longer able to work. In case of your death, the money is provided to your nominee or your dependant.

Different types of life insurances

There are several types of insurances including:

• Standard (also referred to as “term life insurance”)

• Total & permanent disablement

• Income protection insurance

• Trauma insurance

Which one should I opt for?

The common person might face problems determining the type of insurance suitable for them. A slight mistake in selecting insurance can result in disaster. In such a scenario, your best option is to find an insurance broker of repute.

Income Protection

Advantages of discussing with an Insurance Broker

Such professionals have access to competitive policies from a diverse range of insurance companies and can often get hold of policies, which are unavailable to the general public. These professionals act as your personal advisor on insurance related matters. Instead of working for the insurance company, they work for you to ensure that your business, your possessions, and your family are protected properly. In case of your untimely demise, the broker will help your family members by guiding them through the claim process, ensuring that that they receive a fair and swift settlement by your insurance company.

Your friend in need

Brokers provide expert advice on your individual insurance needs. For them, your interest comes first, unlike other providers who just want to sell you a policy. It is this emphasis on the needs of their customer rather than their own, which sets brokers apart from other insurance options.

Knowledge

These professionals have a wealth of knowledge on all aspects related to insurance. They will try to get you all the discounts available on the insurance you purchase. Reputable insurance brokers such as Absolute Insurance know everything about risk assessment as well as how to safeguard the interest of your family with respect to business, home, personal, and auto coverage. Contact Absolute Insurance today for all your life insurance requirements.

Can you Buy Life Insurance for a Family Member?

Family Life Insurance

Family Life Insurance

Everyone should have life insurance. If you pass away, and you don’t have a life insurance policy, your family members will be responsible for the cost of your funeral. It will also give them the extra money that they need to pay off your debts. If your loved one doesn’t have an insurance policy because they cannot afford it or they aren’t old enough to have their own policy, you can take one out for them. If this is something that you are considering, there are a few things that you should understand.

Do I Need To Tell My Loved One That I’m Taking Out a Policy?

If you are taking out a life insurance policy on a loved one, they need to know. First, the individual is going to need to give the insurer a detailed list of their risk-factors such as their health, family medical history, their age, and occupation. Your loved one might also need a medical examination and a blood test before the policy is finalised.

Who Can I Purchase a Life Insurance Policy For?

You can buy an insurance policy for your spouse or your children; however, there are other people outside of your immediate family who insurers will allow you to buy a policy for.

• Your Parents: If your parents don’t have life insurance, you could end up paying for their funeral when they pass away. Taking out a policy will save you money in the long run. If you are thinking about buying a policy for your parents, you should do it soon. The older they are, the more expensive your premiums will be.

• Your Partner: You don’t have to be married to someone to buy an insurance policy for them. If you are with someone but not married, you can still buy a policy for them. In cases like this, you would need to choose between an individual policy and a joint policy. Joint policies are cheaper; however, they pay out just once. These policies are only available to couples with similar risk profiles. An individual policy would pay out for both people, and they can be purchased regardless of your risk profiles.

• Business Partners: Taking out a life insurance policy on your business partner will protect your business if they should die.

• Key Employees: Taking out an insurance policy on a key employee whose knowledge or contributions to the company are uniquely valuable to the company can protect the business.

• Additional People: If you can prove that the death of another person will cause you to suffer on a personal or financial level, some insurers will allow you to buy these policies on a case by case basis.

If you are living in Australia and you are worried about the financial ramifications when someone dies, you should consider buying them a life insurance policy. Absolute Insurance understands the importance of family. Contact them today to get the policy for your loved one.

Buying life insurance for a family member or someone else is the responsible thing to do. If the worst happens, you will be happy that you did.

What is Key Person Insurance

Income Protection

What is Key Person Insurance

One of the most important types of business insurance is known as key person insurance. Although not talked about that much, losing a person who does a lot for a small business suddenly can cause a lot of issues. This is when this type of insurance can kick in and protect a business.

Why Have Key Person Insurance?

When a business only has a smaller amount of employees, chances are the business owner, and a least a couple of the employees, are extremely important. They are relied on so much that if something were to happen to one of them, it could cause the business to fail. Key person insurance is designed to protect those businesses if something bad happens to one of those key individuals.

Most policies are going to allow up to three people to be protected. A business owner is almost always going to include themselves unless they are extremely passive when it comes to the success of the company. After that, employees who are either at the executive level or those who have a specific skill set that is nearly impossible to replace, are usually listed on the policy.

