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Life Insurance
For those who feel responsible for their partners, or have dependents that they wish to keep financially secure, life insurance offers the opportunity to give something to loved ones after passing away. Life insurance is a financial vehicle that can also act as investment, savings account and as a security all at once.
Free Life Insurance Quote - Call 1300 721 978 to speak with an advisor for a free consultation now or fill in the form below for someone to contact you.
You can use this page to get a free life insurance quote
Key features of the free life insurance quote
- Instant cover available
- Compare 500+ policies & options
- Save with a 20% rebate
- Quotes include all major insurance companies
- Your loved ones receive a lump sum payment if you die
Who is a potential candidate for life insurance?
Life insurance is not mandatory but most people choose to have life insurance as it offers a way of securing the financial future of your dependants after you have passed away. When a person passes away, if they have left a will their assets are passed on to their beneficiaries. What many people don't realize is that liabilities are also passed on in the same way. Some money lenders may waive debts in the event of death but some pursue the actual deceased estate, leaving you with a much reduced inheritance. Life insurance normally can pay out outstanding mortgages, any outstanding business debts and even outstanding school fees. However you need to check the particulars of your policy as terms change between insurance providers.
See the most common questions answered about life insurance.
What typically does a life insurance policy cover?
Life insurance comes in a number of forms but broadly there are two types, permanent life insurance and term life insurance. Permanent life insurance give you guaranteed death benefits even if you become ill shortly after applying for your policy. A permanent life insurance policy also has cash value so you can draw down from that sum if you wish, however, this does affect your payout on death.
Term life insurance also has a guaranteed death benefit for your beneficiaries but has no life time cash value. You are also only covered for the specific terms of the policy.
Once you have begun paying premiums, and as long as you continue paying them, you are fully covered in the event of death for the life cover you have selected with your policy.
The next feature is especially important. Each life insurance policy may have specific events that will exclude you from receiving a payout. One obvious example is suicide, some (but not all providers) may not pay out based on this event. However some providers allow it as additional extra. It always pays to read your policy details carefully. Never assume that you are covered for everything!
Furthermore some events may only be covered arfter a certain period has transpired. So for example, regarding suicide, you may need to hold the policy for a full 13 months before a benefit may be paid.
What typically does a life insurance policy not cover?
Term life insurance is a contract with the insurer based on a specific time frame. If you die soon after the expiration of the contract your beneficiaries receive nothing. Life insurance companies normally won't issue a policy if you have a pre-existing condition so once you have a policy a claim is more or less guaranteed in the event of death.
Additional insurance products that policy holders might take out in this area
Life insurance only covers you in the event of death. There are some other benefits that can be realized when you are still alive but those are minimal. To truly ensure that your beneficiaries are catered for in the event of an issue you will want to be fully up-to-date with your medical insurance and your disability insurance.
Additional coverage for a life insurance policy
The amount you pay as a premium dictates the guaranteed amount received in death. Additional coverage is only determined by additional premiums giving you additional funds in the event of a payout. Your life insurance cover should reflect how much you need to secure your beneficiaries financial future. This sum may change when you buy a house, or have a child, so review the amount of cover you need on an annual basis to ensure you have adequate coverage at all times.
What will life insurance typically cost?
Life insurance varies from insurer to insurer and also varies depending on the style of policy you opt for. Term life insurance is generally cheaper than permanent life insurance but the number of benefits to you are lower. Permanent life insurance actually works out to be cheaper over the course of many years as you actually receive cash value after a certain time, and that cash value can offset your premiums. Life insurance is cheap when you are young so start young and you will reap the rewards of cheaper insurance as you get older.
Free Life Insurance Quote - Call 1300 721 978 to speak with an advisor for a free consultation now or fill in the form below for someone to contact you.
You can use this form below to get a free life insurance quote
Key features of the free life insurance quote
- Instant cover available
- Compare 500+ policies & options
- Save with a 20% rebate
- Quotes include all major insurance companies
- Your loved ones receive a lump sum payment if you die
Important
How are these quote / product pages completed?
Insurance Compared is an insurance website that collates and provides information regarding publicly available insurance providers and policies. Insurance Compared does not complete an analysis of all the insurance products in the marketplace. It is not an insurance broker or insurance provider, nor does it provide insurance or financial advice. Instead, Insurance Compared offers a referral service to assist you obtain free quotes on all major types of insurance policies. Insurance Compared may receive commissions from any insurance policy that you may purchase through the site or from each quote you request. Insurance Compared does not carry an Australian financial services license (AFSL).
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More Australian Life Insurance
Find more Australian life insurance providers at Start Local.
Where Can I find Life Insurers?
You can find a wide selection of Term Life Insurance / Whole Life Insurance brokers and agents at www.termlifeinsurance.net.au and www.wholelifeinsurance.com.au. Please note that this is not an exhaustive list of all available life insurers in the marketplace.
* Note that X-life does not compare all life insurance providers in the marketplace
Other Types of Personal Insurance
- Dental Insurance
- Disability Insurance
- Funeral Insurance
- General Health Insurance
- Income Protection Insurance
- Life Insurance
- Trauma Insurance
