Life Insurance Quotes

Posted September 27th, 2010 and last modified April 14th, 2014

Receive a Life Insurance Quote from Leading Life Insurance Companies

With so many different life insurance and income protection policies on the current market, each with different features and benefits, it can be hard to determine if you are finding the right option for your situation. Premiums that need to be paid are determined by a number of factors based on the customers details and the features of the policy. It is essential to thoroughly research the product before applying for life insurance and have a clear understanding of what is and isn't covered. The decision to purchase should never be based purely on the estimated premium.

This guide will explore how life insurance quotes are determined, what to watch out for when comparing quotes and offer advice on the next steps buyers should take after receiving a quote.


Make an Enquiry to Receive Life Insurance Quotes

Compare Life Insurance Quotes

Gender
Smoker
Date of Birth
Type of Protection
Level of Protection
Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
COMPARE QUOTES
Life Insurance Quote

Process of Receiving a Life Insurance Quote through Life Insurance Finder

Life Insurance Finder offers a secure way for people to make an enquiry to receive a life insurance quote from an experience insurance consultant. After securely submitting some essential details (required to give the most accurate preliminary quote as possible), an insurance consultant will contact you as soon as possible to discuss possible policy options based on the information provided. There is absolutely no obligation throughout this process for you to sign up for a policy and quotes and policy advice is provided free of charge. The section below will explain how you will be provided with quotes and the steps in the application process.

  • Enter details. Applicants enter the necessary details in the enquiry form located on the homepage and most other pages on the site. These forms may be slightly different depending on the type of cover being applied for.
  • Submit details. Applicants submit their details to the team of insurance consultants that Life Insurance Finder works through. A confirmation email is sent to the applicants account. Alternatively, the applicant can phone directly on 1300 743 254.
  • Contacted by Insurance Consultant. A qualified insurance consultant will contact the applicant as soon as possible to discuss the details that they have submitted and discuss possible policy options. The insurance consultant will provide the applicant with preliminary quotes based on the details that have been provided. This quote is subject to change based on a range of factors including pre-existing medical conditions, lifestyle factors (i.e. any dangerous hobbies) and the policy structure.
  • Discuss policy options. Insurance consultant will discuss the different product options available and explain the different features and benefits. At this stage, the consultant will assist the applicant make an informed purchase decision.
  • Begin application process. Once the applicant has decided on a suitable product for their situation, an insurance consultant will help them gather the necessary paperwork and help them submit documentation to the insurance provider.
  • Insurer assesses application. The insurance provider will underwrite the applicants application and decide if and on what terms they will provide cover. The insurer may require additional information from the applicant i.e. medical questionnaire, occupation questionnaire to enable them determine an appropriate premium. It is worth noting that most policies for Life Cover will provide interim cover, which ensures cover is in place as soon as the application is lodged.

Common Questions with the Life Insurance Quote Comparison Service

  1. Are my details secure? Life Insurance Finder has taken reasonable steps to ensure that the information, which it has transferred, will not be held, used or disclosed by the recipient of the information inconsistently with the National Privacy Principles. We will only collect information that is required to provide the information, advice or service you've requested. Our Privacy Policy can be found on our terms and conditions.
  2. How long will it take for my policy to be put in place? It generally can take between 2-4 weeks for an applicant to be underwritten and the policy put in place. An insurance consultant will contact you as soon as it is possible after your details have been submitted to discuss policy options.
  3. Can I just call for a quote? Yes you can contact an insurance consultant on 1300 743 254. If you phone outside of business hours you can leave your details and request a call back. Business hours are Monday to Friday 8am-5:30pm.
  4. How much is my quote likely to change? This is dependent on your situation and factors including pre-existing medical conditions, pastimes, policy-structure.
  5. How much does it cost to get a quote? Nothing. Enquiries are 100% free of obligation and charge.
  6. What types of life insurance can I receive quotes on? Life Insurance Finder’s panel of insurance consultants can currently provide quotes on the following types of cover:
    1. Life Insurance
    2. Income Protection Insurance
    3. Total Permanent Disability Insurance
    4. Trauma Insurance
    5. Accidental Death Cover
    6. Accidental Injury Cover
    7. Funeral Insurance
    8. Keyman Insurance
    9. Mortgage Protection

Who Might Consider Receiving a Life Insurance Quote?

You may not have considered if you should take out life insurance, particularly if you are young and healthy or if you do not have any financial dependents. However, no matter what your personal circumstances are, it is essential to consider what life insurance plans may bring to you and your family’s future - financial protection in times of unexpected hardship.

