Frequently asked questions

What is a premium?

A premium is the payment you make to keep your insurance policy current and active. It is the payment you make to an underwriting (insurance) company. In return the underwriting company carries your financial risk as detailed in your policy agreement.

How often do I have to make a premium payment?

You can choose whether you want to make weekly, fortnightly, monthly, quarterly or annual payments.

How do I make a claim?

Generally speaking the following steps are necessary to make a claim:

Contact your underwriting company and request a claim form
Gather all required documentation and evidence
Forward the completed documentation to your underwriting company
Contact Abacus if you need guidance or assistance throughout this process

How can I know which policy is best for me?

With so many options available it takes specialist knowledge to work out which product will meet your needs best. With close to 20 years experience Abacus’ advisors has specialist knowledge which they will use to conduct a needs analysis with you and recommend the best product to best meet your needs and desires.

Do I need to work through a Financial Advisor like Abacus?

Yes. If you contact an underwriting company such as Sovereign, AMP, ING or AIA directly they will direct you to a specialist in your area. Underwriting companies like those listed develop insurance products in response to consumer demand. These companies do not sell directly to consumers as they don’t have the skills required to analyse your needs and present the best solutions.

Abacus advocates on your behalf to the underwriting company that has the best product for you. And with our years of experience we are in a very strong position to negotiate the best deal. We are specialists with a suite of products from a range of underwriting companies at our finger tips.

What is an underwriting company?

An underwriting company is the company that your policy agreement is with. It is this company that carries the risk on your policy and will pay out any claims that are approved. Your premium payment goes directly to your underwriting company.

How do I know I am getting value for money?

As with many products and services there is a range of prices and a range of quality within each product category. Our advisors can show you what benefits you can expect from the various products and how each product and underwriting company ranks according to industry measurements. We take away the guess work.

How much will it cost me to use Abacus’ services?

Nothing! Abacus does not charge you for services provided. Abacus receives commission from the underwriting insurance company you choose.

What is waiver of premium (WOP)?

Where WOP is not a built-in benefit, it can be added on to some products as an optional extra. It removes the burden of paying premiums when you are unable to work due to total disability, saving you money when you need it most. Even though you may be disabled, you will still need to keep your life insurance and other covers going

How do I change ownership of a policy?

Fill in the form that is located at the back of your policy document then post it to your underwriting company. Give us a call at Abacus if you have any difficulties.

What do I do if I can't find my policy documentation?

You'll need to complete a lost policy declaration. Contact us and we we'll send one out to you. Your underwriting company may charge you a fee to issue new documentation.

How do I find out the value of my personal savings or superannuation plan?

Please phone Sovereign directly on 0800 500 108. Make sure you have your policy number available.