self employed small business income protection for people taking PrEP self employed small business income protection for people taking PrEP self employed small business income protection for people taking PrEP self employed small business income protection for people taking PrEP self employed small business income protection for people taking PrEP income protection for people taking PrEP life-insurance small business income protection crisis insurance services total and permanent disability Most Common FAQ faq about hiv faq about PrEP faq about diabetes services
-
Can you help me apply for life insurance if I have an HIV and diabetes diagnosis?
Can you help me apply for life insurance if I have an HIV and diabetes diagnosis?
Yes. That's our speciality.
We have clients with both conditions well managed and with full high-quality life insurance in place.
-
Can you still get life insurance with a history of recreational drug use?
Life is complicated.
Getting on with life is even more complicated; so it's important to talk about what matters most and know where we stand.
- In 2019, around 3.4 million Australians reported using an illicit (recreational) drug in the last 12 months.1
So how does having a history of personal drug use affect your ability to create a safety net for yourself and your family?
Here's what you need to know ahead of time when you're needing to get your life insurances sorted.
-
Celebrating Intersex Day of Remembrance
Intersex Remembrance Day
'Pink is for girls and blue is for boys. Girls are princesses and boys are pirates. Girls like only boys and boys don’t kiss other boys... — These are just a few restrictive ideas of gender and gender identity that have seen many queer people marginalised and scrutinised for centuries'.
(National Geographic Magazine - Jan 2017 issue)If there is anything we know, it's that life is not black and white - and not everyone is neatly defined by an Acronym LGBTI.
-
COVID-19 and Life Insurances FAQs
COVID-19 & Life Insurances FAQs
Our top frequently asked questions by clients about life insurance policies and COVID-19 and vaccinations
Australia is now in the middle of the COVID-19 pandemic.
With rolling lockdowns and much general uncertainty ahead, as we race towards the nation's next mass vaccination target, it's only natural people are looking for certainty and asking important questions about 'whether COVID-19 affects their life insurance policies in any way?'
Well we have some good news to share.
Here are some of the most frequently asked questions we’ve received about life insurances and COVID-19 and COVID-19 Vaccinations.
-
Crisis Recovery Protection
Crisis Recovery insurance means you can focus on getting better, without worrying about how you’re going to get by once you recover.
Crisis Recovery insurance (also called Critical Illness Trauma Recovery insurance) is designed to pay a specified lump sum (or in some cases installments) to you if you’re diagnosed with a specified serious illness or injury that's covered by the policy such as cancer, heart attack, stroke, and breast or prostate cancer.
Up until now, this was simply not possible for people with complex health conditions.
- Poor health can destroy wealth quickly. Hits to our health are often far worst than other financial losses because they often dry up our income-making capacity too.
- Today people often use it as part of a backup plan to fund their major medical expenses, reducing (or even paying off) debts and maintaining their lifestyle while they recover.
- Crisis Recovery insurance is a useful backup plan when you don't have access to savings or large sums of disposable cash when you may need it the most.
An uncomfortable reality
Today's rising cost of sophisticated medical treatments and pharmaceutical interventions means that having a health crisis now equates to having a financial crisis. Money has become a potent treatment tool as advances in medicine.
This is where Crisis Recovery insurance can be a powerful safety net.
Depending upon the level of cover you choose, it can even allow you to make permanent lifestyle changes like not needing to return to work full time.
Key Terms to know
- The benefit amount is the amount the policy covers you for as chosen by you.
- The defined conditions (listed in the PDS) are the specified conditions the policy is designed to pay out for.
Practically speaking - 'remove the worry of paying bills while you recover from a serious condition'
Case Study
Meet George: single again and working hard to re-establish his life after a relationship change. After a recent Family Law Court order, he lost most of his assets and a sizeable chunk of his superannuation so he’s having to rebuild his life, a little faster than expected.
Apart from just dealing with the stress of a relationship breakdown, he's also dealing with a diagnosis of prostate cancer. The prospects for full recovery look good, but George still needs a plan to make sure his partner and stepdaughter are cared for and have certainty about his personal financial position too.
- He will need to continue to pay his rent and living expenses while he recovers and works through the uncertain length of rehabilitation after chemotherapy has finished.
- George’s Crisis Recovery insurance payout means he can choose to afford the cost of elective cancer treatment and doesn’t have to ‘wait for a year to see how it progresses’ and ‘wait for a bed in a public hospital to become available’.
