Getting the run around when you ask ‘How Much’ is really annoying! I get that. And while there’s no easy answer when it comes to insurance cover – what I can tell you is that the cost of the cover is up to you.
It’s true that you get what you pay for – but there’s no reason you can’t set yourself a budget for insurance – and then work out which insurance is essential, and what you can do without – so that we can fit the cover into your budget.
We’ll never try to make insurance cost more than what you’re comfortable paying – because chances are, you won’t keep paying it. So the trick is, to work out what’s really important to you – and then make the right cover fit into your budget.
It might mean that you don’t get everything that you’d like to have as far insurance options go – but talking to us about what each type of insurance covers you for, and how it works at claim time, means you can make an informed decision about what’s right for you.
Secondly – and this is the reason we can’t give you an answer immediately – the cost of your insurance depends on a whole lot of factors. Life and Trauma insurance is simple – it’s really just your age, smoking status, and whether you’re male or female. Sometimes your policy might be loaded due to your health or BMI – and very occasionally your occupation and pastimes come into play, but they need to carry a pretty high risk before they affect your premiums. When it comes to Income Protection and Total and Permanent Disability cover, the ball game changes. All of the above matter PLUS what you do has a big effect on cost. And it’s not just your job title. I need to know what your average day looks like. How much manual work is involved, how much supervising, do you do anything dangerous, what qualifications do you have, how much do you earn, and how long have you been doing it. Just for a start.
So next time you ask – how much does it cost – believe me – I’d love to tell you straight up – it would make my job much easier! But there’s a few things I need to know first. Always remember though – the ball’s in your court. If you’ve got a budget you need to stick to – we’ll make it work. That’s our job.
The guide below will give you a rough estimate of life insurance only, held outside of super (the rates for cover inside super are generally reduced).
$1,000,000 Life insurance for a non-smoking male could cost:
age 34 – $46 per month
age 40 – $55 per month
age 48 – $88 per month
age 52 – $185 per month
$1,000,000 Life insurance for a non-smoking female could cost:
age 34 – $37 per month
age 40 – $45 per month
age 48 – $84 per month
age 52 – $133 per month