FAQ

Have questions? We’ve got answers.

As a licensed Life Insurance broker we have the ability to source a range of products from the market. At Concept Benefit Planning, we regularly compare the life insurance products available in the market and are able to find you the most affordable policy which best suits your needs.

In determining the most affordable insurance policy for you, we take into consideration your complete health and lifestyle profile in order to find you the best value. We consider not just premium rates, but also the financial strength/integrity of the life insurance companies quoted, the availability of the products, and the insurers claims handling ability.

We are not owned or operated by any life insurance company, and have no reason to push one life insurance quote over another.

We pride ourselves on our service. Our company is a family owned business made of real people. We've been in business since 1979 and have served thousands of customers just like you. Take a look at what our customers have to say on our testimonials page.

No, it will not cost you anything to apply for a term life insurance policy with Concept Benefit Planning. The life insurance company pays for all of the underwriting expenses. You are under no obligation. Your only commitment is your time to complete application forms & to complete medical requirements if required, and of course the premium!

Life Insurance pays a lump sum benefit on death or terminal illness. Life cover can be used to eliminate debt and help fund your family’s ongoing living expenses. Life Insurance is suitable for families with dependents and anyone with debt who doesn’t want their family to be burdened.

Financial planning can help you achieve your financial goals, but it is equally important to protect the wealth you are creating.

A balanced wealth creation plan should always include provision for any setbacks that might occur. That's why life insurance should be considered in the first stage of any investment strategy.

Life insurance is one of the best ways of protecting what's most important to you. When planning for your financial future and that of your loved ones, insurance is a simple and cost effective way of protecting your family from the financial impact of losing the most important asset they have – you, and your ability to earn an income.

Most families have coverage on both husband and wife. There are many financial pressures on a family after the loss of either parent. Beyond the obvious final expenses, the financial strain on a family after the loss of a spouse can be significant, even if the deceased spouse wasn't working.

Often the surviving spouse will take time off work, or change jobs in order to spend more time with the children. Coverage for children is also available to cover final expenses and/or to guarantee insurability for the child's future.

Many experts, as a "rule of thumb", recommend buying a term life insurance benefit equal to 10 times your annual salary. As part of our service, we can provide a much more accurate and personalized needs analysis for you.

It's great that you've started to protect your family's lifestyle. However, you may find your superannuation cover is not sufficient to cover your circumstances. When considering the level of life insurance cover that's right for you, it's important to think about how much you would need to cover your mortgage, credit card and other loans as well as your day-to-day living expenses, children's education, lost income and other expenses.

Total & Permanent Disability cover pays a lump sum if you suffer a permanent disability (according to policy definitions) that prevents you from working. Payments are generally not made until the disability has been evident for a period of six months, and until the insurer deems that you are unlikely to work again. This type of cover is suitable for anyone who is currently working.

Your loved ones depend on you - but how would they cope financially if you became totally and permanently disabled?

Could they afford the financial burden of caring for you if you were permanently incapacitated?

Total & Permanent Disability Insurance provides the peace of mind of knowing that the ones who depend on you would not be burdened with the cost of maintaining living standards and keeping up loan repayments.

A lump sum payment could help replace your income, cover your medical and rehabilitation costs, and generally keep you and your family running during a difficult time.

The amount of your TPD cover depends on your individual circumstances. In deciding how much cover you need, you should consider the costs of your living expenses, the medical costs associated with being totally and permanently disabled, and the cost of clearing any debts such as your home mortgage.

Trauma cover pays a lump sum upon the diagnosis of a specified injury or illness. Cover is specific to a range of injuries and ailments such as heart attack, stroke, cancer and coronary artery disease (according to policy definitions). This cover is suitable for most people including families with dependents, and people who don't earn an income eg. non-working spouse.

The amount of your Trauma cover depends on your individual circumstances. In deciding how much cover you need, you should consider the costs of your living expenses, and medical and rehabilitation costs associated with a serious illness. You may also want extra funds for a holiday that could help you recuperate.

Income Protection replaces up to 75% of your average annual income as a monthly payment if you are unable to work due to illness or injury. You can nominate when payments commence and the period the benefit will be paid for. Premiums are fully tax deductible. This is suitable for most people including families with dependents, working singles, and self employed.

Income protection insurance enables you to meet your financial commitments by providing you with regular payments should you be unable to work due to sickness or injury.

Statistically, more than half of serious accidents happen away from work where workers compensation does not apply. In addition WorkCover does not cover non-work related illnesses; and 57% of income protection claims are for illness.

That will depend on the waiting period that you have selected and the type of benefits you have in your income protection policy.

Ideally, with income protection insurance, your waiting period should coincide with the period of any sick leave entitlements. The longer the waiting period, the less you will pay for your policy.

