There are a number of strategies to help you reduce the effective cost of life insurance. These include:
Because everyone’s circumstances are different, the best way to ensure your insurance is as tax and cost-effective as possible is to speak to your financial adviser. Alternatively, if you know what you want, you can either buy insurance online or over the phone today.
An extremely tax-effective way to save for your retirement, superannuation can also provide a good home for some types of life insurance – helping you reduce the effective cost of your premiums.
You hold your life insurance – usually death and total and permanent disability (TPD) cover – inside your super account, and use your super contributions to pay your premiums.
Instead of purchasing a stand-alone insurance policy, where premiums are paid for from your after-tax income, using your super contributions means you’re effectively paying your premiums using pre-tax money.
To find out more about insurance through super, talk to your adviser.
After a lifetime of working hard and accumulating your wealth, you will want to know that your estate is distributed according to your wishes. From providing funds for dependants, to ensuring the right people are looked after, life insurance can play a critical role in your estate planning affairs. This may include:
To discuss the role life insurance can play in protecting your estate, you should speak to your financial adviser. Alternatively, if you know what you want, you can either buy online or over the phone today.
Did you know that as many as 80%* of homeowners in Australia may not receive a big enough insurance payout to rebuild their homes if they were destroyed^?
Traditionally, insurers have placed the onus on you, the customer, to estimate how much it would cost to rebuild your home if it were destroyed^. However many people underestimate the cost, and forget to include costs such as inflation, professional and legal fees, demolition, and debris removal. These costs alone can add 10 to 20% to total rebuilding costs, and would not be covered by your insurance payout.
We ask you a few simple questions about your building, and match your answers to the latest market construction cost data, to provide an estimate of your total rebuilding costs. This estimate becomes the sum insured for your building, and your premium is calculated accordingly.
OnePath’s Home Insurance and Landlord Insurance will not leave your home building under-insured. We guarantee the full replacement of your home if it is destroyed^ by an event covered under this policy, regardless of cost.
So, even if prices go up and it costs more to rebuild than your sum insured, we will still pick up the bill. That’s why we call it Full Building Replacement cover.
What’s more, we’ll also cover related costs, including:
Get a quick quote for OnePath’s Home Insurance today.
Or if you have an investment property, get a quick quote for OnePath's Landlord insurance.
* ASIC Report 54 – Getting home insurance right, 2005.
^In legal terms ‘destroyed’ implies that your home is a total loss as a result of an insured event, like storm or fire.