They keep more or less to themselves and enjoy a close circle of friends. Together they have a large inner-city apartment and a matching large mortgage. You might say they're more or less comfortable, but they realise they actually still need both incomes to enable them to meet the mortgage repayments and keep their hard-won lifestyle.
Getting diabetes under control
Leanne has type 2 diabetes and previously had some difficulty managing it until she began using an automated insulin pump to monitor her insulin levels. She's absolutely fine now and her condition is well under control.
Diabetes is a complex health condition so finding a life insurance expert that understood the diabetes was difficult. Initially, Jenni spent a lot on the different life insurance comparison websites but became concerned that speaking with a telemarketer about life insurance was like speaking with the receptionist rather than the Doctor.
Something didn’t feel right. She even visited the independent Australian consumer website for Choice Magazine and found that the comparisons websites were owned by life insurance companies too.
Telemarketers and life insurance
Leanne and Jenni have long believed you get what you pay for and they really couldn't see the young telemarketer on the end of the phone being around to help them should they need to make a claim in the future.
The reality of getting life insurance for a telemarketer
Then Leanne heard the shocking statistic that
Over 58% of tele-marketed life insurance policy claims are never actually paid. Compared with only 0.9% of professional grade life insurance policies managed by a professional financial adviser.
That was enough for her. Leanne started her search for a professional adviser and thankfully found unusualrisks.com.au
Always know what's in the fine print
After reading through the extensive list of FAQs on their website, she felt empowered to chat with one of their team and began to see the bigger picture. She learned that sometimes telemarketed life insurance policies are often assessed as a group so they can often cost more.
Make sure you and your family are actually covered upfront - not hopefully later!
She also learned the disturbing truth that the assessment as to whether you actually qualify for cover usually only happens at the time of a claim, and not when you actually take out the policy.
Some telemarketed life insurance products actually state in the fine print that you’re not automatically covered for the first five years until the assessment is completed! She wondered how people could live with this kind of uncertainty around the most important policy a family could have?
A better way to get your life insurance sorted
Jenni decided to work with unusualrisks.com.au and 'test the waters' to see if she'd qualify for cover. She had a detailed medical pre-assessment completed so she knew where she stood, and exactly what medical issues her adviser had to work with.
It might take a while because it's important
The process took a little time but that's because all the necessary assessments were completed before a policy would be put into place. That's confidence.
After her medical pre-assessment was completed, her advisor was able to successfully negotiate the terms of cover with the insurance underwriters. He even has a plan to work with Jane each year to reduce the premiums as her health improves. (And if needed, he also has a claims assistance service available too).
Don't forget a binding death nomination
Leanne and Jenni finally both got their own life insurance needs sorted. Their adviser even recommended they each put a binding death nomination in place (nominating each other as the policy beneficiary), just in case, rather than leave it open to a legal challenge to the will by adult children from a previous relationship.
Peace of mind at the end of the day
Leanne and Jenni now feel confident that if one of them were to pass away unexpectedly or become terminally ill, there’s sufficient life insurance in place to pay out all their debts (including the home loan) and leave an amount of money that can be invested to help replace any lost future income too.