Life Insurance Quotes
Having made the decision take out life insurance it is vitally important that consideration is given to what each insurance company offers and to compare premiums. Individual circumstances vary and insurance companies will consider these and provide what is called a quotation or quote, which is tailor-made for you. In the past, the most common way of getting a life insurance quote is to call or go online to the websites of insurance companies, examine what each has to offer and finally determine which is the best for you.
Australian Life Insurance Companies
In Australia, the best way to proceed is finding a comprehensive list of insurance companies. An agency of the Australian Government called Australian Prudential Regulation Authority (APRA) provides a list of registered life insurance companies and this can serve as a basis for your research. Each company has a website and to ensure the wisest choice, each should be visited. There are approximately 30 companies currently on the list and it may seem to daunt to consider each but the task is made so much easier by being able to do this online.
What does life insurance cover?
You need to decide what sort of cover you want. The main ones you can usually choose between are:
- income protection insurance, which replaces your income should illness, accident or death mean that you can longer work,
- term life insurance, which provides a lump sum usually on death,
- tpd insurance, which provides a lump sum in the event that you are unable and unlikely ever to return to work or
- trauma cover, for you if you experience a specific trauma or become disabled.
Various products are designed for each of these purposes and there will be a general description of each product provided.
Quotes for life insurance
At some point you would want to find out the charge to you of each of these. Press the “get a quote” or “quick quote” button and you will be asked a series of questions. Insurance companies will need to know what sort of risk you are, therefore they would like to know your age, gender, where you live, occupation, health status, whether you are a smoker or not among other things. You will also be asked the value of the cover you want. Then a calculation of usually the monthly, quarterly or yearly payment you will need to make is provided.
Repeat this process noting the differences on what each company offers. When you finally choose, make telephone contact with the company concerned or with a financial advisor to ensure the best decision is made.
More On Life Insurance Quotes
More companies are doing business online nowadays and the life insurance field is one of them. Insurance quotes and policy information are readily available at a company website and online quotation forms are quick and easy to fill in. Due to the choice now available, a long list of potential service providers for insurance will probably be found that has to be scrutinised and minimised before choosing.
How to recognise good insurance quotes
First make sure you know what you’re after. That means reading up on the different types of life insurance cover that are available to you. Then hone in on the type of cover you want – death, disability etc.
Then you should look at your financial situation and needs. If you’re after death cover, work out all the things that you want paid for should you die, so your family won’t be left short. Your insurance should at least cover that.
Make sure you compare apples with apples and don’t take the first quote offered. It may well be the best, but you need to compare it to others and check out the details. When comparing policies, look for the same or similar types of cover and similar durations and limitations.
Also don’t just consider the cheapest quote. The larger, well known and reputable companies may offer something slightly dearer but it’s like anything – you get what you pay for. Their policy may cost a bit more, but may also offer greater benefits and coverage than cheaper lesser known companies. Ask friends who they are insured with and if they’ve had any problems with their insurance provider or do they give a good reference. Don’t trust reviews by people online as these can be made up easily.
When it comes down to comparing life insurance quotes, you must do your own research. Read the fine print of any policy to see what’s excluded and included, what if any special offers are available and do you pay extra for these?
Using an Independent Insurance Adviser
If you really need help in deciding which is the best life insurance policy for you, you can seek help from a qualified insurance adviser. Reputable insurance advisers are not concerned with selling a particular product, but more concerned in find the right policy for you. You’ll have to provide them with your financial situation and you can discuss your main options with them. They will be able to explain any insurance terms or jargon clearly and you’ll be able to ask questions of them.
Just fill out the life insurance quotes form on this page and one of our independent insurance advisers will compare life insurance products from all major insurance companies in Australia.