Get the Best Life Insurance Quotes From Our Panel Of Providers
Billy Explores always wants to look on the bright side of life. That’s why he loved Australia so much when he moved here, because we’re all happy people like him! Unfortunately, though, not everything in life is perfect. Consequently, Billy understands we also need to prepare for the worst. That’s why he’s dedicated to getting the best life insurance quotes for you and your loved ones that are available from our panel of insurance providers.
Read on to find out everything you need to know about life insurance, and how you can get the best deals from our panel of providers.
What is Life Insurance?
Life insurance gives you peace of mind that your family will be looked after financially if you died. Remarkably, many Australians don’t have appropriate life insurance, which is incredible considering the relatively low cost of cover. Depending on your age and lifestyle, you can obtain a good level of cover for less than $1 a day.
It’s human nature to feel like the worst will never happen to us, however it’s not a terribly wise way to look at things. You could ensure your family’s financial obligations are taken care of if you passed away, at a relatively small cost. That’s why life insurance is worth considering.
Depending on your cover, life insurance pays a lump sum to your family if you pass away. This gives them the freedom to mourn and grieve their loss without the stress of how they’ll pay the bills.
Why Do People Get Life Insurance Quotes?
There’s a whole range of reasons people get life insurance quotes.
The number one reason is to protect their family in the event of their death. In today’s world, many families need income from both parties in order to survive. Gone are the days when one person can be the sole bread-winner. So, if you think about how the finances work in your house, could you just take one income away?
The answer is almost always ‘No’. Modern life comes with so many expenses. Mortgage payments, rent, rates, gas and electricity, water, school fees, loans and debt repayments. And that’s before we even think about daily expenses like food, transport, clothing and entertainment. If you suddenly passed away, how would your family cope with the financial stress of losing your income?
Some people may not be able to afford high level cover that guarantees a life-changing sum of money for their family. But they may just want some lower-level cover to ensure their family isn’t burdened with funeral costs.
Most people understand that the death of a loved one takes an enormous emotional toll on families. Getting a life insurance quote could be the best way to make sure your family doesn’t suffer financial distress too.
What Can I Use Life Insurance For?
Your family can use your life insurance payout for anything they choose. Claims are paid as a lump sum. This gives families the freedom to spend it at their discretion.
Some common uses of life insurance are:
- Paying off the mortgage
- Making advance rent payments
- Funeral expenses
- Children’s education costs
- Everyday living expenses
- Paying off loans and other debts (credit cards, personal loans, car loans)
The only limit is the amount of cover itself. It’s a difficult thing to talk about, but families should be planning when it comes to life insurance. Sit down with your family and discuss what your needs would be if one of you passed away suddenly. How much do you owe on the mortgage? If you’re renting, how much would you need to purchase a home and secure your future? What would it take to pay off all household debts?
This can give you a good idea of what level of cover you need. It’s also a good idea to revisit this discussion regularly. As you get older, perhaps you have less expenses. When you’re 30, you could be paying off a house and trying to keep up with credit card debt and loans. You might also have school expenses for your children. You would probably want a high level of cover. In comparison, if you’re 60 and own your home, with adult children – you may not need the high level of cover you had in the past.
Other Kinds of Life Insurance
Many people think that life insurance is all about ‘death cover’. But there’s plenty of other life insurance variations out there. Life insurance can cover all sorts of unfortunate incidents, from accidents that keep you off work for a few months to critical illnesses that keep you from working ever again.
Most insurers will offer package deals, so you can include some of the following types of cover into your main policy. You can also purchase most of them separately without the need for full life insurance.
Whatever type of cover you need, Billy Explores can help you out. Read on to find out about the other types of cover you can get in your life insurance quotes.
Income Protection
Income protection is something all working Australians should consider. If you’re injured or ill and unable to work, income protection can supplement your income. Much like life insurance, you need to consider how your family would cope if your income was removed from the household. Even if you’re a single person, income protection should be a consideration.
Depending on your policy, income protection can pay up to 75% of your income while you can’t work. Income protection is different to workers compensation, and that should always be your first option if you are injured at work. Likewise, you can still take advantage of income protection even if you’re receiving workers compensation through your employer. Please note that if you’re claiming workers compensation, your income protection amount will be affected.
Total Permanent Disablement (TPD) Insurance
TPD insurance pays a lump sum if you’re deemed permanently disabled and unable to work. There are two different categories you need to understand.