His insurance benefit payment means he can continue to live in the same area where he feels settled and connected and continue to meet his usual living expenses. He can even afford to pay his sister to take 2 months off work to stay with him if he needs more help at home during treatments, while he focuses on getting better.
George has significant financial options available, because he chose to set up a Crisis Recovery insurance backup plan, just in case.
Why you may need Crisis Recovery insurance
Crisis Recovery Illness insurance (aka Trauma Recovery insurance) is especially important for single people who may not have dependable family support, for people with dependents or who might have a non-working partner.
- Most Australian's just don’t have ready access to at least 6 months of emergency savings at hand that can continue to pay all their debts and normal living expenses.
- Add to this the increased financial burden of unexpected medical and rehabilitation costs and a medical crisis can quickly become a financial crisis too.
It’s especially relevant for:
- Singles with low family support
- Young families with large debt obligations and low salable asset values
- People who are the major income earning in a relationship
- People with low emergency savings at hand
Take a moment to consider how much immediate cash reserves you have on hand today to put towards paying for a serious medical issue (particularly where you may need to stop work due to serious medical trauma or injury).
- What's your realistic plan to cope with the mortgage repayment or the weekly rental, the car loan and credit card repayments and everyday expenses - on top of sudden medical costs for treatments and rehabilitation?
Real Life Statistics
- An estimated 145,000 new cases of cancer will be diagnosed in Australia this year, with that number likely to rise to 150,000 in 2020.Cancer Council – Facts and Figures
- Almost half a million people are hospitalised each year as a result of injury, and a further 12,000 people die due to injury. Australian Institute of Health and Welfare – Injury, June 2017
The average lifetime Cancer Management1 costs for people 15 years and over are:
- $95,460 for head, neck and thyroid cancers
- $74,600 for lung cancer
- $51,460 for bowel cancer
- $36,800 for prostate cancer
- $36,040 for breast cancer
- $20,360 for melanoma skin cancer
Data source 1 Zurich, the Cost of Care whitepaper, pp.11 – 12
How it works together with other insurance covers
This is how Crisis Recovery insuranceworks alongside Income Protection.
- Crisis Recoveryinsurance is designed to pay an immediate lump sum to help offset unexpected medical expenses should you suffer a medical crisis specified in the policy, to help you stabilise debt obligations and personal cash flow.
- Income Protection insurance is designed to protect up to 70% of your income after a waiting period of your choice, while you cannot work due to sickness or injury.
- TPD insuranceis designed to protect against long-term disability and pay a lump sum after a 6-month wait if you become permanently disabled, as defined in the policy and you can no longer work in your current occupation.
Together they can protect your immediate loss of health and your future loss of income-earning ability.
Questions people ask about...
Crisis & Trauma Recovery Insurances
Take a look at some quick questions people ask about Accident Only protection insurance.
What is it?
Crisis Recovery Insurance (AKA Trauma Insurance or Recovery Insurance) provides a lump sum payment if one of the many insured trauma events listed in the policy, were to happen to you, such as being diagnosed with advanced cancer or having a major heart attack or stroke.
- While you may physically recover, you may still be suffering financially for many years to come so it makes sense to protect yourself from the increased financial costs if a significant illness means you can’t work for some time.
How does Crisis Recovery Insurance help you?
A serious illness puts stress on your mental and emotional well being. It can be financially devastating for you and your family. Crisis Recovery insurance is designed to pay you an immediate lump sum of money to help with recovery and income liquidity if you are diagnosed with one of the listed medical events.
What's the chance of needing Crisis Recovery Insurance?
- There is a 1 in 3 chance of needing to claim on a Crisis Recover policy during your lifetime. (This type of policy is the one you will more likely than not, need to claim upon).
You’ll usually receive a lump sum payment that you can use to cover things like out-of-pocket medical expenses and regular living costs. This means you can focus on getting well, without worrying about how you’re going to get by once you recover.
Different policies have different levels of cover for specific conditions; such as being diagnosed with advanced cancer, major heart attack or stroke, advanced dementia or cancers. Your Unusual Risks Financial Adviser can help map these benefits to your specific needs.
Do I need Crisis Recovery insurance?
Most probably, Yes.