If you’re trying to decide if it is worth you taking out life insurance, consider the following questions:

  • Are you the main provider for yourself or for other people?
  • Are you financially responsible for your family as the main breadwinner?
  • Are you a homemaker who financially supports the family with household duties, such as care for your children, home management and meal preparation?
  • Do you have children you need to provide for, whether they live with you or with your ex-spouse?
  • Are you the owner of a small business?

If any of the above questions are relevant to your situation, then it may be appropriate to start thinking about having a life insurance policy in place. Life insurance can provide you and your loved ones with peace of mind and protection against financial hardship that may arise from unforeseen circumstances.

Not only does life insurance provide coverage in the event of death, but you can also purchase life insurance that provides coverage for serious illness, permanent disability and loss of income. These policies can be tailored according to your specific needs no matter what stage of life you are in.

The following diagram may give you a better idea of which life insurance policy is better suited to your situation and life stage:

Life Stage Graph

The need for Life insurance, TPD and Income Protection peaks when you are most reliant on your income. You may have financial dependents and mortgage and credit card debt to cover. As you get older, the need for life insurance decreases as your wealth increases, your children are no longer financially dependent on you and as you are saving for retirement.


Here is a quick checklist to help you determine if life insurance might be worth considering.

  1. You have major financial obligations. This may include mortgage or rental repayments, education fees, daily living expenses, short-term debt.
  2. You have a large estate that may take a long time to distribute properly.
  3. You have dependent children or relatives.
  4. You own a business.
  5. You are married.

Types of Life Insurance to Receive Quotes on in Australia

There are a range of different types of life insurance available in Australia for people to receive quotes on. Each type of cover has features tailored towards people in different situations and with different needs. This section will provide an overview of the different types of life insurance that the panel of expert insurance providers that Life Insurance Finder works through can provide advice on.


Term Life Insurance

  • Term life insurance has grown to become the most common form of life cover offered in Australia.
  • It provides a lump sum payment to your dependents in the event of your death, or if you have been diagnosed with a terminal illness with 12 months to live.
  • Term life insurance can be an affordable form of life insurance, particularly when it is taken out in early stages of life, as policyholders have the ability to choose the period of time (term) that they would like to be covered for. When the period expires, you can renew the cover at an increased premium or lower amount of coverage, depending on your personal situation at the time. The most common periods are 5, 10, 20 and 30 year term.
  • You have the option to structure your premium payments as either Stepped or Level.
      • Stepped means that your premiums will increase in line with your age. Premiums will start off lower at the beginning of the policy, which may be more suitable for people who have limited disposable income at a time where the need for insurance may be higher due to commitments such as a growing family or substantial mortgage debt.
      • With level premiums, the rates you pay will remain the same. It does not increase with age as the policy is based on your age at the at the start of the policy. Level premiums may be more expensive at the start compared to Stepped, but over time it will be cheaper as you may have more disposable income in your later years.
      • The decision on whether to structure the policy with stepped or level premiums really comes down to the applicants situation. Applicants must consider how their financial situation may change and their ability to meet premium repayments in the future.
  • The premiums you pay for term life insurance is usually not tax-deductible, however, if your insurance is provided through your superannuation and if you are self employed then it is possible for premiums to be tax deductible.
  • The lump sum benefit received by your dependents will be tax free, unless you are paid via a superannuation fund or if the payment is made to a non-financially dependant person. Under these circumstances, it may be possible that your benefit payment will not be tax free, and a tax professional should be consulted.

Total and permanent disability (TPD) insurance

  • TPD insurance provides a lump sum payment when you are totally disabled and unable to work.
  • Definitions for a permanent disability may vary between providers, therefore it is important to clarify what they are on different policies. In general, a permanent disability will constitute one or more of the following conditions:
    • Loss of sight
    • Loss use of limbs (arms or legs)
    • Absence from work for six months with no expectation of you returning to normal work due to the illness or injury.
  • There are two types of TPD insurance which will determine whether or not the benefit is payable:
    • Own occupation - Your benefit is payable under this definition if you have become permanently disabled and are unable to perform duties of your usual occupation of employment.
    • Any occupation - Your benefit is payable under this definition if you have become permanently disabled and you are unable to perform duties of your regular occupation or any occupation that you are suited to by education, training or experience.

