Frequently Asked Questions

Are you authorized to provide advice on the amount of cover I should have?

Yes. We have fully qualified Insurance Advisers who specialise in Life Insurance

Participating Life Insurance Funds

iSelect Life compares products from the following participating Life insurers:

  • AIA
  • AMP
  • MACQUARIE LIFE
  • TAL
  • Zurich

In certain limited circumstances, we may also include products from the following wider participating partner list in our comparison:

  • ASTERON
  • BT Financial Group
  • COMMINSURE
  • (MetLife (funeral products only)
  • MLC
  • OnePath

The following insurers offer a selection of life insurance product available for purchase online:

  • AMP
  • MACQUARIE
  • TAL

We will display online quotes for these products (subject to eligibility) however you may also be eligible for a wider selection of products available via our telephone advice service.

What are your fees? Do you get paid commission?

iSelect does not charge a fee for its advice or for finding you an appropriate life insurance provider. We are paid a commission by the recommended insurance company which allows us to deliver this service free to you. Please refer to our Financial Services Guide for further information on our fees and charges.

Do I need to have a Medical examination before taking out a policy?

In many cases no, but depending on your age, height to weight ratio and previous medical history etc will determine whether or not you will need a medical. In most instances it is not required. Our advisors will be able to identify if one is required and assist you in this matter.

Am I locked into the cover for a certain period?

No. You are able to cancel your cover at any time.

Am I covered whilst travelling overseas?

Yes usually, but you should check the policy wording as some will provide exclusions for example if you are traveling by unusual or unregistered modes of transport.

How do I pay my premiums?

You can stipulate on the application form as to which method of payment you prefer i.e. Credit card, monthly Direct Debit or Cheque.

Are there any tax implications?

Income protection premiums are generally tax deductible for Australian residents.

If a Term Life policy is not written through a superannuation fund, the premiums are not tax deductible to the superannuation fund and any proceeds recovered are not considered to be assessable income.

If a Term Life policy is written through a superannuation fund, the premiums are generally tax deductible to the fund. Taxation of death benefits depends on whether the benefits are paid to a dependent, non-dependent or to the Trustee of the deceased's estate.

As everyone's circumstances are different, we recommend you seek taxation advice from an independent tax adviser.