Like a lot of insurance policies, one of the major benefits of this coverage is to have peace of mind as a small business owner. Even successful businesses that have a small number of employees are just one disaster away from potentially failing. This is an important policy to have to protect against that. These insurance policies can be tailored quite a bit to fit specific needs for business owners as well.

What Does Key Person Insurance Cover?

Benefits for key person insurance include total disability, elective surgery, death and more. Basically, anything that could keep a key person out for at least 30 days (with some policies, 90 days) will be covered with this type of insurance.

Once the insurance kicks in, KPI can provide a lot of benefits for the business itself. It does a good job of keeping things going to business as usual, as much as possible. Also, the insurance policy can be combined many times with other insurance policies to reduce costs associated with it. Upgrades are given after a set amount of time too, which is perfect for a policy like this that is really designed to cover for a specific type of disaster.

Key Person Insurance in Perth

Most businesses hopefully never have to use this policy. If something bad happens though, this could be one of the most important types of insurance to have. It protects the most important people of the business, keeping small businesses from turning south in a hurry. Consult Absolute Insurance today. They provide a client-focused solution to a range of insurance services for businesses in Perth.

Reasons For Personal Training Insurance

personal training insurance

Personal Training Insurance

Personal trainers are individuals certified to guide people in their physical fitness endeavours. Personal trainers understand as much about the body as they do about exercise. They know what type of exercises produce certain results, and they know how to exercise safely to avoid injuries. Regardless of the type of guidance provided by personal trainers, injuries still do happen, but when a client is on their personal trainer’s clock, the trainer is responsible, and that is where personal training insurance comes in.

Why do Personal Trainers Need Insurance?

There are two main circumstances when it becomes clear that a personal trainer needs insurance. The first one involves having an accident during a session that causes your client an injury. Another common scenario is when a client is unhappy with the results of their training and accuses you of negligence. If either of these scenarios arises and you are found to be negligent, you could be liable for any personal injury claim filed against you. Without insurance, you would be paying any damages out of your own pocket.

Insurance Types

There are a few different types of insurance that are ideal for personal trainers. The first is professional indemnity insurance. If one of your clients sustain an injury due to the result of your training or advice, professional indemnity insurance will protect you in the event that a personal injury claim or a lawsuit is filed against you.

Public liability insurance is ideal for personal trainers who own a gym or conduct sessions at client’s homes. If a client injures themselves during one of your sessions or on your premises, public liability insurance protects you.

Personal Accident Insurance protects trainers who are injured and cannot continue their work. This type of insurance can provide you with supplemental income while you are unable to work.

Anyone whose job involves caring for another person is potentially liable for damages if the person is injured while in their care or responsibility. Personal trainers’ responsibilities include imparting accurate knowledge regarding physical care and exercise, exercise equipment, and injury prevention.

Having personal training insurance can help provide trainers with the peace of mind of knowing that they are protected against the injuries of others and themselves. Investing in an appropriate insurance plan delivered by a reliable insurance company like Absolute insurance can allow you to focus on the best part of the job: your clients and their goals.

Understanding Income Protection Insurance

Income Protection

Australians are often confused about life insurance policies. People typically find it hard to see the wood for the trees. Consequently, lots of us do not fully understand the advantages offered by these policies.

Income Protection Cover in Focus

Income protection cover will pay you as much as seventy-five percent of your income each month (before tax) if you are not able to work because of sickness or injury. Claimants will have to undergo a benefit period and a waiting period. Furthermore, you are allowed to add benefits for rehabilitation, which are intended to get you back into work quickly.

Based on your insurance company and policy, you can have full control over choosing your income protection insurance. You can decide how much of your salary you will receive, up to a specified limit. Also, you can choose the period of waiting prior to receiving your money, and the time period over which you will be paid — all based on your chosen policy.

Calculating your core financial obligations will allow you to determine how much of your salary you need to become financially independent. Income protection cover will allow you to maintain your income at this basic level. As a result, your monthly expenses can be paid as usual, while you concentrate on recovering so you can get back to work.

Income Protection
Sustain your existing lifestyle. Income protection cover is ideal for people who worry that they will need to dramatically alter their lifestyle and daily routine if they get injured or sick.

