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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 cover offers the opportunity to give something to loved ones after passing away.It 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.

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Key features of the free life cover quote

  • Instant cover available
  • Compare 500+ policies & options
  • Save with a 20% rebate
  • Quotes include all major companies
  • Your loved ones receive a lump sum payment if you die

Who is a potential candidate?

Life insurance is not mandatory but most people choose to have it 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. A policy can 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 providers.

See the most common questions answered about life insurance.

What typically does it cover?

A life policy comes in a number of forms but broadly there are two types, permanent and term cover. Permanent life give you guaranteed death benefits even if you become ill shortly after applying for your policy. A permanent life 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 cover 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 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 an 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 after 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 it not cover?

Term life 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. 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 coverage 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 and your disability policies.

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 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 it typically cost?

Policies vary from insurer to insurer and also varies depending on the style of policy you opt for. Term life is generally cheaper than permanent life but the number of benefits to you are lower. A permanent product can 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 cover is cheap when you are young so start young and you will reap the rewards of cheaper policies 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 cover quote

Key features of the free quote

  • Instant cover available
  • Compare 500+ policies & options
  • Save with a 20% rebate
  • Quotes include all major companies
  • Your loved ones receive a lump sum payment if you die

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How are these quote / product pages completed?

Insurance Compared is a website that collates and provides information regarding publicly available insurance providers and policies. This site does not complete an analysis of all the products in the marketplace. It is not a broker or policy 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. This site may receive commissions from any 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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Comparison Service is provided through xLife Pty Ltd. A corporate authorised representative of Millennium3 Financial Services Pty Ltd. ABN 61 094 529 987 AFSL No.244252. By clicking the 'Get Quotes' button you authorise us to provide your details to xLife Pty Ltd for the purpose of providing a comparison and quote. Our site may contain links to free quotes and secure application forms. The reviews may also contain information about different policies and information about the providers of these policies. Please note that these reviews do not take into account your personal circumstances and you may need to consult a professional. In the absence of links to free quotes or an application form, insurance compared has links to directories and resources where you can get free quotes for the appropriate category. Please note that we do not make recommendations about products, we simply provide links and resources that will assist you to find more providers and make your own product comparisons.

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More Australian Resources

Find more Australian life insurance providers at Start Local.

Where Can I find Life Insurers?

You can find a wide selection of Term Life / Whole Life 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 providers in the marketplace

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