Generally, the greater your chances of suffering an illness or being injured as a result of the duties you perform in your occupation, the more you will pay for your income protection policy.

For example, plumbers carry out duties that expose them to greater risk of having an illness or injury than, say office workers, who are less likely to be exposed to risks that might prevent them from working due to sickness or injury.

Business Expenses provides cover for the fixed operating expenses of a business if you are unable to work due to illness or injury. This cover is ideal for the self-employed, for partnerships and for small business owners.

Protecting your business is also vitally important when planning your life insurance needs.

If you had to take time off work due to illness or injury or if you became severely disabled, a Business Expenses policy provides a monthly payment to cover allowable business expenses up to your insured monthly benefit, so your business can continue to operate.

Personal insurance is a great investment. You take all the financial problems that death or disablement would cause and pass them over to the insurance company for just ‘cents on the dollar’. The premium will depend on how much cover you choose, what benefits you require, and a range of factors such as age, gender, smoking status, health and occupation.

Yes, all Insurance products provide cover 24 hours a day, 7 days a week, wherever you are in the world.

Generally, we assist you with the application process. This involves a series of health, lifestyle & occupational questions. Then, the completed forms are reviewed and signed by you, and sent to the insurer for assessment.

Your coverage does not begin until your policy is approved and your first premium has been paid. Most insurance companies provide some temporary conditional coverage during the application process (assuming certain conditions are met). This temporary coverage is limited in time and amount. The availability, amount and conditions are described in the product disclosure statement and vary from company to company.

Important! If you are replacing existing coverage, you should never cancel your existing coverage until your new policy has been approved, and your first premium has been paid.

You may need to have medical tests before taking out a policy, but this will depend on how much and which cover you choose, and a range of factors such as age and health.

At this time, the life insurance company will begin to evaluate your case. This evaluation is called "underwriting." A life insurance underwriter initially reviews the answers to the questions on your applications, along with the results of any medicals or blood tests.

The insurance underwriting process generally takes 1-2 weeks depending on the amount of information the company must gather in order to make their decision.

Once all required information has been received, the life insurance company will make their decision regarding whether, and at what rate, you qualify for an insurance policy.

Insurance rates for smokers are higher than for non-smokers. In order to qualify for non-smoker rates, life insurance companies require that you be smoke-free for at least 12 months.

Most insurance carriers offer several fractional premium modes, including monthly, quarterly or half yearly. The charges for each fractional mode vary by insurance company. Premiums can be paid annually or half yearly by cheque, money order, credit card, or direct debit, or monthly via credit card or direct debit from your bank account.

Yes. If at any time during the application process you change your mind for any reason whatsoever, you will receive a full refund, no questions asked. This guarantee also continues during the insurers cooling off period.

Yes, you can increase or decrease your cover if your circumstances change. However, you may need to provide further information. Remember it's always a good idea to regularly review your insurance. Many Insurers allow you to increase your cover to allow for major events such as marriage, having children, buying a home or becoming a carer for the first time, without the hassle of providing further medical evidence.

Many people in this category simply assume that an affordable term life insurance policy is not available to them. Perhaps you've applied somewhere else and been declined, or were offered a term life insurance policy with an extremely high extra premium. Perhaps you’ve been told that it will be too ‘difficult’ to obtain a term life insurance policy for you.

If your health is poor, or if you have been charged extra premiums, or even declined for insurance, we may be able to help.

We'll research the market to obtain the most affordable insurance rate. We can't promise to find term life insurance cover for you. However, we do have the experience to know the companies that specialise in cover for certain health impairments. We know which companies are most likely to provide you with the most affordable term life insurance rate. We will negotiate with the underwriters on your behalf. Remember, we represent you, not the insurance company.

The relevant law provides that if a policy is less than 3 years old, the insurer is not required to prove that the non-disclosure or misrepresentation was intentional. Once the policy is greater than 3 years old, the insurer must prove that any non-disclosure or misrepresentation was fraudulent, in order to deny a claim or void a policy. Please consider this in making your decision and ensure that you make all disclosures accurately and completely.

Before replacing an existing insurance policy make sure you closely compare your existing policy with the one you’re thinking of replacing it with. Consider the following: Price; policy structure; financial strength of the insurer; and policy benefits.

Understand that when you buy a new insurance policy, exclusions may apply for certain events & periods.

Most importantly, DO NOT CANCEL any existing coverage until the new policy has been approved, paid for, and delivered to you. Before an existing policy is replaced, it should always be clearly determined that such a decision is in your best interest.

If you're interested in reviewing your existing policy please give us a call on 1800 630 322 & we will be happy to help.

No, as your policy is guaranteed renewable your policy will never be cancelled because of a change in your health. You will not be asked to provide evidence of good health in order to renew your policy each year.

However, YOU have the right to cancel your policy at anytime for any reason.