Crisis Recovery insurance can be particularly helpful if you don’t have other forms of financial assets you can sell if needed and protection such as Income Protection Insurance, Life Insurance, Private Health Insurance or Employee Benefits. How much you’ll need is usually based on your cost of living and maintaining any debts you have.
Many people use Crisis Recover insurance to offset their Income Protection cover (that only covers a maximum of 75% of your income) to pay for major medical and rehabilitation costs. Some people even use it to pay out a mortgage in the event they suffer one of the Crisis conditions listed in the policy.
Are the names Crisis Insurance and Trauma Insurance interchangeable?
Yes. Crisis Recovery Insurance and Trauma Insurance usually refer to the same type of policy, just from different providers (and yes we think this causes unnecessary confusion too).
What class of medical conditions can be covered by a Crisis Recovery policy?
Every life insurance company has a different set of conditions covered by a Crisis Recovery policy so you need to work with an adviser to help match you to one that meets your needs
Broadly speaking, Criss Recovery insurances can cover about 40+ listed medical events from six main categories including
- Cancers and tumours of specified severity
- Heart conditions of specified severity
- Severe accident, loss of sight, hearing, speech, use of limbs, paralysis, and loss of independence
- Neurological conditions at the specified severity
- Blood conditions
- Specific Chronic conditions
For a full listing client the list below.
List of individual medical events can be cover by Crisis Recovery insurance
Here is a sample of what can be covered by different Crisis/Trauma policies.
Cancers and tumours at the specified severity
- Benign tumour in the brain or spinal cord (with neurological deficit)
- Cancer (excluding early-stage cancers)*
Heart conditions at the specified severity
- Angioplasty (triple vessel)
- Aortic surgery
- Cardiac arrest (out of hospital)
- Cardiomyopathy (with significant permanent impairment)
- Coronary artery bypass surgery*
- Heart attack (of specified severity)*
- Heart valve surgery
- Idiopathic pulmonary arterial hypertension (with permanent impairment)
Severe accident and loss; loss of sight, hearing, speech, use of limbs, paralysis, and loss of independence
- Diplegia
- Hemiplegia
- Major head trauma
- Loss of use of hands, feet or sight, hearing, independence, sight, speech
- Paraplegia
- Quadriplegia
- Severe accident or illness requiring intensive care (with mechanical ventilation for 10 consecutive days)
- Severe burns (of specified extent)
Neurological conditions at the specified severity
- Bacterial meningitis or meningococcal septicaemia (with severe life impact)
- Coma (of specified severity)
- Dementia including Alzheimer's disease (diagnosis)
- Encephalitis (with permanent neurological deficit)
- Motor neurone disease (diagnosis)
- Multiple sclerosis (with impairment level)
- Muscular dystrophy (with impairment level)
- Parkinson’s disease (diagnosis)
- Stroke (of specified severity)*
- Aplastic anaemia (requiring treatment)
- Medically acquired HIV
- Occupationally acquired hepatitis B or C
- Occupationally acquired HIV
Other specific chronic conditions at the specified severity
- Chronic kidney failure (end stage)
- Chronic liver disease (end stage)
- Chronic lung disease (end stage)
- Diabetes (of specified severity)major organ transplant (or waiting list)
- Pneumonectomy
- Severe rheumatoid arthritis (with permanent daily life impact)
*Pro Tip: Make sure to read each insurance providers list of specified medical traumas covered by their Crisis Recovery Insurance as there is great variation between them.
How much does Crisis Recovery Insurance cost?
The cost of Crisis Recovery Insurance policy is based on a range of factors: your age, gender, smoking (and vaping) status, current health, lifestyle, and general occupation.
How do you pay for Crisis Recovery Insurance?
Crisis Recovery insurance premiums can be paid monthly, half-yearly and yearly by direct debit and may be tax-deductible. The premiums for this type of policy cannot be paid from a super fund.
How much Crisis Recovery Insurance cover do I need?
Trauma Insurance can be particularly helpful if you don’t have other forms of financial assets and protection such as Income Protection Insurance, Life Insurance, Private Health Insurance and Employee Benefits.
How much you’ll need is usually based on you and your family’s cost of living and any debts you have.
Can they cancel the policy on me if I get sick in the future?
No.
A Guaranteed Renewable Crisis Recover policy obligates the insurer to continue coverage as long as premiums are paid on the policy, regardless of changes in the policy owners health or occupation.
