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Frequently Asked Questions

OASIS INSURANCe - life insurance SPECIALISTS

Personal Insurance can make a huge difference to your life and the lives of those closest to you. Aside from giving you peace of mind that the things you’ve worked hard for will be protected in the event of your illness or death, there are many other options and benefits that may be available to assist with adapting to the changes this will bring, such as:

Accommodation

For an immediate family member in the event you are hospitalised more than 100km from home

Financial Advice

Help to make the most of a lump sum insurance benefit

Grief Support

Counselling for bereaved family members

Rehabilitation

Helping you get back on your feet physically, emotionally, and financially through professional allied health support programs or job retraining

It’s good to know

Your OASIS Insurance Adviser can help you tailor cover to suit your needs, to protect your assets, loved ones and future. Our qualified Advisers will help you understand your options and make the right choices. Our flexible product range ensures:

You can choose a premium to suit your lifestyle, budget and needs

It’s easy to make changes if your circumstances change

You are not locked in – all policies come with a cooling off period to ensure you are happy with your decision

You are covered even if you travel or move overseas

Meet Anna and Charlie

Anna and her husband Charlie worked hard to buy their first home in time for the arrival of Angus, their second child. Anna is a family lawyer and Charlie runs a successful electrician business with young apprentices under him. Anna’s work means she often sees families disrupted due to illness, stress or financial ruin. Charlie wants to support his young family and provide his apprentices with reliable employment. A couple of years ago, Charlie was injured at work. It was a close call and spurred them to take a look at their finances and consider their options for the future. Working with an OASIS Insurance Adviser, they took up life insurance and income protection cover for each of them.

“We are so grateful knowing we are covered should anything happen. We’ve both worked too hard and our family is still so young not to protect what we have.” Anna.

It’s a good life. Be sure to protect it.

OASIS Life Insurance

Information and support

Taking out any sort of personal insurance involves considering scenarios that can be difficult to comprehend. That’s why OASIS Insurance provides information that is easy to understand, answers your questions, and provides guidance in making the right decisions for the future. Below are some of our Frequently Asked Questions.

Frequently Asked Questions

How does Life Insurance work?

Life Insurance encompasses a range of different products designed to protect you and your family from events that can occur – including death, loss of income, total and permanent disability, and major illness. Some offer lump sum payments, others provide ongoing financial support. Oasis Insurance Advisers can help you choose the right cover for your circumstances.

Why do I need Life Insurance?
Life insurance is an essential part of life and of a sound financial plan. Most people understand the importance of life insurance to protect their assets, future and loved ones, yet many wait until an important life event or health-scare prompts them to secure a policy. Life Insurance is an investment in your peace of mind and the sooner you obtain it, the less pre-existing condition exclusions are likely to apply and the more affordable your policy is likely to be.
Which life insurance is the best?

The top 10 Australian retail Life Insurance providers offer similar cover with varying exceptions for certain occupations or pre-existing conditions. It can be difficult to understand and compare the different policy terms and restrictions. Oasis Insurance deals with all the top Insurers and our expert Advisers can help you decide which policy is the best Life Insurance for you.

Do I need Life Insurance or Income Protection (or both)?

Life insurance is designed to insure your life and pays a lump sum of cash to your dependants if you pass away or suffer a critical illness or injury. Income protection insures your income and pays up to 75% of your salary for up to two years if you are temporarily unable to work due to illness or injury.

Do I already have insurance in my Superannuation?
You may already have some level of life insurance through your Superannuation however the amount of cover is usually low, payouts can be delayed, and there could be tax implications for death benefits. Oasis Insurance offer a free insurance and superannuation check to ensure you have the cover you need.
Is Life Insurance tax deductible?

Income Protection Insurance premiums are generally tax deductible for most taxpayers, however personal Life, TPD or Trauma Insurance premiums are usually not tax deductible. If you are purchasing cover for business purposes, you should speak to your accountant or financial Adviser to determine your tax implications.

Can I nominate more than one beneficiary?
Yes. We can work with you to nominate whomever you choose. If you nominate to include more than one beneficiary, you will need to decide the proportion of the total benefit you’d like each to receive at the time of selecting your cover. You can update beneficiaries at any time.
What if I want to change my policy or level of cover?

It’s easy to change your policy should you need to. Speak to your Oasis Adviser or email cover@oasisinsurance.com.au the details and we will be in touch to ensure your new requirements are accommodated and that you understand what those changes mean for you.

What happens if my health changes after I’m covered?

It’s important to discuss any pre-existing medical conditions with your Adviser when applying for any life insurance product. Once you are covered, you will remain insured even if your health changes.

What are the risks associated with under-insurance?
Reports show that almost 95% of Australian families are underinsured, meaning they either have no insurance or have paid for an insurance policy that doesn’t cover the full cost of their potential loss or the financial impact on themselves and their family or business. Not having insurance can erode savings and assets or result in significant financial hardship.
Life insurance for your mortgage – do you need it?
Reports show that almost 95% of Australian families are underinsured, meaning they either have no insurance or have paid for an insurance policy that doesn’t cover the full cost of their potential loss or the financial impact on themselves and their family or business. Not having insurance can erode savings and assets or result in significant financial hardship.
Why get insurance through an Adviser rather than direct?
Purchasing an insurance policy direct is often convenient (buy over the phone or sign up online) and appears to be the cheaper option, however Direct Insurance provides limited cover, your premiums increase with age, and underwriting is only done at the time of claim, which results in a high percentage of claims being rejected. Applying for Insurance through a Financial Adviser or Authorised Representative will ensure your policy is underwritten at the time of application, and their guidance and advice will help you choose the cover best for you. Retail insurance policies provide extensive cover which means you can be sure of better insurance coverage with lower premiums, and a high claim approval rating.
Is purchasing insurance direct cheaper?
Overall, no. Direct insurance products offer limited features and benefits and restrict your premium payment options as you age, meaning you pay more as time goes by. Retail insurance products (via an Adviser) provide more cover, better suited to your needs for less money over time.