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Cover for a set period
Term-based policies provide protection for an agreed length of time, such as 15 or 20 years. A payment is normally made if the person covered dies during that period.
About Lotus Life Review
Helping you find the right protection
Lotus Life Review helps clients understand and arrange protection for the things that matter most. Our friendly, professional consultants search the market to help you find suitable cover at a competitive price.
Protection built around real life
Helping you understand your options before
choosing the cover that is right for you.
Friendly advice
Our consultants are here to help you understand the protection options available to you.
We search the market
We look across available policies to help identify appropriate cover for your circumstances.
Competitive cover
Our aim is to help you find the level of protection you need at a competitive price.
Understanding protection
What is life cover?
Life insurance is designed to provide a financial payment to your family or chosen beneficiaries if you die while the policy is in force.
Policies can work in different ways depending on the insurer, how long you want protection for and the type of cover you choose.
There is no single policy that is right for everyone.
The details, benefits and conditions vary between
providers, so understanding what you are buying is
an important part of choosing your cover.
Policy structure
Two common ways life cover can work
One of the first differences between policies is how long the protection lasts.
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Whole-of-life cover
Whole-of-life policies are designed to continue throughout your lifetime, provided the required premiums continue to be paid and the policy remains in force.
Choosing your cover
How the amount of cover can change
Within different policy types, you may also be able to choose how the amount paid out changes over time.
Level cover
The amount of cover is designed to remain the same throughout the agreed policy term.
Decreasing cover
The amount of cover reduces over time rather than remaining at its original level.
Increasing cover
The amount of cover rises over time in line with the terms of the policy.
Additional options
Other benefits may be available
Depending on the insurer and policy, some benefits may be included while others may be available for an additional cost.
Terminal illness cover
Some policies may provide a payment following a qualifying terminal illness diagnosis.
Waiver of premiums
Certain policies may include circumstances where policy premiums can be paid on your behalf.
Critical illness cover
Cover may be available that provides a payment following the diagnosis of specified critical illnesses.
Life event changes
Some policies provide options to alter your cover following certain changes in your life or circumstances.
Applying for cover
What happens once you choose a policy?
Once you have decided which option appears suitable, we can help you complete the application.
The insurer will normally assess the information provided before deciding whether it can offer cover and on what terms.
Accuracy matters
It is important to answer application questions fully and correctly. Incomplete or inaccurate information can affect whether a future claim is accepted.
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Choose your protection
Review the policy, the level of cover and the benefits that are appropriate for your needs.
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Complete the application
We can assist you through the application process and the information the insurer requires.
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Insurer assessment
The provider assesses your application before confirming whether it can offer you cover.
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Terms are confirmed
If cover can be offered, the insurer confirms the cost and the protection included in the policy.
The cost of cover
What can affect the price?
Insurers use several pieces of information when calculating the cost and terms of life insurance.
Your age
Your health
How long you need cover
The amount of cover required
Whether you smoke
Keep your policy in force
With many types of life insurance, premiums need to continue to be paid for the cover to remain active. If payments stop, the policy may end. Life insurance is generally designed as protection rather than a savings product, and most policies do not have a cash-in value.
Ready to talk about your protection?
Speak to Lotus Life Review about the options available for you and your family.