The Advantages of Income Protection

Carry on repaying your mortgage. Here are the ‘motivators’ that caused Australians to purchase income protection cover:

Mortgaging their house (forty-six percent of those surveyed)
Having children (thirty-five percent of those surveyed)
Ageing (twenty-nine percent of those surveyed)

Once they sign their home loan contract, new homeowners are taking on a large debt. Lots of these loans take years, or decades, to repay. If you fell ill and couldn’t work any longer, could you still make these repayments?

Don’t drown in debt, even if you lose your regular income. If you fall ill, you’re other debts and expenses don’t go away. Actually, you may go further into debt, because of cost recovery.

You can manage these expenses easier with income protection. Absolute Insurance is here to help you protect and make the most of your wealth and health.

Concentrate on recovering. Financial worries are not nice when you are recuperating from injury or sickness. Actually, any stress could hinder your recovery. Surely, things would be easier if you could focus solely on regaining your health?

Sustain your existing lifestyle. Income protection cover is ideal for people who worry that they will need to dramatically alter their lifestyle and daily routine if they get injured or sick. Based on your medical condition, this could be unavoidable. Nonetheless, your circumstances will seem less problematic if you can minimise any financial disruption.

If you haven’t taken out workers’ compensation, your illness or injury might qualify you for this. That is fine; however, the money you receive from income protection will be reduced, to take into account your workers’ compensation payout. Notwithstanding, income protection is a useful backup plan, if you cannot claim workers compensation.

An Insight Into Personal Insurance

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What is Personal Insurance?

Personal insurance is a special kind of cover that is tailor-made to offer security to an individual and their family when risks arise. Such risks include illnesses, disability, and even death. With an insurance cover, one can absorb the financial strain caused by the risks and sort out their daily expenses.

Different kinds of insurance covers are available to clients today. Insurance covers are particular when it comes to the risks they cover and the enforcement policy. Understanding how the various policies works are, therefore, essential before taking up any insurance cover.

Life Insurance

This is one of the oldest types of insurance covers. The primary goal of the policy is to cover life. Once an individual takes up the cover, beneficiaries receive a lump sum amount upon the death of the policyholder.

The policy offers a guarantee of financial security to beneficiaries in the event of death. The policy also incorporates a savings clause. The savings element is very beneficial to the policyholder. It enables them to purchase and negotiates better terms of their pension arrangement to enjoy more financial benefits in the future.

Total and permanent disability (TPD) insurance

This is a policy that is disability oriented in the sense that, the policyholder receives a lump sum amount as compensation if they become permanently disabled. The policy offers protection from injuries that are as a result of accidents or even illnesses that hinder a person’s full working capacity. For the policyholder and beneficiaries, it offers financial relief for the family when misfortunes arise and the policyholder is rendered disabled.

tpd insurance claims
Protect your income so you and your loved ones can enjoy financial security. Get in touch with Absolute Insurance today to know more about Personal Insurance.

Critical illness or trauma

Medical illnesses can be devastating both psychologically and financially. The critical illness insurance policy pays a policyholder a lump sum amount of money if they are diagnosed with a traumatic medical condition. Such conditions include cancer diagnosis, heart disease or even stroke.

Compensation from the policy offers a vital source of funding that helps the policyholder foot their medical and other financial bills as they seek treatment for their ailments. The good thing with taking up the cover is that you enjoy the benefits while you are still alive.

Income protection insurance

This is a very strategic cover which most people tend to overlook. The cover offers financial security to the policyholder in the event of temporary unemployment. Temporary unemployment may arise due to misfortunes such as injury or even illness that can leave one unable to work temporarily.

During periods of unemployment, financial obligations can quickly end up overwhelming an individual. One may be forced to even result in using their savings to cover for their day to day expenses. Such spending may leave one broke and with no form of financial security.

An income protection policy offers an individual the much needed financial backup during such trivial times. Emotional and financial stress is relieved, and one can weather the storm before getting back to the employment bandwagon. You never know when unemployment will strike. Taking up such a cover is, therefore a decision which any employed person should take seriously.

In the event that you need to find out more about Personal Insurance, get in touch with us today. We are happy to meet you anywhere in Perth and talk about how our insurance solutions can help you.

Superannuation Advice For All Ages

superannuation advice

Superannuation Advice

Your super is probably one of the most valuable things that you will ever own, but most Australians don’t pay that much attention to it until it is too late. A survey recently revealed that a whopping 50 per cent of Australians have never consulted a financial planner or taken any other step towards securing their financial future. That’s too high!

