When it comes to applying for a life insurance policy, there a number of ways you can make your policy more affordable for you:
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Generally, smokers pay higher rates than non-smokers do. Most life insurers will classify you as a smoker even if you have had 1 cigarette in the last 12 months. By quitting smoking, you may not only receive a major health benefit but you may also be able to reduce your premiums.
|Amount of Cover||$1,000,000||$1,000,000|
|Monthly Premium (Stepped)||$76.97||$46.48|
Generally, the younger you are when you apply for cover the more affordable your premiums will be.
Premiums increase as you age because you present a greater risk to the insurer the older you are. Generally, you are also healthier the younger you are and are less likely to have any serious medical conditions which could affect the price of your premiums.
|Level of Cover||$1 million||$1 million||$1 million||$1 million|
|Entry Level Base Monthly Premium*||$47.33||$59.33||$91.88||$173.77|
Know the level of cover your need
An easy way to save on your policy is making sure you are only applying for the level of cover that you need, which may be enough cover to pay off your mortgage and other debts and leaving enough money for your family.
Choose the right premium style
Insurers generally offer two premium choices:
Having choice is one of the best ways you can make sure you save on your insurance. We compare the leading insurers in Australia and present you with a quote from each of those companies so you can not only see the premiums each company charges, but you can also decide which one best suits your needs.
Insurance through superannuation
Did you know you can take out a life cover policy through your super fund? While many industry super funds have default policies, you can also generally take out fully comprehensive insurance policies.
As your premiums are funded by your super fund, this can potentially save you money over the course of your policy. However there are a number of things you need to be aware of, including that your super balance could be eroded by the payment of premiums and the limitations with a number of insurance types when they are taken out through super.
Speak to an adviser
Speaking to a financial adviser is one of the most sensible and important things you can do when it comes to saving on insurance. A financial adviser can take you through your options and guide you through the process. They can help with deciding how much cover you need, the appropriate premium style, how best to structure your policies and what types of insurance you need.