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Five Ways to Get the Best Life Insurance Cover

According to Rate Detective, an insurance comparison tool, only 22% of Australians believe they have adequate life insurance cover. If you’re among that 22%, then it’s time to re-evaluate your life insurance cover.

Buying the best life insurance cover for you is a matter of several factors, including the type – or types –  of cover you need, how much you can afford, and what your family or other beneficiaries need. When all these factors come together, it’s a lot easier to get the best life insurance cover.

1. Know What Type of Cover You’re Looking For

There are different types of insurance that fall under the life insurance category. The best known is, of course, as term life insurance, also known as death cover, which pays your beneficiaries a specified amount of money upon your death. Another type of life insurance is income protection insurance, which replaces your income should you become disabled or unable to work due to an injury or illness.

2. Know What You Can Afford

Like any insurance, life insurance comes at a cost. Before you begin to shop around, know how much you can afford to pay for life insurance cover. Life insurance policies are often payable monthly, quarterly, or yearly; determine how much you can afford to spend per month on life insurance in order to know how much cover you can comfortably purchase. Many insurers will offer discounts for yearly lump sum payments; save as much as you can to put toward the costs of your life insurance cover before actually making a purchase.

3. Know Your Life Insurance Needs

Your life insurance needs vary depending upon your situation. If you’re a single who simply wants to leave enough insurance to pay off a debt or provide a modest inheritance for a loved one, your life insurance needs are vastly different than those of a married parent of three small children. Determine how much insurance you need to leave your beneficiaries upon your death. If you have dependents who will need your income in the event of your death or disability, multiply your yearly income by the number of years you wish to provide your income for your dependents, then add five to ten percent to cover inflation.

4. Know Which Members of Your Household Need Insurance

Buying life insurance is a personal matter, but when it comes to a household, each member needs to be taken into consideration. Any member who makes a significant financial contribution to the family needs to have life insurance, regardless of whether the member is retired, or still working. If you’re a two-income family, both members need to be insured, even if one out-earns the other.

5. Know Where to Get Advice

It’s easy to compare life insurance cover online, but if you’re unsure about how much life insurance cover you need, or do not know what types of life insurance are best for you, then you should talk to an insurance professional about your options. An insurance adviser can help you to sort out your life insurance cover needs, and assist you in determining the best cover for you.

Here’s How You Do It:

Step 1: Select your state below.
Step 2: Once you answer a few questions, you will have the opportunity to compare quotes from up to 10 of Australia’s largest insurers. You may also be entitled to a free consultation.'s online quote comparison tool makes it easy to get quotes from 10 Australia's biggest life insurers