exclusions
When you take out your cover, you can choose a premium pattern that suits your needs. Most insurers offer level premiums, compulsory premiums, and age-rated premiums, all of which serve a different purpose depending on your specific needs.
Understanding exactly how your benefit is structured is important as it generally impacts on your other long-term insurance benefits. At the outset, it is essential to know whether your benefit is a standalone or supplementary benefit, or whether it is
From a tax perspective, while the contributions paid towards your income protection policy are no longer a tax-deductible expense, the income paid from your policy should you qualify for a claim are free from tax.
If you applied and were granted life cover as a smoker and have subsequently quit smoking for a period of 12 months or more, it is definitely worthwhile approaching your insurer to have your premiums reviewed.
Now is a good time to check the beneficiary nomination on your policy as this can affect how, when and to whom the claim is paid out. If you have nominated your estate as the beneficiary on your policy, the
