If you have a spouse, children or other family, and you work to support them, you may be concerned that they would not be able to support themselves financially without you. A solution is to take out adequate life insurance, but there are so many options – how do you compare them? Here’s how to get some useful quotes in 5 steps.
1. Try An Internet Search
Go on the Internet and search for “life insurance comparison” or a similar phrase that sums up what you’re looking for. That will bring up a search results page listing many websites that help you to compare life insurance from several insurance companies all in one place. Choose one site from the first page of results, and click through to it.
2. Read the Consumer Information Provided
On the insurance comparison website, there will usually be some information about how life insurance works, and also some information on how to use the comparison site. Read this information before you enter your details, and make sure that you are entirely happy with the information provided before you hand over personal information.
If you have any queries that are not answered by the website, you may want to research these issues further and then return to continue your comparison. You can phone or e-mail the contacts provided on the website, and they will be happy to help you gain a better understanding of your life insurance options. That way you can decide what cover you’re likely to want, before you proceed further.
3. Getting Quotes
Now it’s time to look at the quotes and compare your options. The insurance comparison website will have a form into which you enter some personal information and contact details. It will typically include questions such as how much life insurance you require, whether the cover is for an individual or a couple, how long a policy term you want, and whether you are a smoker.
4. Compare Prices
When you have provided all the information required to get a quote, the website will take a moment to search for policies that meet your stated needs. A range of quotes will be displayed to you, usually from a number of different companies. You be shown premium quotes for the stated amount of cover, with links to take you to the website of the insurer offering each policy. At this point you can also request another quote, perhaps for a different amount of cover or a different term, to look at the impact those changes have on the premium.
Making Your Choice
Visit the websites for a few of your favourite options, and look over the policies in full if possible. The cheapest quote is not always the best. For example, the cheapest may not include terminal illness cover in their policy, whereas another company who charge a little more may include this. If terminal illness cover is something you want, that may help you to choose.
If you have trouble choosing, speak to customer service representatives at a few insurers, and use the level of customer care you receive as another way to compare your choices.
Still have questions? Let's talk!
Confused? Not sure if this applies to your situation? Phone us on 1300 904 624 for some free, no obligation advice!