Trauma (Critical Illness) Cover

  • Critical illness insurance, also known as trauma insurance, provides coverage in the event you are diagnosed with a life-threatening disease or suffering from a medical trauma as specified in your policy.
  • A lump sum payment will be paid if the policyholder is diagnosed with one of the conditions listed and this is satisfied by the policyholder.
  • Survival period is the prescribed period after you survive an illness or injury in which when it expires, your benefit amount will be paid. It can span from 14 days to one month.
  • Common conditions that are covered by critical illness insurance include:
      • Cancer
      • Stroke
      • Multiple sclerosis
      • Kidney failure
      • Major organ transplants
      • Coronary artery bypass
      • Heart attack
      • Paralysis
      • Parkinson’s disease
      • Alzheimer’s disease or dementia
  • Critical illness insurance premium payments are not tax-deductible, however, the lump sum amount or monthly payment received will be tax-deductible.

Income Protection Insurance

  • While life insurance is valuable to you and your family in the event of your death it does not help you pay for expenses should you become unemployed or are unable to work for health reasons. Income protection insurance provides a replacement income of up to 75% when you are unable to work due to an illness or injury.
  • In times of short-term or long-term disability, income protection coverage ensures your ability to meet ongoing living expenses.
  • The policy you choose will determine the length of time that these payments last with some being for set period of time and others paying out until you are age 65.
  • You can continue your superannuation contributions while you are disabled as some insurers may allow an excess benefit of up to 15%, which can be used to fund your retirement savings.
  • Income protection premiums are also tax-deductible, however, if you have a linked policy with death or disability cover, you may not be able to claim tax deduction if the split in the premium cannot be determined.
  • There are several factors to consider when you are looking at income protection insurance. The following tips will help you understand your position, so that you can compare and find income protection insurance quotes online which meet your needs:
      • The amount of time you can wait: Your financial position will determine how long you and your family can continue to live and pay your bills without an income, before you run through your savings. Therefore, income protection insurance allows you to choose a waiting period of between 14 days and two years. The shorter your waiting period, the higher your premiums, but the longer your waiting period, the more financial strain you could face without an income.
      • How long you need cover for: This also depends on how much you and your family have in savings, and the other benefits you would be entitled to if you were unable to work, such as sick leave or long service leave. If you would be able to get back to work quickly because you have a strong support network, you could choose a benefit period of two or five years. If you want a little more assurance, or you are close to retirement age already, you could choose income protection which will pay a benefit until you’re 65. Income Insurance policies also have the option of a step-up clause which will take into account inflation. This is better for policies that pay out until age 65, because a two-year only policy is not usually worth the added expense. Keep in mind that a policy that pays out until age 65 should be indexed so that it retains its value in the face of inflation.
      • The level of income you want to insure: You can choose to be insured on an agreed value of guaranteed value policy, where you nominate the income amount your benefit will be based on. Or you can choose an indemnity policy which pays a percentage of your current income at the time of the claim. Agreed and guaranteed policies are often more expensive than indemnity policies, but can offer greater security if you are in a position where your income fluctuates.
      • The risks of your job: When you apply for income protection your occupation will be assessed as either standard or high risk. If you are working in a high risk occupation, you may have to pay higher premiums, you may have exclusions applied to your cover, or you may be denied cover. If you are part of a high risk industry, you could be better off looking for income protection from an insurer who specialises in your occupation.
      • Your health and lifestyle: If you smoke, you’re overweight or you have a family or medical history which puts you at risk of illness, then you can be looking at higher income protection premiums. Therefore, change what you can about your lifestyle, to position yourself in a better light with the insurer.
      • You pay more for more coverage: This only seems fair, because the more you earn, the more your insurance company will have to pay out when you claim. Therefore, the premiums for someone earning $30,000 a year will be much lower than for someone earning $100,000 a year, as 75% of $100,000 is $75,000 worth of coverage, while 75% of $30,000 is a benefit amount of just $22,500.
      • Whether you need cover: Finally, the most important thing to understand about your position when taking out income protection insurance is whether you need it at all. You don’t have to be the main income earner, or even have any dependents, for income protection to be a good idea. Instead, simply think how you would maintain your life – not your lifestyle, of movies, new clothes and dinners out, just your everyday life – if you were suddenly unable to work. If you are financially secure enough to have savings and investments to rely on in this situation, then you may not benefit from income protection insurance. However, if you want to have security and peace of mind that if you’re sick or injured, you will still be able to pay your mortgage, your power bills and feed yourself and your family, then income protection may be for you.

