what does life insurance cover

Life insurance typically provides a financial payout to your nominated beneficiaries in the event of your death. It can help cover expenses such as funeral costs, outstanding debts, and provide financial support for your family. The specific coverage details can vary depending on the policy you choose.

what are common exclusions in life insurance

Common exclusions in life insurance policies may include death due to suicide within a specified period, death resulting from engaging in high-risk activities, and pre-existing medical conditions not disclosed at the time of application. It's important to read the policy terms to understand all exclusions.

how does life insurance work

Life insurance works by paying regular premiums to an insurer in exchange for a lump sum payment to your beneficiaries upon your death. The amount and terms of the payout depend on the policy you select. It's essential to keep the policy active by maintaining premium payments.

can life insurance be used to pay off debts

Yes, the payout from a life insurance policy can typically be used by beneficiaries to pay off debts such as mortgages, personal loans, and credit card balances. This can provide financial relief and stability for your loved ones during a difficult time.

Life Insurance

Life insurance and personal financial planning are not general insurance products and are not arranged by Ipswich Insurance Brokers. These services are provided by separately licensed financial advisers.

What is life insurance?

Life insurance provides a financial benefit to beneficiaries on the death or terminal illness of the insured person. It is a financial planning product — not a general insurance product — and is regulated differently from general insurance. It requires advice from a qualified financial adviser operating under an appropriate AFSL.

Who provides life insurance advice?

Ipswich Insurance Brokers refers life insurance and financial planning enquiries to Gold Coast Financial Advisers, a separately licensed financial advisory business. Gold Coast Financial Advisers is staffed by qualified advisers authorised to provide advice on life insurance, income protection, superannuation and retirement planning.

For life insurance and financial planning enquiries, please visit Gold Coast Financial Advisers or use our Life Insurance referral page to be connected.

What Ipswich Insurance Brokers arranges

Ipswich Insurance Brokers arranges general insurance products — home, business, farm, motor and specialist risks. We are not licensed to provide life insurance or financial planning advice. If you submit an enquiry to Ipswich Insurance Brokers about life insurance, we will refer you to Gold Coast Financial Advisers and provide their contact details.

The difference between general insurance and life insurance

General insurance (what Ipswich Insurance Brokers arranges) — covers specific assets and liabilities against defined events for a defined period. Examples: home insurance, business insurance, motor insurance.
Life insurance (what Gold Coast Financial Advisers arranges) — provides a financial benefit on death, disability, illness or loss of income. Includes term life, TPD, income protection and trauma insurance. Requires advice from a licensed financial adviser.

Why the distinction between general insurance and financial planning matters

Insurance products in Australia are divided into two regulated categories. General insurance products — home, car, business, farm — are governed by the Insurance Contracts Act and arranged by general insurance licensees. Life insurance and investment products are governed by the Corporations Act and require a financial services licence with specific authorisations for personal advice on financial products.

A broker authorised to arrange general insurance is not automatically authorised to provide advice on life insurance or superannuation. Providing advice on financial products outside your licence authorisation is a breach of the law. our CBN authorisation allows us to arrange and advise on general insurance only. This is why we refer life insurance enquiries rather than attempting to arrange them.

For clients who need both general insurance (arranged by Ipswich Insurance Brokers) and life insurance or financial planning (arranged by Gold Coast Financial Advisers), both sets of advice can be obtained from within the WebInsure group — each provided by appropriately licensed professionals under their respective AFSLs and FSGs.

Key considerations for life insurance and financial planning

Seek advice from a licensed financial adviser. Gold Coast Financial Advisers, our associated financial planning business, can assist. Life insurance needs vary significantly between individuals — income, dependants, debts and existing cover all affect what is appropriate. Do not purchase life insurance without receiving personal advice from a licensed financial adviser who has assessed your specific circumstances. Our Financial Services Guide explains what Ipswich Insurance Brokers arranges and what is referred.

About Ipswich Insurance Brokers

Ipswich Insurance Brokers is a Steadfast and CBN member broker operating under an Australian Financial Services Licence. We act on your behalf — not on behalf of any insurer. We compare options across a broad panel of approved insurers, arrange cover, provide documentation and support claims. We are remunerated by commission from the insurer, disclosed in our Financial Services Guide. All information on this page is general guidance only — see our Disclaimer. For general insurance across your home, business, farm or motor needs, contact Ipswich Insurance Brokers directly on 07 3503 1404 or via our Contact Us page. Both general insurance and financial planning can be arranged within the WebInsure group by the appropriate licensed professional.

If you have a life insurance or financial planning need alongside your general insurance, Ipswich Insurance Brokers can refer you to Gold Coast Financial Advisers — a separately licensed financial planning business. General insurance and life insurance are distinct regulated products provided by separately licensed professionals. Our Financial Services Guide explains what Ipswich Insurance Brokers arranges. For life insurance and financial planning, Gold Coast Financial Advisers operates under their own AFSL and FSG.

If you currently hold a life insurance policy arranged through a previous adviser and want to review whether it remains appropriate, Gold Coast Financial Advisers can assess your existing cover and provide a statement of advice. They can also assist with superannuation strategy, retirement planning and other financial planning matters that fall outside the scope of general insurance. Contact us and we will connect you with the right person.