Can I increase the amount of cover if I need later?
You can always apply to upgrade an existing policy to a higher level of cover when you're verifiable income increases beyond 70% of your current in force cover.
Do I have to disclose future changes in my health?
No.
There is no requirement for you to update a life insurance company about any changes in your future health.
Once a Crisis Recovery Insurance policy is in force, any future changes in your health (or even your occupation), will not affect your cover while the policy remains paid up and in force.
Where to Now?
Continue your journey…
- Make sure you Browse through our Blog
- Have questions? See our Frequently Asked Questions
- Discover someone with a similar situation in our list of Case Studies
- When you're ready to know if we can work with you, take our Anonymous Pre-assessment
- Send us an Email or Jump the queue and Call for a Chat
-
Dave the party guy gets his Income Protection sorted without embarrassment
- Read the video transcript below.
-
Dave, life of the party
He's a big fan of the party life and 'works hard so he can play hard'. If you ever got into a serious conversation with him, he's an open-minded no-labels kind of guy.
His work ute looks as good as he does and he's in high demand on Saturday night - and always swipes right - if you know what we mean.
-
Do I have to answer questions in front of my partner if I don't want to?
Do I have to answer questions in front of my partner if I don't want to?
No. The privacy laws are very strict and you don't have to answer questons in front of your partner. In fact, you have to give your consent before being asked any sensitive medicqal questions too. You get to control where an application takes place and who you permit to be there.
-
Do I have to fill in the insurance application paperwork myself?
Do I have to fill in the insurance application paperwork myself?
No. We’re here to help. We can do it all for you or you can be involved too. After a quick conversation we try and complete forms online or over the phone, whatever is best for you.
-
Do I have to pay a full years premium at a time?
Do I have to pay a full years premium at a time?
No. You can choose to pay a policy premium annually, bi-annually, quarterly or monthly by direct debit or credit card.
- Annual payments usually attract a one-month discount, half-yearly payments attract a half months discount etc.
- Annual payments are the least expensive, but the most important decision is 'what works for you and your budget'
You can also pay for your life insurance and income protection cover annually from your Superannuation fund. This is a speciality service offered by unUsual Risks so be sure to speak with us about it to see if it suits your needs.
-
Do I have to use a Tele Underwriter if I’m comfortable answering my personal health questions with my Adviser?
Do I have to use a Tele Underwriter if I’m comfortable answering my personal health questions with my Adviser?
No not at all. Our senior adviser Drew Browne is a front-line underwriter and he's particularly comfortable and skilled at talking about what matters most with people, in a down to earth and respectful way. A little preparation beforehand and the process is straightforward and usually completed in about 30-40 minutes.
Here's one of our fun explainer videos that talks directly about this question.
https://www.youtube.com/watch?v=1uuy7seYEMw
-
Do I need life insurance if I'm Single and LGBTQIA+?
Do I need life insurance if I'm Single and LGBTQIA+?
The answer is probably Yes, and here's why
Many LGBTQIA+ singles are taking control of their own lives and getting their Life Insurance sorted sooner than many of their straight allies, who traditionally risk leaving such important decisions until they’re married with children.
And that’s because LGBTQIA+ folk often face more unique challenges than our straight friends.
Many LGBTQIA+ people understand the importance of having their own Income Protection insurance in place because it helps protect their ability to continue to earn an income, to live, to love (and to party). However many LGBTQIA+ people have additional Life Insurance needs and challenges.
-
Do I need to have a routine blood test if I apply for insurance and use PrEP?
Do I need to have a routine blood test if I apply for insurance and use PrEP?
No, not always. It can also depend upon the amount of cover you seek. If you have recent copies of your blood work from your GP (or clinic), we’ll usually be able to use them to avoid a blood test etc. Either way, we’ll keep you informed of what the next steps may be for your personal circumstances.
-
Do life insurance companies discriminate?
Do life insurance companies discriminate?
Disability discrimination in insurance is now illegal. That said, reasonable distinctions based upon actuarial data in insurance assessments are not considered discriminatory as Life insurance is based upon statistical probabilities and measurement.