Key Person Insurance

This type of cover protects business owners against the loss of a key worker in their business. A key worker is generally one that is in integral to businesses success whose death could have significant financial consequences for the business. In the event of a key workers death, the business will be provided with a lump sum benefit to cover any financial loss that may be incurred.

What types of expenses does Key Person Insurance cover?

The use of the benefit payment will really comes down to the businesses own needs though generally, a Key Person Insurance benefit can cover;

  • Expenses involved with recruiting a new worker to fill the open position.
  • Expenses to train new workers to fill position.
  • Settle any loans or outstanding bills managed by the deceased worker.
  • Loss of businesses momentum i.e. key worker may have been managing a project that involved a significant amount of the businesses resources/personnel.

Funeral Insurance

Funeral Insurance is similar to term life insurance as it provides a lump sum benefit payment to policy owners or their beneficiaries if they pass away or are diagnosed with a terminal illness. Funeral cover generally provides a reduced benefit (usually around $30,000) and has reduced level of underwriting. This makes this type of cover accessible to a broader range of applicants.

What types of expenses does Funeral Insurance cover?

The benefit payment from a funeral insurance policy can be used to cover a range of outstanding expenses including:

  • Cost of the insureds funeral.
  • Any small personal debt.
  • Final medical expenses.
  • Financial planning for the spouse/family.
  • Estate planning.
  • Outstanding taxes.
  • Legal costs.

Accidental Death Insurance

Accidental Death Insurance is a more affordable type of life insurance that will provide a benefit payment for death by accident and not for serious illnesses. This type of cover will generally not require medical underwriting for preexisting conditions making it more accessible to people that have been rejected cover in the past or are subject to a premium loading.

Key Benefits of Accidental Death Cover

  • Most policies will provide guaranteed acceptance to policy applicants.
  • Generally more affordable to other types of cover.
  • Reduced underwriting process. Applicants can often be accepted for cover instantly.

Personal Accident Insurance

Personal Accident Insurance will provide an injured worker with an ongoing benefit payment of 75% of their regular income for injuries sustained through accident. It will not provide cover for serious illness. The benefits of this type of cover are similar to accidental death insurance as it provides a more affordable option to the income protection and there is a reduced level of medical underwriting.

Mortgage Protection Insurance

Mortgage Protection Insurance is a type of cover designed specifically to cover mortgage repayments if the insured passes away or is forced to take time off work due to disability. Some policies will also provide a benefit payment for involuntary redundancy for a set period regardless of any sick leave entitlements or redundancy payouts. In comparison to other types of protective cover, mortgage protection combines life, income, tpd and critical illness insurance to provide cover to protect the mortgage only.


How are the Premiums in Life Insurance Quotes Determined?

Before you compare life insurance quotes you should take the time to find out how life insurance premiums are determined. During the policy underwriting process, insurers take into account a variety of indicators to let them assess the level of risk that the applicant carries. The premium payable will reflect the perceived level of risk that has been determined.

Indicators that are often used by insurers include;

  • Age: Age plays a major role in the premium that is payable. The younger you are, the longer you will be expected to live statistically, and this is reflected in life insurance premium charges.
  • Occupation: A person's occupation is also a key factor when it comes to determining their premium. One person's job may involve a higher risk of death than another person. Occupation related risks are separated into two categories:
        • Standard risk
          • Does not require you to engage in tasks that are physically, mentally, or emotionally demanding
          • Does not expose you to work environments that are potentially dangerous and hazardous
        • Special risk
          • Requires you to complete tasks that can be strenuous to your physical, mental or emotional state on a daily basis
          • May expose you to chemicals that are hazardous to your health
          • May put you at risk of possible occupational diseases
          • Is affecting your morale due to the continuous exposure to risk, which can lead to unhealthy lifestyle habits, such as excessive drinking
  • Lifestyle: Activities such as smoking and alcohol consumption are considered risky activities and will result in a higher premium payment than a non-smoker or someone who does not drink alcohol. An insurer will also consider what other pastimes a person has that may increase the risk of death
  • Family history and pre-existing medical condition: Family history and a person's medical history are also factors that may increase a person's risk of death and hence result in higher premium payments. Conditions that an underwriter may take under consideration include heart trouble and high blood pressure, chest pains, lung disorders, bronchitis, chronic indigestion, diabetes, malignant tumors or cancer, kidney, bladder and liver disorders and hepatitis
  • Sex: Women will generally pay less for life insurance at certain ages than men. This is due to findings that Australian women generally live up to 5 years longer than men. However, women will generally pay more for income protection as research has shown that women are generally more likely to make a claim.
  • Amount of cover: The amount of cover you need is also a prime cost factor. This is the most obvious factor the insurer has to take into account.
  • Policy Features: Range of features that is included in the plan will impact the premium payable. A comprehensive plan with many features and benefits will cost more than basic cover.


