Life Insurance, Income Protection, Trauma and Total and Permanent Disability Insurance can provide you and your family with vital protection when you need it most, so it’s important that you know exactly what you are covered for should you need to claim.
By disclosing all the relevant information upfront during the application process, you will have the peace of mind that comes with knowing exactly what your policy covers.
What is your Duty of Disclosure?
Under the Insurance Contracts Act 1984 (Cth), the life insured is required to disclose anything that may be relevant to the insurer’s decision whether to accept the risk, and if so, on what terms.
This could be pre-existing medical conditions, doctor’s visits, your family’s medical history, occupational duties or hazardous activities, such as skydiving.
Even if you have fully recovered from a medical condition or it is well-managed, it is still important to disclose it in your insurance application.
Your duty of disclosure and the application process
The law requires you to disclose all relevant information when completing your application with Lifebroker. This means you must disclose any conditions or history, which a reasonable person in your circumstance could be expected to know when you apply.
If your health or circumstances change from the time your application is submitted, to when your insurance policy is issued, you must make Lifebroker or the insurer aware of these changes.
If you are unsure of what should be disclosed, it is better to share any new information that may affect the insurer’s assessment of your application with your Lifebroker insurance consultant.
The benefits of disclosing upfront
By fully underwriting the policy and disclosing important information upfront, you will know what you are covered for when your policy commences.
The also means the process of making a claim will be much easier and more efficient at what can be a very stressful time for you and your family.