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7 Factors that affect Life Insurance Costs in Australia [Infographic]

7 Factors that affect Life Insurance Costs in Australia [Infographic]

When you apply for life insurance, a number of factors come to play. It is not just the series of questions that are asked regarding your health, occupation, medical history, and lifestyle. So, next time, before you apply for life insurance, it is mandatory to make a checklist to ensure that your application gets through without any road bumps.

It is always better to be absolutely sure about the procedures and requirements rather than wondering why the process must be so difficult to get through. So, here are 7 essential factors that can affect the premium of your life insurance that you need to tick off your checklist to make the process smooth for you.

#1 Age

Your age matters. Taking out life insurance at a younger (eligible) age ensures a lower premium for the prime reason that you are expected to less likely make a claim then.

#2 Gender

Insurance premiums for women are lower than that for men as research suggests that most women live about 5 years longer than men.

#3 Career

What is job all about? Does it involve any risks to your life? High-risks jobs are directly proportional to higher premium rates as insurers believe that you are more likely to make a claim due to the dangers involved.

#4 Lifestyle Habits

Do you smoke or drink? How often do you involve in these habits? You should know that smokers are likely to pay 2-3 times more premium than non-smokers do due to the health hazards involved.

#4 Family Health History

Has anyone in your family been subject to hereditary chronic diseases like cancer, heart problems, Alzheimer’s, diabetes. If yes, your insurance premium is likely to shoot up as this factor puts you at risk of same too.

#5 Existing/ Previous Illnesses

If you have been subject to any type of chronic illness in the past, then that too will result in higher insurance premium rates. However, ensuring your insurance company that you are in control of your illness might help you get a preferred and lower rate.

#6 Driving Record

Reckless driving is a high-alert to insurers or high-risk to your life. Hence, it automatically means a higher premium rate than usual.

Other than these 7 factors, life insurance premiums and costs are also dependant on your and at times, your family’s lifestyle conditions.

Nevertheless, do not worry if your insurance provider asks you probing questions. It’s necessary for insurers to determine your life expectancy to ensure that you will be able to pay your premiums on time. This procedure is meant to help you pay for your family in your physical absence, in case of death.

Your health and lifestyle might undoubtedly be the main factors for insurers to assess your eligibility for the life insurance, yet another important word-of-advice is – “failing to disclose pertinent information can lead the insurer to cancel your policy without refund or deny claims that you might make.”

Some policies may even require you to undergo a complete medical or physical check-up for eligibility. Not all policies will require this, but if you have pre-existing conditions then the insurer might insist. This is to ensure that no condition has been overlooked and to clearly verify your health and wellbeing at the time of application.

Not every life insurance company assesses applicants in the same way. While some companies may refuse to provide cover to high risk applicants, there will be others that are willing to provide cover despite risky occupations, pastimes, medical conditions or lifestyles. Even with these, however, you should still expect additional premium loading or certain exclusions in your policy.

It is always good to be aware of your risk profile, as it relates to the probability rate of how likely you are going to make a life insurance claim before the policy expires.

Consider listing all the lifestyle factors, occupational hazards and dangerous pastimes you have which might affect your insurance needs, and then specifically considering how these are handled by different policies. The infographic below will give a much detailed graphical representation of everything needed. So, let us have a look at what it says.

Disclaimer:

The information presented by staff or employees of Credit Hub and its associated companies is provided for general informational purposes only. We do not guarantee the accuracy, completeness, or timeliness of the data or views presented. Audience members should conduct their own research and verify any information before relying on it. Credit Hub and its associated companies are not liable for any errors or omissions, or for any actions taken based on the information presented.

Mortgage Broker in Point Cook

Credit Hub Australia
About the role

Join our dynamic team at Credit Hub Australia as a Finance/Mortgage Broker in our conveniently located Point Cook office, close to the freeway and train station, with free parking available.

In this role, you will be responsible for providing personalised mortgage solutions to our valued clients and also managing your colleagues by co-ordinating the allocation of files and general day to day running of the broker team. With a focus on delivering exceptional customer service, you will guide clients through the entire mortgage process, from initial application to final approval.

“Position is for Mortgage broker on commission/contract basis.”

What you'll be doing
  • You will develop and expand network with our help.
  • Sales, cold calling, and networking come naturally to you. You thrive on engaging with prospective clients to understand their unique financial needs and goals.

  • You will act on leads and existing database as provided and generate sales and ongoing relations.

  • Actively participate in team meetings and contribute to the overall success of the business

What we're looking for
  • You are an existing broker with proven experience in Mortgage Broking or lending abilities, or in a similar financial services role looking to take your career further with a successful Mortgage house.

  • In-depth knowledge of the Australian mortgage market, including products, policies, and regulatory requirements.

  • Excellent communication and interpersonal skills, with the ability to build lasting relationships and earn client trust.

  • A strong commitment to delivering outstanding customer service and consistently exceeding client expectations.

  • Self-motivated and capable of working independently, while also thriving in a collaborative team environment.

  • Relevant industry qualifications, such as a Certificate IV in Finance and Mortgage Broking.

  • Ability to manage multiple tasks, stay organized, and work reliably without supervision.

  • A results-driven mindset with a strong sales focus, coupled with exceptional work ethic, time management, and multitasking abilities.

What we offer

At Credit Hub Australia, we are committed to providing our team with a supportive and rewarding work environment. Some of the key benefits of joining our team include:

  • Competitive remuneration and performance-based bonuses
  • Ongoing training and professional development opportunities
  • Flexible work arrangements and a positive work-life balance
About us

Credit Hub Australia is a leading provider of mortgage and finance solutions, with a strong presence in the Point Cook in the Western Suburb of Melbourne and surrounding areas. Our mission is to empower our clients to achieve their financial goals by delivering personalised, expert advice and exceptional customer service. We are a dynamic and growing team, driven by a passion for helping our clients and making a positive impact on our local community. We are with Finsure as an agrregator Group. 

If you’re ready to take the next step in your career as a Mortgage Broker, apply now to join our team at Credit Hub Australia.

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