- Cover if you’re unable to work in any occupation
- Cover if you’re unable to work in your usual occupation
The payout allows you to take care of your financial obligations in the event that sickness or injury prevents you from earning an income. The requirements you need to meet will vary depending on your cover. For example, if you’re a roofing contractor and you lose a leg, you couldn’t perform your normal job any more. But it may not prevent you holding an office job. This means if you’re only covered for being unable to work in any occupation, you may not be eligible to claim. Or, your insurer may deem you’re entitled to a partial payout.
We strongly recommend reading your insurer’s product disclosure statement to clearly understand your cover.
Trauma Insurance
This is another lump sum payment. Trauma insurance is there in case of serious injury or critical illness. It isn’t explicitly linked to your employment, rather the condition you suffer. Trauma insurance covers you because certain injuries and illnesses can cause great strain on families. If you were critically ill and unable to work for a long period (or ever again), you would want to know that your financial obligations could still be met.
The list below is not exhaustive, but displays some of the most common conditions claimed for under trauma insurance:
- Cancer
- Strokes
- Liver/lung diseases
- Heart attacks (and other heart conditions)
- Paralysis
- Blindness
- Kidney failure
- Brain conditions such as Alzheimers and dementia
- Extended hospital stays (such as Intensive care)
- Nervous system conditions (motor neurone disease and multiple sclerosis
Finally, check with your insurer what they cover. There’s over 50 conditions that are generally covered.
Key Man Insurance
Key man insurance (or ‘key person’ insurance) is a type of business cover. As a business owner, you could insure certain staff members for a pre-determined lump sum should they pass away. The idea is that your business would suffer financially without certain key personnel.
Key man insurance is paid in a lump sum. It’s usually used for high ranking executives, partners, or people whose knowledge and skills make them uniquely important to your business. Smaller partnerships often use key man insurance to buy the deceased person’s company shares from their family (in line with relevant ‘buy/sell’ agreements).
Businesses also use key man insurance payouts to cover re-training, the cost of hiring new staff, and the loss of income they experience as a result of a key staff ember’s death.
Do I Need Every Type of Life Insurance?
That’s totally up to you! A lot of your insurance needs will depend on your age, lifestyle, and current situation. If you’re a relatively healthy single person with no dependent children, you may not want much life insurance. But you may consider income protection, TPD or trauma insurance. If you have a family and your income is integral to the household, you may be looking for more cover than a single person.
There’s really no right or wrong answer when it comes to getting life insurance quotes. Consider your own needs carefully, and make an informed choice. Nobody wants their family burdened with financial stress if they pass away. That’s why many people take out life insurance. If you want to make sure your family is looked after in the event of death, serious injury or critical illness, you may want all types of cover.
Billy Explores certainly isn’t here to tell you what type of insurances to buy, but he’ll help you source the best deal for the policies you want from our panel of providers!
Can I Get Life Insurance Quotes Regardless of My Health?
Your health, lifestyle, gender and age can all play a part in your life insurance eligibility. Your health can have an effect, but it isn’t quite as bad as people think. If you have a pre-existing medical condition there are two ways you might be able to handle it.
- Pay a higher premium.
- Accept an ‘exclusion’. This is a clause stating the insurer won’t pay if your death is due to a particular condition.
Your premiums are likely to be higher if you’re a smoker too, which is just another reason you might consider giving up. You’ll be healthier, AND save money on life insurance!
How Much Life Insurance Do I Need?
When you’re getting life insurance quotes, understanding how much you need is important. First of all, there’s no magical formula here. Everybody’s needs are different. As a single person in your 20’s, your needs are likely to be different to someone in their 40’s with a family.
Life insurance is a very personal thing, but it can affect those around you too. In fact, it’s really all about those around you. Your loved ones are the beneficiaries, so it’s worth discussing your needs together.
You may just want relatively small cover to ensure your family can cover your funeral costs. Likewise, you may just have a few personal debts you don’t want others to be responsible for. In contrast, you may have a young family and want to leave them with enough money to buy a house.
Consider where you’re at in life, and what those left behind need from you. It will be different for everyone, but as long as you and your loved ones have peace of mind, you’ve achieved your goal.
How Do I Get Life Insurance Quotes?
Getting life insurance quotes has never been easier. Well, maybe back in the days when there was only one insurer in your small town. It was pretty easy then, because you had no options. These days though, you’ve got options galore when it comes to life insurance quotes! Billy Explores can help comparing life insurance policies from our panel of life insurance providers so that you don’t have to save time effort, and hopefully money. Don’t spend hours on multiple websites looking for life insurance quotes when you simply don’t need to. Click here to let Billy take the hard work out of comparing life insurance quotes. Get covered today, and make sure your family is looked after now and into the future.
