My Lifestyle
Buying life protection means, if something unexpected happens to you or your partner, you could pay off what’s left of your mortgage and leave some money behind for your family.                     When taking out a mortgage, it's important to think about how you you’re going to protect your key assets – your home, your family and your ability to earn an income.                     As a general rule, any life benefit paid will not be subject to income tax.                     1 in 6 men suffer a disability between the ages of 35 and 65 that leaves them unable to work for 6 months.                     Income protection with the Lifestyle_ Protection Plan is designed to pay the income protection benefit you select if you can't work due to injury or illness.                     Select between $100,000 and $750,000 for life protection.                     1 Australian dies every 10 minutes from cardiovascular disease.                     For every home lost through fire, there are 52 lost through either death or sickness or accident.                     The Lifestyle_ Protection Plan gives you the flexibility to take out only the protection you need and can afford.                     Income protection benefits under LPP accrue from the 1st day of illness or injury.                     An application for the Lifestyle_ Protection Plan can be completed in 15 minutes as part of your home financing interview.                     Life protection with the Lifestyle_ Protection Plan is designed to pay the life protection benefit you select if you die or become terminally ill.                     With the Lifestyle_ Protection Plan, you are covered at work, at home, at leisure, worldwide, 24 hours a day, 7 days a week and 365 days a year.                     You don't need to have a medical examination to buy the Lifestyle_ Protection Plan.                     You may select between $1,000 and $5,000 per month in income protection.                     Select between $100,000 and $750,000 for life protection                     Select between $100,000 and $750,000 for life protection.                     Apply for up to $3,000 in income protection without proof of income.                     The Lifestyle_ Protection Plan is issued by TOWER Australia Limited.                     Protection is made more affordable when you select to pay your premium with your mortgage settlement.                     Your income protection premiums may be tax deductible.                     Enjoy your new home or investment knowing you're protected if the unexpected happens.                     Life and income protection is not really something most people care about…until they need it!                     It's estimated that a full time worker on average earnings with young children needs $500,000 to $650,000 in life protection.                     A 2005 study showed the average level of life cover through superannuation was only $70,000. This is not enough to cover the average new mortgage in Australia.                     Taking out the Lifestyle_ Protection Plan earlier in life, and using your continuation option, means you can remain protected regardless of any changes in your health.                     Your protection benefit does not need to be linked to your home loan or home loan repayment amount.                     Lifestyle_ can offer you protection for your life and income that can be finalised in a matter of minutes. Talk to your mortgage broker today!                     The average Aussie family needs 38% of their income to pay loan repayments. Income protection can help you keep up with your mortgage repayments if you’re sick or injured!                     1 in 4 women will suffer a disability between the ages of 35 and 65 that leaves them unable to work for 6 months.                     

Broker resources   

 

The Lifestyle_ face-to-face sales model has been withdrawn from the market.

 

It has been replaced with a phone-based model known as the Outsourced Insurance Program, where TOWER agents offer protection to customers on behalf of mortgage brokers.

 

By signing up for the Outsourced Insurance Program you can expect:

  • To earn extra commission;
     
  • That your customers will be treated with respect;
  • To add an active new offering to your business; and
  • To leave it to the experts.

 

If you're interested in finding out more about the Outsourced Insurance Program, please email us at afg@toweraustralia.com.au.  

 

 

 

The future for LPP policies

If any of your customers have an LPP policy, they should be confident that TOWER will continue to service their policy and pay any claim that meets the necessary requirements.

If you have any questions about any LPP policies, please call 1300 793 608.