There are lots of questions about life insurance. Currently, the most common questions Billy Explores is asked include: “Can you have multiple life insurance policies in Australia?”; “What is the best life insurance in Australia in 2022?”; “Is life insurance through super tax deductible” and finally, “Does life insurance pay for suicidal death in Australia?”.
In this blog, we will look at two of these questions: “Can you have multiple life insurance policies in Australia”, and “What is the best life insurance in Australia in 2022”. Realistically, our focus will be on multiple life insurance policies: is having two policies better than one? The question of “what is the best life insurance in Australia” will naturally answer itself then!
What Is Life Insurance?
Life insurance is meant to help you and your loved ones out financially if something happens to you. Some people feel at ease with just one strong life insurance policy. For some people, getting more than one life insurance policy may be a good idea to give them more surety in case the unexpected happens.
Can You Have Multiple Life Insurance Policies in Australia?
In Australia, you can get more than one life insurance policy. For example, if you have more than one superannuation account, you may already have more than one policy for life insurance. About six million people, according to the Australian Taxation Office (ATO), have two or more super accounts. Moneysmart says that about 70% of life insurance policies are bought through super, and most super funds cover life insurance automatically or by default. But starting in 2020, there will be new rules that mean you may not automatically be covered by life insurance through your super, depending on how old you are and how much money you have.
You may also decide to buy more life insurance to cover any gaps in the coverage you already have. For example, if you already have life insurance through your super, you might want to get a policy outside of your super as well. For example, super funds can’t sell new trauma insurance policies anymore, so you might want to buy trauma insurance somewhere else. Also, the default amount of life insurance you can get through super may be less than what you can get outside of super, so you may want to apply for more insurance outside of super. Keep in mind that most retirement funds will let you apply to get more coverage (offered as extra or tailored cover).
What To Ask When You Compare Life Cover
Before you apply for more life insurance, check with your current insurer to see if this will change how your current policy works. For instance, if you buy two life insurance policies from the same company, the maximum coverage amount may be used for both policies. So, your insurance company may have to cut your coverage so that you don’t go over the maximum limit. If this happens, your insurer will usually lower the most recent policy they gave you and give you back the premiums you paid on the amount that was over the limit.
What Is The Best Life Insurance In Australia in 2022?
If you want to have multiple life insurance policies in Australia, you will definitely be asking yourself what is the best life insurance in Australia. That’s a very easy answer. The best life insurance in Australia is the one that is the best value for your particular needs. Find out more about how to select the best life insurance policy for your needs here.
Compare Life Cover And Get The Best Life Insurance Policy For Your Needs
So you’ve decided that you want to arrange another life insurance policy and have multiple life insurance policies in Australia (whether this is through your super or outside of super). The easiest way to get started and get the best value life insurance for your needs is to compare life cover through Billy Explores! Just click here to get started.
PS Don’t forget you can also do private health insurance comparison through Billy Explores too! Get the lowdown of the differences between Medicare and Private Health Insurance, and how to do a health insurance comparison. After all, we all have insurance for the same reason – to provide security for you and your family.