What Policy Features Will Increase My Life Insurance Quote?

The structure of the life insurance policy can have a great impact on the final premium that will be payable. Some key policy design factors to consider when comparing quotes include;

  • Additional policy features: Features such as crisis recovery, family protection, and waiver of premium or needlestick injury are usually only available at an additional cost and will increase the premium payable.
  • Premium frequency: Premium payments that are made more frequently (as oppose to an annual payment) are subject to a premium frequency charge.
  • Waiting period: Policies with shorter waiting periods before the benefit payment is provided will generally come with a premium loading.
  • Benefit period: The benefit period on an income protection insurance plan can generally be 1 year, 2 years, 5 years or to age 60 or age 65. A longer benefit period will bring an increased premium.
  • Premium structure: Whether premium payments are stepped, level or hybrid will have a great impact on the quote;
    • Level premiums: Remain the same over the life of the policy.
    • Stepped premiums: Will start off low and increase over time.
    • Hybrid: Starts off as a stepped premium before reverting to level.

How Do I Determine How Much Cover I Need When Comparing Quotes?

Finding the right life cover is not simply a matter of comparing quotes from insurance companies and applying for the policy that appears to offer the lowest premium. Buyers must take the time to evaluate their own cover needs and research the different benefits and features available.

Understand your insurance needs and determine the amount of cover you need to ensure you and your dependents will be financially secure. This may not be a simple task, however, it is essential that you take the time to consider the amount that will be enough to provide for your family in the future, especially if you become unable to take care of them financially. There are some key steps that can help you determine the amount of life insurance cover you may need:

  • A widely accepted rule of thumb in the finance industry is to take out a life insurance cover amount that is between ten to thirteen times your annual salary. However, this approach may not be suitable for everyone, as they will have different circumstances and needs.
  • Calculate your daily living expenses and any outstanding debts that your family have at present, those that may arise in the future, and how long your family may be required to meet these obligations. Typical expenses include:
      • Loans and debts
        • Mortgage
        • Other loans and debts (eg. credit card, personal loans)
      • Monthly living expenses
        • Vehicle and transport fees
        • Home (eg. electricity, insurance, council fees)
        • Food and entertainment
        • Education/child care
        • Other

To help you determine the amount of insurance coverage to purchase, consider the following:

  1. What will the immediate costs be for my family in the event of my death? This might include funeral expenses or the cost to prepare a financial plan.
  2. Are there any one-off expenses like paying off the mortgage or the vehicle loans that should be covered?
  3. What are the actual living expenses for my family each year?
  4. How many years will I need to cover until my children are no longer dependents?
  5. Do I have assets that my family will be able to use to help cover expenses?

Life insurance can provide coverage for common expenses incurred by a general Australian household:

Life Insurance Needs Diagram

As each person’s situation and needs are different, it is important to consult an insurance expert when you are looking to take out a life insurance policy.

  • Decide on the type of life insurance policy that will suit you and your family’s needs - Different types of insurance will provide different coverage. They also offer features and benefits that will vary greatly between insurers, so it is essential to do your research on life insurance plans that are offered at the Australian market and compare the options. If you require more information, it is best to refer to the Product Disclosure Statement (PDS) available from any life insurance provider.
  • Learn more about life insurance providers in Australia - Establishing trust with an insurance provider of your choice is very important. You would like the company to be there in the future and able to pay the benefit when you need them to. When comparing different life insurance providers, make sure you look into the following:
    • Reputation in the market: you should ensure that the company that you are considering is a recognised financial institution with a listed address.
    • Claims paid in the past: Claims payment history shows that the company is able and willing to pay out claims in the future.
    • Quality of customer service: Make sure that you find a company with a team of professional insurance advisors on hand to answer all of your questions from day one. A dedicated financial advisor goes a long way in helping you get the best coverage possible.
    • Claim process: Make sure that the insurer has a simple claiming process to ensure efficient claims in the future. Read up on customer reviews and note any complaints from previous customers regarding the claims system.
    • Financial strength: When you consider the length of time that you will be dealing with your provider of choice, it is essential to find a company that will be financially stable for many years to come. One way to check this is by checking the companies credit rating.
    • Policies on offer: It is essential to choose the company with the best range of products so that you can tailor your insurance policy to your specific needs and requirements. Remember that your policy may change in the future so the more options the better.
    • Cost: research the exact cost structure of your policy, make sure you do not get fooled when comparing different premiums from different providers. Often a policy that may appear cheap at first will have hidden charges that will result in a higher final payment. You also do not want to be paying for a cheap insurance policy that will not end up providing you with the cover that you need.

