Find the Best Life Insurance for you that’s available through our Panel of Insurers
If you’re looking for the best life insurance in Australia that’s available through 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. This couldn’t be further from the truth. Many people also think that life insurance is just ‘death cover’. Again, this isn’t exactly true because there are a range of life insurance inclusions out there for whenever the unexpected happens to Aussies!
Life insurance policies can help in so many different situations. For example, you can protect your income if you’re injured and unable to work. 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 perform your work due to sickness or injury?
Life insurance has a lot of benefits as well as offering you peace of mind, so let’s explore!
Research What You Need
You probably don’t need every part of a life insurance policy, which is why it’s a good idea to actually compare life insurance offerings. 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 more than likely ‘yes’. Your financial obligations such as loans and mortgage / rent don’t stop just because you’re not supporting a family, so we encourage everyone to look into the benefits that life insurance offers.
If you want to compare life insurance options and providers, and find the best life insurance policy our panel of providers has to offer, you need to understand which types of policies may or may not 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 in Australia
Life Insurance
Life insurance is often known as ‘death cover’. First of all, it does sound morbid, but the fact is we need to be prepared for the worst – so it is in fact real life insurance. 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 performing your normal job and tasks. Likewise, it could also apply if you’re unable to work in ANY profession.
Similar to 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
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:
- Cancer
- Extended hospital stays
- Strokes
- Heart attacks
- Paralysis
- Dementia
- Accidents
- Nervous system diseases
- Chronic illness
Trauma insurance covers more than just these issues – so check with your provider.
Income Protection
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. Again, it is essentially, real life insurance.
The Features of the Best Life Insurance Australia
All policies for life insurance in Australia 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 real life insurance that Australia has to offer takes a bit of work, but it isn’t impossible – it’s easy to compare life insurance. 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 in Australia from our Panel of Life Insurance Providers
For the best life insurance Australians can buy that’s “real life” insurance for you, you don’t need to do hardly any 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 that Australia for you, from our panel – simply with the click of a button!
