FAQ's:

Why is my application (and the premium I pay) assessed on my individual circumstances?

There is a fundamental difference between how you apply and pay for health cover compared to Life, Critical Illness or Income Protection cover.

All health insurance funds are required by law to provide insurance regardless of a person’s health status, its called community rating. Health funds cannot charge higher premiums based on whether a person is more likely to require treatment. Waiting periods and pre-existing condition rules may apply, but are based on time, not factors such as a person’s age, health status or gender.

Life Risk Insurance is however based on assessing each individual, its called underwriting. By doing so insurers can make cover more affordable, accept higher sums insured, and create better quality products by pricing for each risk.

How will TOWER calculate my premium?

Standard premiums rates are based on the applicant’s age, gender, smoking status, occupation and amount of cover required. Your premium may deviate from standard rates if through the application process a particular increased chance of claim is identified. For instance the insurer will need to know information about your health and lifestyle as well as family history & medical history. If a particular risk is identified the insurer may alter the terms of cover.

When will the insurer require more information about my application?

If a particular increased chance of claim is identified in the application process, the insurer will firstly phone you to gain a complete understanding of your situation – this is the fastest and easiest way to ensure no unnecessary loadings or exclusions are issued – this will usually take no longer than 10 minutes.

How long will the application take?

You can complete your application over the phone in usually less than 20 minutes with a TIS representative. If further information is required to complete your application we aim to have all applications completed within 3 days.

Is my personal information confidential?

Yes. We are committed to protecting your privacy. Information supplied by you will only be used to offer, arrange and issue the insurance. For more information about our Privacy Policy.

Can my partner and I get a joint policy?

Yes. If you apply with your partner TOWER will waive the policy fee on one application.

Am I covered if I travel overseas?

Unless there is a specific exclusion on your policy that advises otherwise, you would be covered by TOWER's Accelerated Protection Plan 24 hours per day, 365 days a year.

Will premiums increase with age?

Premium rates are based on the life insured’s age. On each anniversary of the policy commencement date the premium rates will change (usually increase) in lline with the age of the life insured.

I quit smoking do I need to disclose this?

Yes. If you have not smoked for over 12 months, call TIS to see if your premium rate can be reviewed.

What is the '28 day cooling off period'?

TOWER offer a 28 day cooling off period. The 28 days start on the policy commencement date. If you do happen to change your mind before the end of the cooling off period, you can return the policy document and policy schedule to TOWER with a written request to cancel the policy. Naturally your premium will be promptly refunded.

Will TIS consider my financial circumstances in providing my quote?

We will help you understand the TOWER's Accelerated protection plan by providing general advice about the product, its features and benefits that can help assist members. However, Because we don't know all your financial needs, we can't advise if the insurance product will suit you. You should read the Product Disclosure Statement to decide if the product is appropriate for your needs before making a purchasing decision. To download a copy of the FSG and PDS click here.