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Set yourself up for the future with SMSF life insurance

Life insurance can be especially tricky when you have a self managed super fund. We can help you think outside the box, giving you the tools to structure your life cover so it gives you the most benefits.

Whether you’ve got questions about superannuation rebates or simply want cheap, self-service life insurance, our experts can help. They’ve been in this business for a long time, so they’re well equipped to listen to your needs and provide professional insights. Not only will you get free quotes, but our life insurance specialists will be with you every step of the way—it’s all part of the service.

Here’s what you need to know about Life Insurance Policies...
  • Most Australians are inadequately prepared for the financial devastation that follows when losing a loved one. When a family loses one income due to injury or death, the ripple effect can be huge. Dependable life insurance cover means that you don’t have to worry about paying the bills in the aftermath of a tragedy, and can focus on what matters the most: your family.
  • Compare policies from up to 9 different life insurance companies to find a great deal on affordable coverage. Switching is easy and convenient; you choose a cheaper life insurance policy and we’ll help take care of the paperwork. There’s never any fee charged for our services, so we’ll save you time and money. When you compare life insurance with us, you make an informed decision about which policy offers your family the most value.
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How Frank Consolidated Policies & Saved $4,000 On Life Insurance
Frank, NSW
Comparing policies was his first step

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.

How Maggie Saved On Life Insurance
Maggie, VIC
Funding her premium through her Self-Managed Super Fund.

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.

How can I get the best policy for the lowest price?
How much life insurance do I need?

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.

How does life insurance work?

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.

How much does life insurance cost?

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

 

How do I get the best life insurance?

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:

Amount insured: Policies offer different minimum and maximum amounts of cover, so look for one that meets your needs.
Adjustable cover: Your policy may allow you to adjust your cover, though it could require a medical exam.
Occupation types: Premiums can vary depending on the risk level of your job, so be sure you’re covered.
Life insurance reviews: Read reviews on life insurance companies to get an idea of their customer satisfaction levels.
Policy benefits: Different policies have different ways of distributing certain benefits, such as funeral expenses or financial planning services.
Combined cover: Term life cover that can be combined with Income Protection, Trauma, or TPD insurance.

Following are examples of some of the benefits and discounts offered by some of Australia’s major life insurance providers.
AIA
Zurich
  • Family Benefits: Lump sum of up to $20,000 if one of your dependent children is diagnosed with a terminal illness or passes away.
  • Premium Freeze: Flexible option to keep your premium the same each year by reducing the sum insured
  • Financial Planning Benefit: Up to $3,000 back to cover financial advice obtained in regards to managing your claims payment
  • Insure for the Future: Increase your amount insured without providing further medical evidence when you experience a major life event
  • Multi-life discount: 10% discount on the second life insurance policy when two applications are submitted simultaneously.
  • Round-the-clock worldwide cover
  • Cash advance benefit: An advance payment of $15,000 while the claim is being settled to help with funeral expenses.
  • Flexible cover: Lump sum cover amounts range from $50,000 to $1.5 million
Frequently Asked Questions
Q : How do I get cheap life insurance?
A:

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:

  • Review your policy regularly. Major life events like having a baby or buying a house can affect the amount of cover you need.
  • Understand the cover you have. It’s possible you already have some level of cover through your superannuation, so you could save by consolidating cover.
  • Live a healthy lifestyle. Smoking can drive up the cost of your policy, as can drinking alcohol or having some medical conditions.
  • Take advantage of discounts. Insurers may offer discounts for holding multiple policies or for paying premiums in advance.
  • Shop around. Compare life insurance quotes online with LifeInsuranceComparison.com.au to find a low-cost policy
Q : What are the benefits of life insurance?
A:

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.

  • Young single: Consider income protection insurance, which would supplement your income if you were unable to work due to illness or injury.
  • Young couple: It’s not just you anymore! If you and your partner have taken on any debts, life cover means that your spouse will not be hit with the bills if you were to pass away.
  • Starting a family: When children enter the picture, life cover becomes even more important. It provides the financial cushion to help your young family maintain its lifestyle, so your spouse doesn’t have to bear the burden on a single income.
  • School-aged children: As your family grows, new expenses arise, such as education or investment opportunities. If one parent passes away, child care expenses may also become part of the family budget.
  • Children leaving home: When your adult children leave home your financial commitments may reduce, so it’s a good time to reassess your life cover needs, especially in the run-up to retirement.
  • Retirement: At this stage, life insurance can give you peace of mind that the money you’ve saved over the years is safe. It can also cover any unforeseen medical or funeral expenses as well as outstanding debt, so those don’t fall on your family.
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