Life insurance is what keeps your family’s finances secure if you die or are diagnosed with a terminal illness. Life cover pays out a lump sum to your nominated beneficiaries that can be used however it is needed, which allows your family to maintain their lifestyle without suffering financially. At a time when your loved ones are grieving, not having to worry about money can make a big difference.
What types of life insurance are there?
Term life insurance/Life Cover: A lump sum payment that goes to your
beneficiaries if you pass away or are diagnosed with a terminal illness.
Trauma Cover: If you are diagnosed with a major medical illness or suffer an injury, trauma cover provides a lump sum that can cover your short-term expenses while you’re in treatment and recovery.
Total and Permanent Disability (TPD) Cover: If you become totally and permanently disabled and are no longer able to work, TPD insurance provides a lump sum payment.
Income Protection: If you are unable to work due to an injury or illness, income protection cover provides a monthly payment for a fixed period.
Find a cheaper premium after buying an identical policy from Us and get 200% of the difference. Learn more
Our team of life insurance advisers are here to help.
Our service is free to customers. We don’t mark up products.
Before he came to us, Frank was paying for three separate insurance policies that were costing him over $10,000 a year. He was frustrated and disappointed with his insurers but didn’t know where to start.
With the help from one of our Senior Advisers he was able to amalgamate his policies into one comprehensive plan. With a new yearly premium of $6,000, and an insurer that has paid out over $2 billion in claims to Australians over the past two years Frank’s family was better protected and he was paying less.
Frank has since returned to us and we’re helping him with his Income Protection claim. As he recovers from knee surgery this money will help him support his family while he’s unable to work.
After years of paying premiums to the same insurer Maggie found herself in trouble when they suddenly refused to renew her policy. Due to a change in her health and her finances, she was told that no insurers would protect her. That’s when she came to us.
Our advisers were not only able to get Maggie the peace of mind that an underwritten life insurance policy brings; they also helped her save a few thousand dollars on her yearly premium. She was even able to save on her out of pocket expenses by opting to fund the new premium through her SMSF (self-managed super fund).
Maggie is now in the process of upping her cover to include a Trauma Insurance benefit with the help of one of our Senior Advisers.
With our help she’s making the journey from uninsurable to fully protected.
The amount of life cover you need depends on your personal circumstances. Here are some factors to consider:
Existing debt: Your outstanding debts will likely fall to your family, so your life insurance should be enough to pay them off. This might include a mortgage, car loan, or credit cards.
Living expenses: Take stock of your regular bills, which will keep coming even if you pass away and your income is no longer there. This includes utilities, rent, grocery bills, and school fees.
Age of family members: How many children do you have and how old are they? This can help you determine the kinds of expenses that are likely to come up.
Family assets: How much money could your family access if needed? This includes cash savings, property that can be sold, and shares.
Life insurance works in a similar way to other types of insurance. You pay a monthly or annual premium to get financial protection for an asset, which in this case is you. If you pass away or you are diagnosed with a terminal illness, your nominated beneficiaries will receive a payout. The money can be used wherever it is needed, which is typically for things like mortgage payments, day-to-day living expenses, education, or childcare. The amount provided varies depending on the terms of the insurance policy, and once the payout is complete, the policy effectively ends.
An online life insurance purchase can offer a more comprehensive look at the market than life insurance direct from a single insurer. Compare today with LifeInsuranceComparison.com.au and know you’re making an informed decision on your life cover. You’ll even get professional advice from a life insurance broker, who will handle the paperwork and liaise with the insurer on your behalf.
Life insurance cost varies but can be surprisingly affordable. Recent comparisons show that a 5-star rated policy with 500,000 of cover for a female non-smoker in her 40s costs an average of $9.81 per week. The same policy for a male non-smoker in his 40s costs an average of $11.40 per week.*
The whole of life insurance premium depends on several factors, such as your age, lifestyle, health, and what job you do. All of these things contribute to your risk rating, which is what determines your premium. For example, life insurance for diabetics has different considerations than life insurance for non-diabetics. Many policies will require a medical exam as part of the risk assessment process, though no medical life insurance is also possible. Compare life insurance quotes online with LifeInsuranceComparison.com.au to find a low price on a policy that offers the cover you want.
*Figures from CANSTAR 2017 Direct Life Insurance Star Ratings and Awards
The best life insurance for your neighbour may not be the best life insurance for your family. The best life cover will tick the boxes for you on features, budget, and flexibility. Life insurance benefits cover a wide range of options and budgets so you can better find a policy that suits you.
Here are some features to consider when choosing the best life insurance policy:
Life insurance cost is one of the most important factors for many people when buying life cover. Finding cheap life insurance that delivers on value is a priority for Australians, and the good news is that it’s within your reach.
Recent comparison quotes show that a 30-year-old non-smoking female office worker can get $500,000 of life cover for as little as $18.42 per month. Premiums increase slightly with age; the same insurance can be found for a 40-year-old at $23.65 per month, or for a 50-year-old at $58.27 per month.
There are a few other tips that can help you find cheap life insurance:
The benefits of life insurance depend on where you’re at in life. What you need out of life cover at age 25 might look very different from what you need at age 55. It’s so important to review your life cover regularly to make sure continues to give you value for money.