Life Insurance is a personal insurance type which pays a lump sum benefit to your nominated beneficiaries upon your death or upon diagnosis of a terminal illness.
We compare life insurance across the major Life Insurance Companies in Australia:
- The benefits of life insurance
- When should I take out a life insurance policy?
- How much does life insurance cost?
- Which life insurance companies do you compare?
- How much life insurance do I need?
- When can I take out a life insurance policy?
- At what age will my life insurance policy expire?
The benefits of life insurance
A life insurance policy can provide:
- A lump sum benefit upon your death or diagnosis of a terminal illness
- Peace of mind knowing your family, loved ones or other beneficiaries are financially looked after when you pass away
- A funeral advancement benefit to help your beneficiaries pay for the immediate cost of your funeral
Your lump sum benefit can be used in any way your beneficiaries see fit but it can be used to help pay for:
- Any outstanding mortgage or other debts
- Your family’s day to day living expenses
- Your family’s life style expenses
- Children’s medical expenses
Furthermore, a life insurance benefit can allow you to give back to community organisations you want to make a contribution to or it can be used to set up a trust for your children’s future.
When should I take out life insurance?
You should consider taking out life insurance as soon as possible as your health status may change – essentially you will never be as healthy as are right now. You should also consider what ongoing commitment or obligations you have.
In most cases, people consider taking out life insurance when a major personal event happens in their life, such as;
How much does life insurance cost?
The cost of your life insurance will be dependent on a number of factors, including:
- The level of cover your applied for
- The base rate premium offered by your insurer
- Your chosen premium option: Insurers generally offer Level, Stepped and Hybrid premium options.
- Age: Generally the older you are, the more expensive your insurance will be.
- Gender: As women generally have a higher life expectancy compared to males, they generally pay cheaper premiums.
- Smoking Status: If you are a smoker or have smoked in the past 12 months, this can affect the cost of your premiums.
- General Health Status: It is vital that you disclose all pre-existing medical conditions at the time of your policy application.
- Additional cost policy options: Our life insurance partners generally offer a number of additional cost policy options that are designed to further enhance your policy.
When you go through a life insurance quote comparison, it is always vital that you fully disclose any pre-existing medical conditions and your smoking status.
Also, speak to your financial adviser about your options when it comes to your life insurance policy, particularly around affordability issues. Make sure you ask them about combined or bundles policies and premium types.
Which life insurance companies does Life Insurance Direct compare?
We compare the leading life insurance companies in Australia, to give our clients choice, transparency and options when we provide a quote comparison.
How much life insurance do I need?
Deciding on how much life insurance you need is a personal decision. It will often come back to considering what financial and family obligations you have, including:
- Mortgage or rent payments
- Debts, including car leases
- Day to day living expenses
- School and university fees for your children
- Lifestyle expenses
It is always important to consider WHAT amount you need and WHAT amount you can afford.
When can I take out a life insurance policy?
At what age will my life insurance policy expire?
The life insurance companies we compare generally offer life insurance policies which expire at the age of 100, however please consult the PDS before making any decision as this may change between insurers.
Life Insurance Direct can help you compare quotes, policy options and built-in benefits across a range of the leading life insurance providers in Australia. Call us now on 1300 882 762 or put through a quote request in the form above.