Insurance FAQ
Frequently Asked Question
Below are a range of frequently asked insurance questions. Please click on each question for the answer.
Am I covered 24 hours per day, 7 days a week & while travelling overseas?
Yes, all Insurance products provide cover 24 hours a day, 7 days a week, wherever you are in the world.
Can I change my amount of cover, if my personal circumstances change?
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.
Do I need to have medical tests before taking out a policy?
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.
Does it cost me anything to apply for insurance with Lowe Financial Group?
No, it will not cost you anything to apply for an insurance policy with Lowe Financial Group. 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!
How do I pay my premiums?
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.
How does my occupation affect the price of income protection insurance?
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
I already have life insurance cover with my superannuation. Do I need additional life insurance?
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.
I'm considering replacing my existing insurance policy. Are there any risks in doing so?
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. Your adviser can answer all of these questions for you.
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 1300 725 996 & we will be happy to help.
What about the coverage on my spouse and/or children?
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.
What happens after my insurance application is submitted and my medical exam has been completed?
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 medical 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.
Will my insurance policy ever be cancelled because of health reasons?
No, as your policy is guaranteed renewable your policy will never be cancelled because of a change in your health (or occupation, pastimes, lifestyle). 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.
Will my insurance rate be affected if I smoke?
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.
Testimonials
What Our Clients Say
Dr. Jacqueline Fong
My (and my husband’s) insurance policies were overdue for a review. The convenience of having you come home was great. From the very beginning everything was clearly explained and laid out.
Due to past experiences, I was dreading the transition from one policy to another, but it was the smoothest and most streamlined transition I have ever had. You and your team organised it all! And it is great to know this is not where your service ends.
Mrs. Charleen Sharp
A genuine company who is ‘solid’. You understand client needs and can confidently guide them to financial security for their future. At all stages of our review the follow up and one on one liaison made the whole exercise less complicated and time consuming.
D Routson – R T Group
Ged shows great knowledge of his industry, but more importantly, is able to skilfully apply that knowledge to an individual’s particular circumstances.
Mr. Peter Mastores
Honest and informative about the different aspects of insurance needs to a business as well as an individual… excellent, quick and efficient service when I had to make a claim.
