Researching and buying the ideal Life Insurance cover will bring you peace of mind. Find top tips and steps to getting a Life Insurance quote.
Prices for Life Insurance vary quite a lot, depending on the insurer and what’s included in the cover, so it pays to shop around and weigh up the benefits of various policies as well as the costs.
Researching and buying the ideal Life Insurance cover will bring you peace of mind, knowing that you’ve done your very best to provide for your family should the worst happen.
Steps to getting a Life Insurance quote
1. How much money will you need?
Work out how much money your family will need if you aren’t able to provide for them. It’s crucial to ensure a sufficient amount of cover, so be sure to keep in mind living expenses and any debts such as the mortgage, as well as future costs like education.
If you’re a single parent or a sole-income family, you might need to factor in extra child-care, transport and housekeeping.
2. Research what’s on offer
Your superannuation fund is likely to have a certain amount of default cover if you are unable to work due to illness or injury, or death. Study this cover carefully—is it enough for your family to comfortably live on now and in the years to come?
Being underinsured puts your family at risk of financial hardship. If your current cover falls short, then consider increasing it, or buying additional Life Insurance from a specialist Life Insurance provider offering a range of policies that can be tailored to fit your needs.
3. Get a few different quotes
As with any major life decision, be sure to research and compare prices and inclusions. Once you have a short list of Life Insurance providers find out about additional cover, added benefits, flexibility within policies and discounts for things such as a policy for your partner.
Notice how they treat you: if they’re friendly, expert and efficient in their interaction with you, then that is a good indication they will treat you well should you ever need to make a claim.
4. Get the most from your insurance
Many insurers offer extra benefits and options. For instance, paying premiums annually instead of monthly might save you money. Some insurers, including Insuranceline, give you a discount if your partner also takes out a policy.
There are many different types of insurance and life stages are a factor in determining your suitability for each type. Read about the other types of insurance that Insuranceline offers: Funeral Insurance and Income Protection Insurance.