When we view the subject objectively, the financial benefits and peace of mind provided by comprehensive life insurance should be enough to show us that it is something we must seriously consider. Yet the chaos of modern life so easily gets in the way. Not to mention our, albeit understandable, distaste for contemplating and dwelling on our mortality.
There is much to be said for living life for the moment, but those moments can be unburdened and liberated if we spend a few hours protecting our loved ones against the worst-case scenarios. This article examines why you need life insurance in Australia and how to get it.
The Advantages of Life Insurance
All responsible adults who want to protect themselves and their loved ones in the face of a tragic situation must consider acquiring life insurance. In unthinkable situations where the policyholder dies unexpectedly or is diagnosed with a terminal illness, a comprehensive policy is a game-changing factor that can mean the difference between a comfortable standard of living and severe financial hardship.
Policies can be tailored to cover a range of circumstances and even provide funds for extended families to travel and find accommodation when offering support or attending funeral services.
Using Technology to Source Appropriate Life Insurance
Before the Internet changed life forever, sourcing and comparing life insurance quotes accurately required long, repetitive, and frustrating phone calls. Nowadays, we have dozens of comparable quotes at our fingertips after a few minutes of sitting with a smartphone or laptop. Some practical steps and tips for finding and comparing life insurance quotes include:
- Analyse your requirements
Before beginning to source life insurance quotes, it pays to know your priorities and have the necessary documentation close at hand. Life insurance calculators are an excellent way to understand what will be required to purchase a policy. They can give an excellent overview of the policy you should focus on and the premiums you might expect to pay.
- Search using a reliable search engine
As with most modern research, the obvious place to start is by searching for the term ‘life insurance’ and reading as much pertinent information as possible that will help you make informed decisions later.
- Use various comparison sites
Comparison sites are a revolution for previously complex, time-consuming tasks like sourcing and comparing life insurance quotes. They also shift the balance of power towards the consumer, as providers must remain transparent and competitive in the face of so many easily accessible options. Pick several sites, input your details, and use the ‘side-by-side’ comparison feature if there is one.
- Scrutinise the details
Many life insurance policies will look very similar at first glance, yet there may be significant differences. Using the list of priorities and contributing factors you created in the first step, check each policy and its attitude to everything from high-risk activities to pre-existing medical conditions.
- Shortlist your preferred policies
Note the policies that meet your expectations and search for the providers online. Look for excessive numbers of negative reviews or legal issues, eliminate those that seem troublesome, and move on.
- Call and speak to your shortlisted providers
Although most of our time has been spent avoiding tiresome phone calls, confirming the details and working through the final stages can be more effective by telephone. You will already have a quoted price, and the process should be simplified and more efficient.
Life Insurance in Australia: An Invaluable Financial Tool
Time allocated to researching and comparing life insurance quotes is well spent and can lead to significantly lower prices than expected. Life insurance in Australia is a game-changing decision for your financial planning. There is no better way to secure peace of mind than knowing you have acted responsibly and provided for your loved ones if the worst happens.