How Do I Choose a Policy After Receiving Quotes for Life Insurance?

Entering your details to receive a quote online is only the first part of the process in finding your policy. Applicants must now take the time to weigh up the benefits and features of each policy to decide what option matches their needs. Here are some steps to take after receiving a quote.

  • Read through the product disclosure statement: Read through the different components of a policy disclosure statement and compare the different features and benefits on offer. Different components of a PDS include:
    • Entry age conditions: Details for minimum and maximum entry age for cover for the policy
    • Sum insured conditions: Minimum and maximum amount of cover that can be taken out for each policy. This can vary occupation to occupation
    • Built-in benefits: The different built-in features of the policy
    • Additional benefits: Benefits that are available at an additional cost
    • Premiums: Details of premium types that are available, benefit indexation, premium discounts, payment methods
    • Fees and charges: May include policy fee, stamp duty fee and premium frequency charge
    • Claims process: Details of the insurance companies claims process
    • Tax: Tax treatment of insurance type
    • Policy updates: Details of conditions for changes to policy including policy upgrades, changes of beneficiary, changes in ownership and policy cancellation conditions
    • Benefit exclusions: Conditions for events that will and will not be covered under the policy
    • Occupation categories: Characteristics of occupations that are specified within the policy
    • Review the premium: Does the premium quoted reflect the value of the policy? How does this compare to other policies on offer?
    • The insurance provider: Is it an industry recognised brand with financial strength and strong reputation? It can be worth doing some research into the company profile and previous and current customers experience taking out cover with them
    • Consult with your insurance adviser: Be sure to ask your insurance adviser any questions you may have around the policy and its suitability for your situation. Ensure you are clear on the policy terms and conditions and happy with your decision before beginning the application process

    • Benefits of Getting a Life Insurance Quote Online

      The additional benefits of receiving your life insurance quotes online:

      • It’s free: There is no cost involved when you obtain a life insurance quote online. You can also make an enquiry and speak to an insurance consultant free of charge.
      • Time-efficient: Obtaining online life insurance quotes only require you to enter your personal details, such as age, gender, occupation and annual salary. A quote will then be generated in a matter of seconds.
      • Ability to compare multiple products available in Australia: You can save time by comparing a number of Australian life insurance policies and quotes at once as oppose to having to visit each insurer’s website.
      • Obligation-free: When you request for a life insurance quote, you have no obligation to make a decision right away and purchase a policy.
      • Your personal information will be treated with care: Some details are required to generate a preliminary quote based on what has been provided and these details will be kept secure in accordance to the Privacy Act.
      • Experienced insurance specialists: You have the option to speak to an insurance specialist to discuss the life insurance quotes you have received. They can provide more information on product features and help you determine whether or not the policy is suitable for you.

      Benefits of Receiving an Online Life Insurance Quote from Direct Insurance Provider

      • Quote is unlikely to change: With reduced medical underwriting and the opportunity for cover to be put in place quickly, the quote that is first provided is unlikely to change a significant amount.
      • Fast and convenient cover: Cover can be activated entirely online or over the phone if there is no need to submit additional medical underwriting.
      • Immediate death cover: Cover is in place as soon as application is accepted.

