What to expect when applying for life insurance?
11 October 2021
So you’re ready to get a life insurance quote but wondering what kind of information you will need to provide during the application process. Don’t worry, Suncorp Life has you covered. Here are the kind of questions you need to be prepared for when you look to finalise your life insurance policy.
About your age bracket
The rule of thumb is that premiums increase with age.
That’s why, it can often be more affordable to get a life insurance policy when you’re younger. You might think that you don’t need it because you’re fit and healthy, but it can pay off by giving you much needed peace of mind in the long run. It can give you the reassurance that your loved ones may not be under financial stress when you pass away.
About your profession
The type of work you do can also impact how high your premiums are under your policy. For example, someone working at a construction site in a physically demanding job might have higher premiums compared to someone working in an office behind a desk. That’s because working at a construction site is considered higher risk.
About your health
Be honest and thorough when it comes to outlining your medical history. Disclose any health issues, including illnesses, past medical procedures etc.
If you’re unsure, it might be a good idea to book an appointment with your GP prior to applying for life insurance.
About you family's medical history
You would also need details of your family’s medical history on hand, including any hereditary conditions or health issues that have impacted your immediate family, including parents and siblings.
About your lifestyle
This section covers all the factors that might influence your life expectancy, for example if you’re a smoker, whether you consume alcohol, your diet and exercise habits.
About your hobbies
Do you spend more of your time doing adventure sports? Are you into bungee-jumping, abseiling and paragliding? If you enjoy the thrill of high-risk sports, it’s possible that your premiums might be higher.
To bundle or not to bundle – that is the question!
You get the option of bundling your life insurance policy with other products, such as Income Protection Insurance. Going down? this route would typically mean that you receive a multi-policy discount and your premiums would end up being less than if you decided to buy these products individually.
There’s no one-size-fits-all policy when it comes to life insurance, so get in touch with a Suncorp Life Specialist who can help take you through the process. Contact the Suncorp Life team today on 13 11 55 or find out more here.
- Why you might need life insurance if you’re young
- 3 types of people who should consider life insurance
- What to look for in a life insurance policy?
Suncorp Life Insurance products, other than in some circumstances the Redundancy Benefit, is provided by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL is not part of the Suncorp Group. TAL uses the Suncorp brand (part of the Suncorp Group) under license. Any advice on this page in connection with the Life products is general in nature and is provided by Platform Ventures Pty Ltd ABN 35 626 745 177 AFS Representative Number 001266101 (PV). PV is part of the Suncorp Group and an authorised representative of TAL Direct Pty Limited ABN 39 084 666 017, AFSL 243260 (TAL Direct). General advice does not take into account your individual needs, objectives or financial situation. Before you decide to buy or to continue to hold a Life Products you must read the relevant Product Disclosure Statement. The Target Market Determination (TMD) for the product is available on our website.