Often when it comes to comparing Life Insurance for miners there are a number of very important considerations to consider.
In particular, it is not always what is obvious that is important, you need to also dig a little deeper into existing policies to ensure you are comparing like for like.

Where to Start and How to Research your Existing Insurance

The first place to start is to always call through to your existing insurance provider and start asking questions, the more information you have on your existing product the easier it will be to compare what else is out there in the market, here are some great questions to ask your current insurance provider;

• How much is my premium? (monthly, bi-annually or annually and are there any loadings on my payment frequency i.e. it often costs more to pay monthly)
• Are there any exclusions on my policy? (this is really important to establish if there are any non-standard exclusions, particularly for miners as some insurers will exclude you for underground work)
• What structure is my current premium? (Stepped, level or unitised - this is extremely important to calculate the short and long term cost of your insurance)
• Are there any loadings on my policy (important to establish if you have any premium loadings for previous medical conditions or high risk occupations or sports)
• Have I accrued any bonuses or premium discounts on my policy? (often insurers provide incentives for longevity and it is important if you will loose any of these)
• Is my policy linked to any other insurances and will I loose any discounts on my other insurances if I cancel it?

The above list is by no means an exhaustive list of questions you should be asking, but it is a place to start and an example of what a good Financial Adviser will ask the Insurer if they are making inquiries on your behalf.
Take the time to fully understand what you currently have in place before you make any changes, as once you cancel your policy it cannot be reinstated.

Critically, if you do decide to change your insurance it is very important for you to establish your new cover BEFORE you cancel your existing cover. This will ensure that if your medical, work or other circumstances have changed since establishing your old policy and you can no longer get the same benefits, then you can decide not to proceed with the new cover and leave your existing insurances in place.

More Information

For more information on Life Insurance please speak with your Financial Adviser or contact us directly. We will compare all the different insurers in the market and make sure you make the right decision for you and your family now and moving forward.

Please note that the information in this article has been provided for information purposes only. It does not take into account any of your personal circumstances and should not be seen in any way as advice or as a recommendation.

To obtain a quote on your miners insurance simply complete our online quote request.