In 2000 Mr Graeme Innes AM, the then Deputy Disability Discrimination Commissioner stated “ …insurers are in the business of insuring against risks, not already known certainties. The Disability Discrimination Act allows for distinctions and exclusions based on disability if and where this is reasonable. Reasonableness can be established on the basis of actuarial data that is reasonable to rely on in the circumstances, or by reference to other relevant factors. …"
What is reasonable? Section 46 of the DDA contains a specific exemption for the Insurance and Superannuation Industry to recognise that some informed judgment is part of the nature of most types of insurance in Australia. Reasonable decisions based upon actuarial or statistical data where this is reasonable available are permitted".
-
Do people have to know I have received Life Insurance pre-assessment services from unusualrisk.com.au?
Do people have to know that I have received Life Insurance pre-assessment services from unusualrisk.com.au?
No. Not at all. Unusualrisks.com.au is an online discrete and focused pre-assessment service run solely by our parent company Sapience Financial.
After completing a successful online pre-assessment, the entire application process, all correspondence, updates and reviews are completed through our standard market-branded service, Sapience Financial. They care for a full range of different clients with different needs from mortgage brokering, estate planning, financial advice and strategies and even small business risk management.
-
Does it still make sense to think about Life Insurances today?
Life still goes on, even in the middle of a Pandemic.
Yes, it makes perfect sense to think about life insurance today - especially today - because life still happens to us all, all the time, even during difficult times.
One of the dangers of living through difficult times (and the LGBTQIA+ Community is no stranger to surviving difficult times) is we can sometimes fixate on the biggest issue and ignore the most important issue - our life, love, and relationships continue regardless.
Our innate adaptability can lead many LGBTQIA+ couples to embrace wildly different financial goals, styles and circumstances in our partners.
-
During an application will I be asked about monogamist relationships and unprotected sex?
Will they ask about monogamist relationships and unprotected sex?
The good ones won't.
- Relationships, regardless of gender, are now recognised by the quality insurance providers who have modified their application questions so that 'unprotected sex', in a monogamist relationship is considered standard.
- A few insurers are yet to update their assessment processes and monogamous same-sex relationships may inadvertently trigger an additional questionnaire about behaviours.
While this is an ongoing frustration for unusualrisks.com.au we know those providers to avoid and those to use.
-
During an application Will I be asked about recreational drugs use?
Yes. Everyone gets asked the same question about recreational drugs
As part of the general underwriting process, insurers ask a standard question about recreational drug use similar to:
- “Have you ever injected, smoked or otherwise taken recreational or non-prescribed drugs, taken any drugs other than medically directed or received advice and/or counselling for excess alcohol consumption from any health professional?”
Past moderate use may result in an increase to an insurance policy premium as would a history of drug-induced psychosis.
Current harder use may result in an automatic decline for a fully underwritten insurance policy. These same questions often don't get asked as part of the application questions for an accidental death or accident income protection policy. Speak with us about this issue further. Either way, that's why you need a specialist at unusualrisks.com.au to handle all that for you.
Speak with us about this issue further. Either way, that's why you need a specialist at unusualrisks.com.au to handle all that for you.
-
During an application will I be asked if I am gay?
During a life insurance application, will you ask me if I'm Gay?
No.
There have been significant reforms to the way gay, lesbian, bisexual, intersex people and trans folk are treated by insurance companies. The Australian Financial Services Insurance Council has issued guidelines removing the so-called 'gay questions' from application forms and now require all insurance underwriters decisions to be based on sexual 'behaviour' instead of a 'person’s sexuality'.
- Each insurance application can only be dealt with on a case-by-case basis, using the best available relevant evidence.
- It is no longer acceptable for insurance companies to ask if a person applying for a policy is gay or bisexual and insurers will not ask questions about sexuality. Companies cannot make assumptions about a persons sexuality from the details of their living arrangements, occupation or medical history.
If you have taken a HIV test you do not need to declare negative HIV test results. The fact of having an HIV test will not, of itself, have any effect on your acceptance terms for insurance.
-
During an application will I be asked if I am HIV positrive
Will they ask me if I'm HIV positive?
Yes - everyone gets asked that same question now anyway.
- Insurers now ask all applicants if they have ever tested positive for HIV, AIDS, Hepatitis B or C or if you are awaiting the test results for the same.
If you are applying for a particularly large level of insurance cover, eg: $1,000,000 or more, all applicants (regardless of medical status) will usually be required to undergo a blood test for HIV and cholesterol as standard practice.
