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All Life Insurance Articles

Planning • 2 min read

Choosing a Life Insurance policy that suits your lifestyle

Life Insurance is a great way to help protect your family. Remember these seven tips when deciding which Life Insurance plan to buy.

Life Insurance is a great way to help protect your family—and it may be simpler than you think. Remember these tips when finding Life Insurance to suit you.  



1. Estimate how much Life Insurance cover you need

It's important to choose the right level of Life Insurance cover for you and your family. This means thinking about your budget and how much you’re willing to pay in Life Insurance premiums. Also consider your family’s financial situation—if you were to pass away, how much Life Insurance would they need to cover debts and manage ongoing household expenses, and for how long?

2. Consider buying directly from a Life Insurance provider

If you’re wondering how to buy Life Insurance, you may consider buying it directly from an insurance provider. You can usually apply and if accepted, get immediate cover online or over the phone. All you need to do is answer some questions about your health and lifestyle.

3. Ask about Life Insurance discounts

While many Life Insurance providers offer the option to pay your Life Insurance premiums weekly or monthly, it’s often cheaper to pay Life Insurance premiums annually. Ask your Life Insurance provider if any discount applies when choosing how to pay your Life Insurance premiums.

Some Life Insurance providers also offer discounts if your partner takes out Life Insurance as well.

4. Keep paying your premiums

As long as you keep paying your Life Insurance premiums, your Life Insurance cover will continue until you reach a certain age. Some expire when you turn 80 as by then your liabilities are likely to be minimal.

5. Understand the exclusions on your Life Insurance policy

With any insurance, it’s important to be aware of exclusions on your Life Insurance policy before you buy. For example, your Life Insurance may not cover suicide or intentional self-injury at all, or for a specified time.

6. Consider additional cover

Life Insurance can often include optional, additional cover to suit your particular needs. Alongside Insuranceline Life Insurance, you might choose to add Major Illness or Cancer Cover. These optional extras are designed to protect you and your family in case you suffer from cancer of specified severity or another major illness such as a stroke or heart attack.

7. Bundling your policies

Sometimes when you buy more than one type of insurance at once (for example, Life Insurance plus TPD or Critical Illness), your provider will link them together so a payout from one type of insurance will reduce the benefit from the others. 

Buying Insuranceline Life Insurance

If you'd like to buy Life Insurance from Insuranceline, you can get a quick quote online or call 13 77 87 and one of our friendly staff can assist you. 

 

Backed by TAL

**Bonus 10% more cover is calculated on the fifth anniversary from the Policy Commencement Date. Each adult life insured will have an extra 10% of the average Funeral Insurance Cover amount held during the previous five years added to their Funeral Insurance benefit. Terms and conditions apply. Refer to the PDS for more information.

#Claims paid figures relate to all Insuranceline life insurance policies in the 2021 financial reporting year (1 April2021 to 31 March 2022). All claims on Insuranceline policies are assessed against the relevant policy terms and conditions. These terms and conditions, as well an explanation of the claims process, can be found in the applicable Product Disclosure Statement. Claims are administered and settled by the insurer, TAL Life Limited.

***Insuranceline is the longest standing provider of Funeral Insurance in Australia, based on: Strategic Insight, Actuaries & Researchers. Funeral Insurance means a policy with periodic premium payments that provides a lump sum to help pay for funeral and associated expenses when you die and excludes pre-paid Funeral Plans and Funeral Bonds.

The information provided on this website is general advice only which means it does not take into account your individual needs, objectives or financial situation. For this reason, you should consider whether it is appropriate for you, and before you decide to buy or to continue to hold an insurance product, you must read the relevant Combined Product Disclosure Statement (PDS) and the Financial Services Guide (FSG). The PDS/FSG contains important information which will help you understand the product, including what's covered and what's not covered and to decide whether it is appropriate for you. The Target Market Determination (TMD) for the relevant product, where applicable, is also available.

If you are considering cancelling a policy you already hold in order to replace it with a new policy, make sure you read the terms and conditions of both policies before you make a decision. The cover terms may be different, you may lose benefits accrued under your existing policy, and waiting periods may apply to the new policy. Changes in your personal circumstances (such as your age, health, and employment) that have occurred since your existing policy was originally taken out may also affect your new policy. As your application for a new policy may not be accepted, and some policies may be unable to be reinstated after they have been cancelled, you should consider waiting until your new policy is confirmed before you cancel any existing cover.

Promoted by Insuranceline, a trading name of TAL Direct Pty Limited (of Level 16, 363 George Street, Sydney NSW 2000) ABN 39 084 666 017 AFSL 243260. TAL Life Limited ABN 70 050 109 450 AFSL 237848 issues the life insurance benefits. St Andrew's Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649 issues the Involuntary Unemployment Cover.

The ways in which Insuranceline collects, uses, discloses and secures your personal information are set out in the Insuranceline Privacy Policy, which is available free of charge on request.

^Offer available to Insuranceline customers who complete an application for an Insuranceline branded and distributed Life Insurance, Income Protection or Funeral Insurance policy between 1 October 2023 and 31 March 2024 (inclusive) and are issued with a policy with a commencement date prior to 00.01AM (AEST) 1st of May 2024. To be eligible policy holders must hold the policy for 4 consecutive months and pay 4 months’ premiums in full. One Gift per customer. View full terms and conditions.