      Top 10 Life Insurance Tips

      Simple tips on how to secure the best life insurance quotes

      Top 10

      There are a number of tips that can help to make the hunt for suitable and affordable life insurance easier and faster, as well as help you make a more informed decision when it comes to choosing the right life insurance plan. Follow these ten simple tips:

      1. Make sure you are aware of your options: It is important to go in with your eyes open when doing something as important as taking out life insurance cover. You should therefore make sure you know exactly what your options are by doing your research, which you can do with increased ease and speed through the use of the internet
      2. Do not risk under insurance: If you fail to take out adequate levels of insurance, your family could be left to bear the brunt in the future. When you are working out how much coverage you should opt for, make sure you take inflation into consideration in addition to financial commitments and living costs. In general, it is recommended that you opt for between five and ten times your annual salary, although this can vary from one person to another based on circumstances and financial situations
      3. Choose the right policy: It is important that you choose the right type of policy, as this can impact on any claim that is made in terms of time. For example, you will usually find that a claim made on a policy taken from an insurance firm is processed far more quickly than one taken through insurance via a super fund
      4. Check the plan carefully: It is vital that you check any plan you are considering very carefully before you make any commitment. This includes checking the small print and exclusions as well as the main features of the plan, so you know exactly what you are signing up to
      5. Adopt a healthy lifestyle: The cost of life insurance can vary based on a number of factors, including how high or low a risk you pose to the insurance provider. Leading a healthier lifestyle can help you to secure life insurance at a lower price. This means improving health through a good diet, exercise, not smoking, moderating your drinking, etc.
      6. Compare plans: You need to bear in mind that there are many providers and plans to choose from when it comes to life insurance cover, so shopping around can really pay off. By comparing different plans and providers you can boost your chances of finding a policy that suits your needs as well as finding cover that fits in with your budget. Using the Internet can help to make it easier to shop around and find the right plan at the right price
      7. Get professional advice: It is not always simple and straightforward to determine which life insurance plan to choose or what you should look for when it comes to this type of coverage. Do not be afraid to seek advice from experts in the field if you are confused over any aspect of getting life insurance
      8. Consider joint life insurance cover: It is well worth considering also covering your partner when you take out life insurance cover, as this could enable you to benefit from increased peace of mind for the family and could save you money on your premiums
      9. Question anything you are unsure about: Even when you think you have found a suitable and affordable life insurance plan, you may find that you have a variety of questions. Make sure you get answers to any questions you have from the provider, through research or by speaking to a professional before you sign the documentation
      10. Carry out regular reviews: As is the case with any other type of insurance policy, your needs can change when it comes to life insurance cover. You should therefore make sure you review your policy on an annual basis, taking into consideration any important changes such as changes in your household and family, financial changes and health related changes

      Examples of Life Insurance Quotes

      Most people looking for an example of a life insurance quote are really just trying to get an estimate for what they might pay. Obviously this will vary based on personal details, product design and the insurers underwriting example.

      Insurance consultants will generally provide a preliminary quote in the initial stages of application before the insureds complete details have been taken into consideration i.e. before medical underwriting and further investigation into the nature of their occupation has taken place.

      The following example shows the average quotes for products featured on Life Insurance Finder:

      • Age of Applicant: 35
      • Sex: Male
      • Sum-Insured: $500,000
      • Smoking Status: Non-Smoker
      • Average Cost of Life Cover Per Month: $31

      • Age of Applicant: 35
      • Sex: Male
      • Sum-Insured: $500,000
      • Smoking Status: Smoker
      • Average Cost of Life Cover Per Month: $57.69

      Life Insurance Quotes Comparison: Checklist

      Use the following checklist to ensure you get the right amount of coverage for your personal situation and needs.

      • What needs to be covered under unfortunate circumstances?
        • House?
        • Other debts?
        • Funeral?
        • Dependent children?
        • Living expenses?
        • Medical bills?
        • Your business?
      • For how long will you require coverage?
        • When will the mortgage be paid off?
        • When will my children finish their education?
        • How much will I have saved up for retirement?
      • What type of life insurance coverage do I need?
        • Term life insurance
        • TPD
        • Trauma cover
        • Income protection
      • Costs
        • Am I willing to pay the ongoing premiums for this amount of coverage?
      • Compare life insurance quotes from a range of providers.
      • Note the variety of options available and find out which are suitable to your situation.
      • Read the Product Disclosure Statement (PDS).
      • Seek specialised advice tailored to your needs from a life insurance advisor.

      Next Steps to Receive Life Insurance Quotes Online

      Purchasing life insurance is not a decision to be taken lightly, however, finding the right policy to suit your situation and needs does not have to be complicated. Start by doing your research and compare as many quotes as possible to give you an idea on how much a life insurance policy will cost you. Speak to an insurance specialist if you require more information on specific insurance products, as they will be able to explain the different features of the policies and whether or not they will be suitable for you. Taking all the necessary steps to obtain a life insurance quote will not only save you time and money, but it will also help you make an informed decision with confidence.


