Question 1

Do I have to change super funds?

Accepted Answer

Not necessarily. It depends on the cover, insurer and your existing super fund. We can explain the available options so you can decide what may be suitable for you.

Question 2

Is there any cost?

Accepted Answer

Our initial consultation is completely free and there's no obligation to proceed. If you choose to take out a policy, we may receive a commission from the insurer, which is already built into the premium. We will explain how we are remunerated before you make any decision.

Question 3

What if I already have insurance?

Accepted Answer

That's perfectly fine. We can explain what your existing cover generally provides and give you general information about the options available through our approved product list, including keeping, replacing or supplementing existing cover. You decide what to do.

Question 4

Can I keep my existing cover?

Accepted Answer

You may be able to keep your existing policy, subject to its terms. We can provide general information about keeping, replacing or supplementing existing cover and explain options available through our approved product list. You decide whether to make any changes. Do not cancel existing insurance until any replacement cover has been accepted and commenced.

Question 5

How long does it take?

Accepted Answer

Every application is different, but many can be completed within 15 to 30 minutes over the phone. Once submitted, approval times vary depending on the insurer, the type of cover, and whether any medical information is required. Some policies may be issued within days, while others can take several weeks.

Question 6

Who pays you?

Accepted Answer

We are generally paid by the insurer if you decide to proceed with a policy. This commission does not usually result in an additional charge on top of your premium, as it is included in the insurer's pricing. We'll always disclose how we're paid before you proceed.

Question 7

Can I cancel later?

Accepted Answer

Yes. If you decide you no longer want your policy, you can generally cancel it at any time by contacting your insurer or speaking with us. Most new policies also include a cooling-off period, allowing you to cancel within a specified timeframe if you change your mind. We'll explain the applicable terms before you proceed.

Question 8

Will it affect my mortgage?

Accepted Answer

Having life insurance generally doesn't affect your existing mortgage. In fact, many homeowners choose life insurance to help protect their family from financial hardship if something unexpected happens. If you're applying for a new mortgage, your broker or lender can confirm whether any specific insurance requirements apply.

Question 9

How are you paid?

Accepted Answer

There is no separate fee for the initial consultation or for receiving general product information from us. If you apply for and obtain an insurance policy through Insurance Specialists Australia, we may receive commission from the relevant insurer. This commission is generally included in the insurer's premium and is not added as a separate charge. Further information about our remuneration is available in our Financial Services Guide and will be disclosed as required.

Question 10

What insurers do you work with?

Accepted Answer

We provide general information based on our Approved Product List (APL), which currently includes products issued by NEOS Protection, Encompass Protection, Futura Protection and PPS Mutual. During your consultation, we'll explain the available options within our APL as general information, so you can decide what is appropriate for your own needs and circumstances.

Frequently Asked Questions

Approved Product List

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