To obtain a quote for your insurance needs please complete your personal details below. If you are unsure as to the purpose of each type of insurance cover you can click on the "ï" to obtain some information on that type of cover.
Upon receipt of your enquiry an iRefund representative will contact you to provide a number of market quotes for the type of cover you have selected.
Term Life Cover
Term life cover provides a lump sum payment to a nominated person or your estate if you die. Most life insurance policies also allow for part or all of the benefit to be paid in advance if the insured is diagnosed with a terminal illness and has less than 12 months to live. How much is enough ? Typically life cover payments should cover the following:
Pay off any outstanding debt (eg -home loans)
Provide for funeral expenses
Provide enough money to create an income to provide for
Family living expenses
Children's future education
Replace the income of the deceased
The alternative to not having adequate life cover for a family who looses the main income earner are:
For the non-working spouse to go to work to support the family
Sell the family home
Rely on government assistance (although this may not be adequate)
You can access the iRefund Insurance Needs Calculator to get an indication as to how much Term Life Cover you should reasonably consider.
Total & Permanent Disability Cover (TPD) provides a lump sum payment if because of either sickness or injury you are permanently not able to work. It is designed to cover both one off additional costs such as home modifications (eg -access ramps) as well as providing for ongoing needs such as home care, & income replacement.
Trauma Cover provides you with a lump sum if you suffer a major medical trauma as defined by the policy document. The actual events covered and the definitions of the events vary considerably between insurers. As such the premiums of the different insurers also vary. Most trauma cover claims originate from cancers, heart attacks or strokes.
Income Protection Cover provides a regular payment to replace your normal earned income if you are temporarily unable to work as a result of sickness or injury. Generally the income protection premiums are tax deductible.
An agreed value contact gives added security as the amount of cover is agreed at the time of the application and is “guaranteed” for the life of the policy. Under this policy you must prove your income up front.
Under an indemnity contract, you will be insured for what you earn at the time of your claim. Upon making a claim you will need to verify your income. If your income has reduced since taking out the policy, you will be paid on the lower amount.
The waiting period refers to the period in which you are unable to work as a result of sickness or injury before you are able to lodge a claim for income protection insurance. Generally the shorter the waiting period, the more expensive the policy premiums will be. If you think you can manage for a longer period without an income you may like to choose a longer waiting period to reduce the cost of the premiums.
The benefit period refers to the period the income protection policy will be paid for once payments have commenced. If you think that you will work until age 65 (and your retirement plans are counting on this) it may be wise to opt for income protection with a benefit period to this age. Generally the longer the benefit period is, the most expensive is the policy premium.