Life insurance is what keeps your family’s finances secure if you die or are diagnosed with a terminal illness. Life cover pays out a lump sum to your nominated beneficiaries that can be used however it is needed, which allows your family to maintain their lifestyle without suffering financially. At a time when your loved ones are grieving, not having to worry about money can make a big difference.
What types of life insurance are there?
Term life insurance/Life Cover: A lump sum payment that goes to your beneficiaries if you pass away or are diagnosed with a terminal illness.
Trauma Cover: If you are diagnosed with a major medical illness or suffer an injury, trauma cover provides a lump sum that can cover your short-term expenses while you’re in treatment and recovery.
Total and Permanent Disability (TPD) Cover: If you become totally and permanently disabled and are no longer able to work, TPD insurance provides a lump sum payment.
Income Protection: If you are unable to work due to an injury or illness, income protection cover provides a monthly payment for a fixed period.
Before he came to us, Frank was paying for three separate insurance policies that were costing him over $10,000 a year. He was frustrated and disappointed with his insurers but didn’t know where to start.
With the help from one of our Senior Advisers he was able to amalgamate his policies into one comprehensive plan. With a new yearly premium of $6,000, and an insurer that has paid out over $2 billion in claims to Australians over the past two years Frank’s family was better protected and he was paying less.
Frank has since returned to us and we’re helping him with his Income Protection claim. As he recovers from knee surgery this money will help him support his family while he’s unable to work.
After years of paying premiums to the same insurer Maggie found herself in trouble when they suddenly refused to renew her policy. Due to a change in her health and her finances, she was told that no insurers would protect her. That’s when she came to us.
Our advisers were not only able to get Maggie the peace of mind that an underwritten life insurance policy brings; they also helped her save a few thousand dollars on her yearly premium. She was even able to save on her out of pocket expenses by opting to fund the new premium through her SMSF (self-managed super fund).
Maggie is now in the process of upping her cover to include a Trauma Insurance benefit with the help of one of our Senior Advisers.
With our help she’s making the journey from uninsurable to fully protected.
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ClearView is a financial management company with three main business segments, including life insurance.
While a relatively new company, ClearView has won several awards and boasts a financially stable business model that is set for growth.
ClearView includes several different types of insurance to assist customers during life and in the event of death.
During its relatively short time in operation, ClearView has received several awards for its products and services. Its awards are from reputable organisations such as: Canstar, CoreData, Investment Trends, Dexx&r, and Money Magazine.
Its most recent accolades include:
ClearView works to ensure its management teams have a thorough understanding of the life insurance and wealth management industries. Because they are experts in both fields, they can help guide customers towards all encompassing, long-term, financial solutions.
As ClearView is still a relatively new and small company, they pride themselves on their accessibility and approachability. They aim to listen to all of their clients to truly understand their priorities, lifestyles, and financial goals. Their service model is relationship-driven, and they want all of their customers to feel that they are an active part of the decision-making processes related to their policies.
Because of their close relationship with their clients, ClearView is able to get claimants healthy and back to work quickly. They were recognised by the Australiasian Life Underwriting and Claims Association for their efforts in this regard.
In addition to working closely with clients, ClearView also advocates for its clients and advisors in pushing for sensible life insurance and financial management reforms. Currently, they are working to open life insurance Approved Product Lists (APLs). This will ensure that advisors and clients have access to all relevant information in order to make the best decisions for their situations.
In its short time operating as ClearView, the company has maintained a strong financial grounding. As of 2017, it held over $415 million in net assets.
ClearView offers several types of coverage options. They include:
ClearView’s Life cover is designed to ease the financial burden off of its customers’ families in the event of terminal illness or death. These policies pay out a lump sum that families can use for mortgages, other debts, and regular life expenses.
The types of available cover under the Life Cover plan include:
Total and Permanent Disability (TPD) Cover
ClearView’s TPD Cover pays out a lump sum in the event of a sickness or injury that leaves the policy owner totally and permanently disabled and unlikely to ever work again.
The payout is designed to help customers pay for their homes, attain quality rehabilitative services, and supplement their lost wages. As Income Protection Cover only covers up to 75% of lost income, Clearview’s TPD Cover can be used to make up for the shortfall.
ClearView’s Trauma Cover pays out a lump sum in the event of a serious illness such as cancer, heart attack, or stroke.
The payout is designed to help customers access quality medical treatment or pay down debt. Policy owners have the option to choose a benefit amount of up to $2 million.
Income Protection Cover
ClearView’s Income Protection Cover pays an ongoing income while the policy owner is unable to work or until the end of the benefit period. It gives customers the option to cover up to 75% of their regular income and policy owners can choose benefit periods of 2 or 5 years; or up to age 60, 65, or 70 depending on their occupation.
The types of available cover under the Income Protection plan include:
Business Expense Cover
ClearView’s Business Expense Cover is designed to help customers if they become sick or injured and are unable to effectively run their small business. This cover option helps cover the fixed operating expenses of the policy owner’s small business and pays out a monthly income of up to 1 year.
All of ClearView’s cover options have the following features: