How safe are life insurance policies?
Will I still be covered if something happens to my insurance company?
Your insurance policies belong to you and are protected by several levels of security.
All insurance companies in Australia have to follow strict regulations which ensure they are financially sound and have enough reserves to cover claims. They are overseen by the Australian Prudential Regulation Authority (APRA) and undergo rigorous audits every year.
APRA's close supervision means that any signs of financial weakness in an insurance company would be identified quickly, so that steps could be taken to correct it. However, if the worst did happen and your life insurance company became insolvent, your policy would be transferred to an alternative insurer and your insurance would continue.
When you buy your insurance through 1300 Life Insurance we are acting as an agent, which means that you are purchasing a policy which is underwritten by a major insurance company. Should anything happen to us it would make no difference to the status of your policy. You would still be fully insured and be able to deal directly with the underwriter if you needed to make a claim.
All policies are fully protected, regardless of which insurance company you choose, so there is no need to 'spread risk' by taking out policies with different insurers.
Contact a 1300 Life Insurance Advisor Today
1300 Life insurance have access to the full range of Life Insurance available from all Australian life insurance companies. Our advisors use sophisticated analysis to evaluate the features and benefits of each product against your own needs. Our duty of care is to always act in your best interest. We will:
- Assess your needs
- Make an unbiased recommendation
- Provide you with a written statement of advice
- Ensure your cover is properly implemented
If your interested in Life Insurance, please complete an enquiry form and our advisers can get in touch with you. Alternatively you can also phone 1300 543 346 during business hours.