Life insurance is a contract where the insurer pays a sum to a designated beneficiary upon the insured's death, providing financial security for loved ones. It covers expenses like funeral costs, debts, mortgage payments, and education.

Generally, no, but life insurance can have different tax supports depending on the policy and ownership. If the policy is purchased through a Self-managed super fund (SMSF), you may be able to claim premiums through your annual tax return under certain circumstances. It is recommended to review the Product Disclosure Statement (PDS) to make sure you understand how the policy works as it can vary from insurer to insurer.

Consult a tax advisor for personalised advice.

Underwriting in insurance assesses risk to determine coverage and premium costs, considering medical history and lifestyle.

They ask questions to understand your medical, financial and family history. As well as information about your work, involvement in sport, pastimes and lifestyle.

This process is done to help the insurer identify higher risk elements of your cover which may lead to loadings, exclusions or denial of cover.

Private health insurance covers medical expenses like hospital stays, doctor visits, and prescription medications, reducing the financial burden of medical costs. Life insurance provides financial support to you and your family, upon your death, illness or injury. Covering expenses such as mortgage payments, funeral costs, and debts. It ensures your loved ones are financially secure long-term.

Blood tests for life insurance depend on the policy and provider. Generally, medical exams, including blood tests, assess health to determine risk and set premiums. No-exam policies exist but may have higher premiums and lower coverage.