Find the Best Life Insurance Australia from our Panel of Insurers
If you’re looking for the best life insurance Australia from our panel of insurance providers, Billy Explores is here to help. So many Australians mistakenly think they’re too young to worry about life insurance. The fact is, that couldn’t be further from the truth. Many people think of life insurance simply as ‘death cover’. Again, this isn’t quite true because there are a range of life insurance varieties out there.
Life insurance policies can help in so many situations. You can take out cover to protect your income if you’re injured. Or maybe you want a policy to look after your medical expenses if you’re seriously injured. What about if you find yourself permanently unable to continue your career due to sickness or injury?
Life insurance has a lot of benefits, so let’s explore!
Research What You Need
You probably don’t need every type of life insurance. Generally, your own personal circumstances will dictate which policies apply to you. Life insurance is often marketed towards people wanting to protect their families. So, if you’re a single person do you still need cover? The answer is probably ‘yes’. You don’t stop having financial obligations just because you’re not supporting a family, so we encourage everyone to look into life insurance.
When it comes to finding the best life insurance Australia has to offer, you need to know what you’re dealing with and which types of policies may suit your lifestyle. Read on to find out more about the types of cover you can take out.
Know the Different Types of Life Insurance Australia
Life insurance is often known as ‘death cover’. First of all, it sounds a bit morbid, but the fact is we need to be prepared for the worst. You may be young and healthy now, but where would your family be if you suffered an unexpected accident? In case the worst happens, your family (or whoever you name as your beneficiary) will be entitled to a lump sum payment which could be used for things like:
- School fees
- Funeral costs
- Paying the rest of a mortgage
- Living expenses such as rent and utility bills
- Estate expenses
- Paying off household debts (credit cards, loans)
Total Permanent Disablement (TPD) Insurance Australia
TPD insurance in Australia is paid if you become permanently disabled or unable to perform your job anymore. This could be as a result of injury or serious illness that prevents you from working in your normal career. Likewise, it could also apply if you’re unable to work in ANY career.
Like life insurance, it’s paid in a lump sum and could be used for similar things. In this instance you might also use it for things like:
- Re-training for a new career
- Medical expenses
- Rehabilitation costs
- Alterations to the home (for mobility)
Unfortunately, accidents do occur and many people can’t work again. This takes a huge emotional toll, but at least with TPD insurance you can ease some of the financial pressure.
Trauma insurance is similar to TPD insurance, however it can cover more short-term problems. There’s many illnesses and injuries that don’t leave you permanently unable to work, but can keep you out of work for a significant time. Trauma insurance is paid in a lump sum to help you cope with the financial stresses involved in suffering a serious injury or illness.
Trauma insurance can cover issues like:
- Extended hospital stays
- Heart attacks
- Nervous system diseases
- Chronic illness
Trauma insurance covers more than just these issues – so check with your provider.
This is another form of short-term relief in case you’re unable to work for a period of time. Income protection can pay up to 75% of your normal wage. It’s one of the more popular forms of insurance, because it eases so much financial pressure if you can’t work.
Key Man Insurance
Key man insurance is sort of like life insurance for businesses. If you own a business that would suffer considerable difficulty if an integral staff member were to pass away, key man insurance is for you. It can be paid in a lump sum to cover things like lost productivity and re-training a replacement.
The Features of the Best Life Insurance Australia
All life insurance in Australia policies will have different clauses and features. Here’s some of the best ones you can keep an eye out for.
Advanced Payment: This provides quick access to a portion of the life insurance immediately upon death. It’s extremely helpful to cover urgent costs like funeral expenses.
Premium Waiver: Almost like income protection – this covers your monthly life insurance premiums if you can’t work.
Accommodation Payment: This pays a daily amount towards costs if you have to stay over 100kms away from home, or if someone has to move to look after you.
Terminal Illness: If you’re diagnosed with less than a year to live, you can access some of your life insurance payout to help with costs.
Cooling Off Period: A feature of most insurance policies, this lets you opt out of cover if you change your mind.
Financial Planning Benefit: This can help your family access the services of a financial planner to help them plan for the future.
Ways to Save Money on the Best Life Insurance
Getting the best life insurance Australia has to offer takes a bit of work, but it isn’t impossible. Here’s a few things you can do:
Combine policies: Just like car, home and contents and health insurance, you can get discounts if you join a few policies together.
Improve your health: Life insurance can cost more depending on your lifestyle choices. Things such as obesity and smoking can mean you pay more for premiums. Hence, the less pre-existing medical issues you have, the cheaper your insurance will be.
Compare and potentially save: Comparing life insurance policies can help you get a better deal. See below for the best way to do it!
Compare to Find the Best Life Insurance Australia from our Panel of Life Insurance Providers
For the best life insurance Australians can buy, you don’t need to do much of the work yourself. Billy Explores can compare deals from our panel for you, so what are you waiting for? Find the best life insurance Australia from our panel today with the click of a button!