      Compare life insurance premium rates
Was this content helpful to you? No  Yes

Related Posts

  • Receive a Quote for Life Insurance

    What are the different ways to receive a quote for life insurance in Australia? How is it different receiving a quote from an adviser to receiving a quote direct from the insurance broker?

  • Obtaining Life Insurance Advice in Australia

    Need extra help in finding life insurance plans that suit your needs well? Consider obtaining a life insurance advice from an authorised consultant.

  • Compare Personal Insurance Quotes

    There are different kinds of personal insurance, each designed to cover you against specific types of loss. Learn more of what they are and how to find the right cover for you.

  • Life Insurance for people over 65

    Many people in their 60s are unsure of whether they actually need life insurance and what to look for in a policy. This article will outline key expenses that can be covered and how to compare different policy options.

  • Term Life Insurance with No Medical Exams: What to Look Out For

    Although no medical life insurance options can be more convenient, applicants need to be aware of any policy exclusions that may given. Find out what to look out for when looking for no medical life insurance and what options are available.

  • Tips to Get Low Cost Life Insurance Quotes in Australia

    One of the key causes of Australia’s underinsurance crisis is a growing perception that life insurance is too expensive. Learn key steps to keep your insurance affordable while maintaining an adequate level of cover.

  • How Do I Receive Competitive Life Insurance Quotes in Australia?

    How are life insurance premium quotes determined and what is the difference between a preliminary quote and the final price. Find out how to find and compare life insurance quotes from Australian insurance companies.

  • Receive Life Insurance Quotes Direct: Find Cover Without Working Through an Adviser

    Direct Life Insurance can provide a convenient and straightforward means of purchasing life insurance for those who do not wish to purchase cover through an insurance consultant. Find out the benefits of direct life insurance and how to compare direct life insurance quotes.

  • Life Insurance Quotes for 60+ Year Old Male and Female

    If you already reached 60 years old then surely it’s already your retirement stage. Having life insurance quotes is going to be so beneficial not only for you but also for your family to provide your daily expenses without worries.

  • Life Insurance Quotes for 55+ Year Old Male and Female

    If you are reaching the age of 55, you have to think of getting a life insurance as much as possible. Admit it or not, it is difficult for older people to have a peaceful life if he worries everyday on where to get money for his daily expenses.

  • Life Insurance Quotes for 50+ Year Old Male and Female

    Which life insurance is really suitable for a male or female ages 50 and above? There are several life insurances available in the market, you just have to do an online comparison and choose which policy is best for you and your family in the coming years.

  • Life Insurance Quotes for 40+ Year Old Male and Female

    It might be harder for you to purchase a life insurance when you are already on your 40’s. However, there is still a good life insurance waiting for you even for that age, just consult insurance providers on which premium should suit your financial needs.

  • Life Insurance Quotes for $1,000,000 of Coverage for Male and Female

    If you are already a million-dollar, then you have to re-assess your future expenses to be sure on which income protection is suitable for you and your family. Several factors that you have to evaluate is whether you have debts or how much may be your cost of living in the coming years.

  • Income Protection Quotes for a $110,000 Income Male and Female

    If you are getting an income protection quote for a $110,000, always find the appropriate provider for your income protection plans. Compare how these providers can accommodate your financial needs in the event that you need to use it and you were unable to work because of illness or injury.

  • Life Insurance Quotes Online: Why Buy Cover Online?

    Buying life insurance online can help you compare competitive rates between multiple providers at the same time. Learn how to compare different life insurance quotes online and ensure you find the policy with all the necessary benefits and features.

  • Term Life Insurance Quotes

    Term life insurance is the most straightforward and easiest type of insurance in the market. Learn how to find a good insurance quote, and the term life insurance pitfalls such as withholding information, low cost policies and the different options that are available.



Ask a Question

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

2 Responses to Life Insurance Quotes

  1. Default Gravatar
    Tom | March 27, 2013

    I’m interested in taking Life Insurance (Term), without any other cover such as income protection etc.
    I’m currently living overseas and are intending to stay overseas for 2-3 years. Are there any providers in Australia that cover non-residents?
    Regards,
    Tom

    • Staff
      William | March 27, 2013

      Hi Tom,

      Thank you for your enquiry. Each provider will have a different set of criteria around covering Australians that are currently living overseas or planning on traveling overseas. In order to help you find an appropriate solution we will need to learn more about your situation. Please make an enquiry or phone 1300 743 254 to speak with an insurance consultant who will assess your situation and possible options.

      All the best

Ask a question