Yes.  A business runs on its human capital and its most important people are its key employees and the business owners.

A business key-person could be anyone whose absence would affect the profitability of the business; eg: if they were to die or become disabled and unable to continue to work.

Some typical examples of key people could be:

  • Director, Managing Director or CEO
  • Partner in a partnership
  • An employee with a particular skill or technical expertise
  • Senior sales manager

Insurance to cover the absence of a key person can help in keeping the business running (by replacing lost revenue, repaying debts and/or finding a replacement).

All of these people can qualify for personal insurances even if they may have a particular health condition that would make the outcome of a traditional insurance application more uncertain.

Can I get TPD insurance if I am HIV positive?

Yes, a lot of the time you can. We are in talks with some insurers TPD (total and permanent disability) and we're have had success getting some of our clients full TPD cover.  You should be aware that high-quality life insurance also pays out upon a terminal illness diagnosis, so that may be of assistance if you have mortgage arrangements that require some form of TPD cover.

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Can I transfer my existing life insurance policy to you to manage ongoing for me?

Yes. It makes good sense to have your important policies safely in the hands of trusted and understanding people. Our Transfer & Manage Service is another speciality service available to our clients where you can have all your personal insurances with a single trusted professional who appreciates the importance of your situation and understands what you want.

Just send us an email and ask us how we do that.

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What's the problem with a 'formal decline' on an application?

Your privacy is important. Having a formal decline on an application for Life insurance (or a life insurance product) is an important thing to avoid where possible. This is 

This is because, for any future insurance application, you would be legally bound to disclose the initial refusal. This is covered in the question that's similar to 'Have you ever been refused insurance for any reason?'.  Failing to declare this formal decline would give every insurance company grounds to attempt to void any future claims.

So how does this happen?

We see time and time again how people have made application for life insurance either through a Superannuation fund or some form of questionable online comparison service promising the world. After providing all their personal information to a telemarketer or bank clerk and having to deal with all the disclosure issues that for many people with chronic health conditions is difficult, deeply sensitive and personal, they then are told, they are formally declined and a formal decline record is applied to their insurance history.

They are left believing that the decline was solely due to their health and they are left to deal with the feelings that come with being told you're not acceptable.

What they we not told, but should have been

What they were not told is that at that particular brand of insurance provider, bank or comparison websites, was probably never able to cater for their particular situation in the first place.

  • It’s like going to a fast food shop and trying to buy a box of healthy fresh fruit – it’s the wrong shop to go to. 
  • They just don’t sell that solution, but they also didn't tell you that ahewad of time.

The problem is not you, the shop never had the ability to ever provide what you wanted anyways.  And they failed to tell you that ahead of time.

The bigger problem then is how do you deal with a formal decline in your insurance, and what does that mean?

This is why people with chromic health issues need the service of a specialist like unusualrisks.com.au who know where to shop for their clients with unusual risks.

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Why does unusualrisks.com.au use pre-assessments?

By informally pre-assessing your situation up front, we can determine if you would qualify for cover.  This means we can position you so you have the best chance of being offered fair and reasonable policy terms should you decide to make a formal application.  It's all about having absolute certainty before you make an application without any hidden exclusions or uncertainties.

If you are unsuccessful in your pre-assessment, you don't end up with a formal refusal or decline recorded against your name.

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What does it mean when a policy is fully underwritten upfront?

Peace of mind. The degree of risk is assessed and the application completed at the time you make the application, not when you need to make a claim.  Having a professional policy that's fully underwritten upfront ensures all the assessments by the insurance company are completed so you (or your family) don't have nasty surprises at claim time.

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What is an Underwriter and why should I care?

Underwriting is simply the process that an insurance company uses to measure the degree of risk that you might present as a potential client. For example, People who go hang-gliding on weekends might present a higher risk than those that don’t. The person responsible for this assessment is called an Underwriter.

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What effects the price of an insurance policy premium?

Insurance premiums are structured to reflect the degree of an individual's risks that a life insurance company accepts. eg Smoking or not smoking.

Your type of employment will affect the policy premium. eg: a typical university-qualified Professional working in a predictable environment like an office, would usually cost less to insure than a blue-collar Scaffolding Tradesman working on a high rise building.

  • If you have hazardous hobbies or pastimes, like competitive car racing, skydiving or deep-sea diving on shipwrecks, you would expect the premium to be increased to cover the additional risk.
  • If you just go to the gym to keep fit or cycle or go bushwalking on the weekends, you wouldn't expect any premium increase. If you wanted a particularly large amount of insurance cover, eg: over $2,000,000 all life companies will request an HIV test, regardless of your age, gender, health or occupation.
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So why do people buy telemarketed insurance policies?

Because they don’t know what you now know or they're really time poor and think something is better than nothing.

Having a Risk Adviser looking out for you and your loved one's interests means that you would never be exposed to such a risk. At unUsual Risks Insured, we are on record as boldly stating to all insurance companies “Stop selling rubbish to good people!" Those companies that continue to do so, cite commercial decisions. We believe, they find an advantage in hoping people will not read the fine print or have not got a professional adviser looking out for them.

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Is Telemarketer direct insurance good for pre-existing medical conditions?

No. For most people with a pre-existing health condition, it’s an automatic decline. This then triggers a formal decline record.

This is a problem because you would then have to disclose this fact on every single new insurance application for the rest of your life. Failing to do so would give a company legal grounds to avoid paying out your insurance claim

Did you know that one of the common telemarketed direct life insurance products in the market today, has an exclusion for pre-existing conditions for the first 5 years? Additionally, the company will use retrospective underwriting to see if you were eligible for the policy in the first place, not when you take the policy out, but at the time of claim.

This means, that if you are assessed as ‘never eligible for the policy in the first place’ when you make a claim, the insurance company has the option to refund any premiums paid and simply state ‘you were never eligible for the policy in the first place so you were never insured, so there is nothing to claim'.

If you want absolute certainty and peace of mind, get your life insurance from a professional Risk Insurance Adviser, not the local bank clerk or a telemarketer.

When you understand the significance of this issue alone, you will begin to appreciate the value of a professional relationship with a Risk Insurance Adviser who is there for you and your loved ones at the time of an insurance claim.

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