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