Life Insurance with a difference

In 2012 18,197 Australians claimed on life insurance policies totaling a payout of $1.81 billion dollars. That is an average of $15.9 million dollars every day to 171 Australians and their families

If you're thinking about life insurances, chances are you have something worth protecting.

These days HIV or diabetes doesn't have to be a life sentence

But most insurance companies still treat you like it is.

People with pre-existing well‑managed health conditions have, up till now, been prevented from accessing quality Life Insurance and Life Insurance products, simply because of their conditions.

Explaining Life insurance cover

Life insurance (also called term life or death cover) is designed to protect against the financial impact of unexpected death and pay a specified amount of money to your beneficiaries, helping to make sure they’re looked after in the event should that occur.

The benefit payout is either paid to the owner of the policy, your nominated beneficiaries or your estate.
High quality life cover can also pay out upon diagnosis of a terminal illness in the final 24 months.

Practically speaking - don't leave your debt to people you love

Case Study

Meet John and David: partnered and paying a large mortgage together.

David’s $1.5 million life insurance policy will make sure his partner John is cared for in the event of an unexpected death or terminal illness, and the amount of cover is sufficient to pay off the mortgage and provide funds to invest to help replace David's income too.

After driving home from a work event, David is injured in a multi-vehicle car accident, suffering a heart attack and passed away.
His life insurance payout meant his partner John could remain in the family home they’d renovated together, could pay off the remaining mortgage, could continue to live close to their established network of friends and family of choice in the community they had both contributed to and live the lifestyle they had designed together.

It allowed John to face an unexpected major life change with the backup of significant financial options.

Why you may need life cover

Life insurance becomes a necessity if you have people who rely upon you financially or if you have debts which need to be paid out upon your unexpected death.

Expenses to protect could include:

How much would be needed to pay off all your debt upon your unexpected death?
How much would your surviving partner (and any dependents) need to pay living expenses?
How much do children need to complete education and how will this be funded?
If you passed away would you want your partner to need to downsize and move to a cheaper location or would you want to maintain stability for them and any children until they had completed their education while having a parent at home to look after them?
And what are the practical cost for end of life expenses and how will this be funded?

Real Life Statistics

30% of all life cover claims are for terminal illness.
43,477 deaths were attributed to cardiovascular disease in Australia in 2017 and kills one Australian every 12 minutes. ^{Australian Institute of Health and Welfare – Injury, June 2017}

This is not just about getting a Life Insurance policy, this is a human rights issue.

We believe that every Australian should have equal access to high-quality Life Insurance products, no matter what their sexuality, gender, race, age or beliefs. We believe this is not just about getting Life Insurance, this is a human rights issue.

Life Insurance can help you be certain your loved ones are provided for; your child's educational needs are taken care of, and that your chosen family won't have to worry about their future if you’re not there to continue to protect and provide for them.

When does life insurance pay out?

Life insurance will normally pay out upon the death of the life insured and can help their dependants cope financially after you die.

Many people don't know that high quality life insurance can also pay out upon the diagnosis of a terminal illness in the remaining 24 months, as well making it a strong part of a backup plan.

Most people don't know that 30% of life insurance claims are made for terminal illness

A sad but all too common experience

Often, when a couple set up life insurance to protect each other, one person has their application accepted, but the other is refused because of a pre-existing health condition.

Both are left feeling that a wedge has been driven between them and that their needs and choices were not understood, honoured or valued.

At unUsualrisks.com.au our mission is to change this and be the change we want to see in the world.

Questions people ask about Life Insurance

Take a look at some quick questions people ask about Life Insurance.

Life Insurance 101

What is it?

The basic premise is simple:

Life insurance gives you peace of mind while you're alive, and financial support for your loved ones when you're gone.

How it helps you

Life insurance can make a huge difference for you, your partner and your family, not just financially but emotionally, too.

What's the chance of needing it?

There is a 1 in 10 chance of needing to claim for Life insurance or Terminal Illness.

Setting up a life insurance policy sooner, rather than later, will give you immediate security, more options and flexibility you'll need in the future.

Do I need Life Insurance?

Most probably, Yes.

It's something you should have if there are people in your life depending on you for everyday living expenses, renting a home or paying a mortgage and other major debts, protecting a family and even funding education costs or helping aging parents heading for retirement.

If you expect to have someone in the future who will be depending upon you, you might like to get things sorted now while you have confidence you can qualify for a life insurance policy.

How much does it cost?

How does it work?

How do you pay for it?

How much life insurance cover do I need?

It depends on where you are in your life, what your big plans are and who depends on you financially.

If your single and self-reliant, you're probably interested in Income Protection for you now and Life Insurance for your future partner.

When you're in a relationship or have a family, you probably want to have enough to replace your income so your partner or spouse and children have the support they need.

Use the Governments Money Smart Insurance Needs Calculator to find out how much life insurance you may need or we can help you talk through your options and prioritise your needs.
You might also enjoy watching our fun explainer video called How Much is Enough? to help start your thinking about this difficult question.

Can they cancel the policy on me if I get sick?

Can I upgrade the policy as I need later?

You can always apply to upgrade an existing policy to a higher level of cover.

You will probably need to make a fresh application and health assessment when seeking to increase your level of cover, so consider taking out a higher level of cover now with certainty, rather than running the risk later of not being able to increase your policy due to any unforeseen significant change in your occupation or your health.

Do I have to update them about changes in my health?

Where to now?

Learn more about how our process works. See How It Works.

Have more questions? See Frequently Asked Questions.

Ready to know if we can work with you? Take our Anonymous Pre-assessment.

Take Our Anonymous Online Pre‑assessment

Find out in 60 seconds if your personal situation is one we can work with.

Take Our Pre-assessment

Whatever your situation, we can help you

Single
Age is no indicator of relationship status or financial responsibility.
- You can be young and starting out or older and established; and both enjoying living the single life.
- You might be single, single again, sometimes single, single with kids, single with pets or perhaps something a little more complicated.
When it comes to being single in the LGBTI community, there's really no such thing as average.
And it's your single life, so live it your way.
Read more...

Partnered
Sharing life and love with someone can be twice as exciting.
- You might be partnered, partnered with pets, officially de facto, officially married (yay!), splitting expenses but sharing life, or joining incomes and combining financial lives too.
- You might be together but living apart, working towards a future with kids, thinking about fostering, adopting, IVF or surrogacy; or perhaps something a little more complicated.
When it comes to being partnered in the LGBTI community, there's really no such thing as average.
There's no right or wrong way to live a purposeful life, just what works for you both.
Read more...

Parenting
For today's LBGTI families, there are no accidental families.
- You might be parenting and single with kids, parenting and partnered with kids, (yours, theirs and ours), dual parents with kids, co-parents, foster parents, adoptive parents, or even adoptive parents of kids with additional needs (just beautiful!).
- You might be a lesbian co-parenting couple or super involved Guncles or Aunties. You might not even identify with the broader LGBTI community but find yourself a parent in a same-sex relationship; or perhaps something a little more complicated.
When it comes to parenting in the LGBTI community, there's really no such thing as average.
However you're doing it, Love makes a family.
Read more...