Investing in life insurance for the first time can be a daunting task and many people are put off by the prospect of medical exams and having to answer some tough questions about their health and lifestyle. Below are the answers to some of the most common – and occasionally awkward – questions you might have about getting covered.
Am I too old?
While there are a number of Australian insurance providers who have a maximum age limit for new policy holders of around 60 or 65, there are also plenty who specialise in seniors and pensioners insurance. This is where your financial planner can help – they should be able to recommend the right policy based on your specific situation and needs.
Will my premiums increase as I get older?
That’s up to you. When purchasing life insurance (including trauma cover and income protection) you have the option of selecting a stepped premium that starts out cheaper but increases as you get older, or a level premium, that will be more expensive from the outset but will remain the same regardless of your increasing age (although it will be adjusted for inflation). The choice is entirely up to you, so if you’re not sure, ask your planner for advice.
I’m a ‘social’ smoker, can I still get life insurance?
Whether you’ve got a pack-a-day habit, you’ve recently quit or you only enjoy the occasional puff at parties, if you’ve smoked AT ALL in the past 12 months most Australian insurance providers will classify you as a smoker. The good news is having smoker status doesn’t prevent you from taking out a policy. You will, however, pay an inflated premium since smokers are more at risk of serious illnesses like heart attack, cancer and stroke (but you already knew that).
Do I need to lose weight before I can get covered?
It’s unlikely, but again be prepared to pay a higher premium if your Body Mass Index (BMI) is greater than 35 (you can calculate your BMI here). It might seem like discrimination to some but the fact is, obesity is firmly linked to a number of life-threatening illnesses including type 2 diabetes, heart disease and certain cancers. But don’t put off getting covered because you’re planning to lose weight - while cheaper life insurance is one of a host of great reasons to achieve and maintain a healthy BMI, your financial planner can easily help you negotiate a better rate or new policy once you’ve done so. In the meantime you’ll be covered should anything go wrong.
What if I have a family history of serious illness?
This is a tricky one as it depends on the illness. Some life-threatening conditions can be inherited genetically and may, therefore, put you in the ‘high-risk’ category, while others are caused by lifestyle or environmental factors. Furthermore, some policy providers discriminate against certain illnesses that others do not. If you’re concerned about the unhealthy skeletons in your closet, discuss them with your financial planner – it’s their job to find the best available policy to suit your needs.
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