Clarifications to some important insurance questions

Dear Friends

I have clarified some important questions directly with Senior officer at ING Risk Underwriting which was asked by Shail last weekend.

1)      What happens with 3 months waiting period when you review your policy in future, is it starts again ?

Ans: 3 months waiting period only applies to increased level of cover, not the existing one.

2)      Are you able to cancel any one type of cover from your existing Policy in future ?

Ans: For example, if you go for Life, TPD, Trauma and Income Protection cover now and if you decided to cancel TPD or Trauma cover in future, you are able to cancel them without cancelling Life and Income protection. So there is no need to go for new policy.

3)Does Life or Income protection cover is for worldwide and for how long?

      Ans: This is very complex question to explain. I will try my best to simplify.

Scenario 1: If some has a intention to live permanently overseas then ING will not cover.

Scenario 2: If someone does not have any intension and he goes overseas permanently then ING covers worldwide cover for permanently. For income protection, when you claim income protection cover when you are overseas, you need to come back within 3 months to Australia to get continuous claim unless you are not able travel Australia.

       4)If you become unemployed, does income protection cover continuous ? (My doubt)

Ans: Income protection cover will cover for 12 months after you become unemployed for your own occupation and after 12 months it will continue to cover under home-make (home duties) definition.

I personally thank Shail to ask above questions and I encourage everyone to participate to our discussions. These kind of discussions/questions ultimately help you and me to get the most out of my services which is my ultimate goal to provide top quality advice and service. 

Please do not hesitate to ask me any doubt or question and no question is a silly question. The best way to ask me is via email as I can go back as many times and you can clearly explain your doubt.

Cheers,

Rashesh

Financial Planner,
Fortune Wealth Creation Group
http://www.fortunewealth.com.au/
Ph: 03 9018 5534