Thankfully, there are practical steps you can take to secure your super throughout your working life and beyond. Consider the following superannuation advice:

1. Consolidate Your Super

Many 20 and 30-somethings bounce around from job to job until they discover where their true passions lie. Each job involves its own super account, meaning that you could have multiple accounts charging you multiple fees without any real benefit to you. If you merge all of these accounts into one, you can save on fees while pursuing a more streamlined investment strategy.

That said, there are certain scenarios where consolidation does not make sense. If you would be assessed a substantial exit charge, you may be better off leaving your money where it is. Likewise, some super accounts provide affordable insurance that it would be a shame to just give up.

2. Choose Your Investment Strategy

Many Australians never specify how they want their super money invested, a course of action that usually results in a balanced strategy no matter what your financial needs may be. When you’re young, it can be beneficial to choose an aggressive option that takes on greater risk for the possibility of higher returns. If the investment goes south, you still have time to recover.

You should also change your super strategy as your needs change. For example, older individuals may want a more conservative approach to avoid the total loss of their nest egg.

superannuation advice
Take the steps today to build your superannuation so you have more freedom tomorrow.

3. Look Into Government Support

Australia’s tax code allows for some creative bookkeeping when you contribute to your super that may help you save money on your tax bill. There are income requirements, partial payouts, and other restrictions, so it’s probably a good idea to consult with a professional to see if you can get some bonus money in your account.

4. Increase Your Contributions

If possible, you may wish to voluntarily donate to your super above the 9.5 percent of your income automatically contributed by your employer. This is best done in your 40s and 50s when the kids are heading off on their own and your earning potential is still high.

If you left the workforce to raise a family, spousal contributions allow your spouse to contribute to your super to make sure that you have enough money for your golden years. There may be some tax benefits in it for you as well.

Conclusion

If you’re looking for more specific advice, Absolute Insurance is a Perth owned family business who specialise in offering a range of insurance services from Perth to Mandurah. Contact them today for more information!

TPD Insurance Claims

tpd insurance claims

TPD Insurance Claims

Frequently Asked Questions

Typically, TPD coverage offers financial advantages to people who cannot work in their normal occupation any more, or any other job role that they are qualified for because of poor health, or physical or mental disability.

People who are injured severely, or who did not have a job when they became disabled, might be subject to different rules. In these situations, people are normally defined as being unable to care for themselves, or unable to perform basic living tasks like walking, cooking, bathing or dressing.

Am I Eligible for TPD (Total and Permanent Disability)?

To receive TPD payments, you will have to demonstrate that your illness or injury prevents you from holding down a job, and that you cannot carry on doing your regular job or any other role that matches your education, expertise or training.

In contrast to other injury claims, if you claim for TPD it is not necessary to show that the illness or injury was someone else’s fault, or that you became disabled at work.

For instance, if you are a cancer sufferer, or have a mental health problem like schizophrenia and cannot work, you can still get benefits. You simply have to prove that the illness or injury is notable and has prevented you from earning a salary, or has significantly affected your ability to perform day to day activities.

How Much Money Will I Receive?

As long as you satisfy the appropriate criteria, you can get your insurance benefits and gain early Superannuation access. Such payments might come in one go, or in frequent installments.

As far as the amount of money that might be paid, this is based on the kind of insurance policy you have, and the amount you are covered for. Normally, these details are mentioned in the small print of your statements or policy.

Most of the time, these payments are offered alongside Centrelink payments and other compensation you might receive for the illness or injury.

tpd insurance claims

What Proof do I Require for TPD Insurance Claims?

All claims need supporting medical documents, demonstrating that you satisfy the conditions for TPD. Physicians will have to be comprehensively briefed about the associated definitions and how they should be interpreted. Nonetheless, medical issues are only one aspect of qualifying for TPD.

Every aspect of your training, education and job history needs to be examined and proof shown as to why it is not possible for you to do job that may be classed as suitable.

Although you might be medically cleared to work in an office job, you might lack the expertise, aptitude and knowledge required to land a role that suits you. Are jobs being advertised near to your home address? What additional obstacles stand in your way of becoming employed?

Getting hired is great, however keeping that job over the long term might be more difficult, due to the illness or injury. If you can get a job but not sustain it, you might still qualify for TPD benefits.

Absolute Insurance can help you

Absolute Insurance is a Perth owned family business who specialise in offering a range of insurance services from Perth to Mandurah. As an insurance broker, we make sure you are getting quality insurance that suits your needs and situation.