Most of us, especially those with families and other dependents, are aware of our responsibility to protect them in the unfortunate event of our demise by acquiring life insurance in Australia. Fortunately, the once laborious, intensive task of sourcing reliable life insurance in Australia has revolutionised as modern technology has risen and shifted the balance of power towards the consumer. This article delves into the subject and offers tips and strategies to ensure the process is comprehensive and yields the best results.
Life Insurance in Australia: Factors to Consider
Life insurance in Australia is now readily available to almost all adults, but there are numerous conditions, potential exemptions, and specific caveats to be aware of. As you start collecting quotes and examining the details of shortlisted policies, be on the lookout for the following:
- Pre-existing medical conditions—If this applies to you, read the fine print closely and see how the policy handles them. The type and severity of your pre-existing condition affect coverage options. Although some insurance providers are flexible regarding certain conditions, you should expect to face higher premiums and a meticulous evaluation of your medical records. If your condition is in remission, the premiums might not be affected too severely. Pay close attention to the fine print and clarify the situation in the phone call you will eventually make to the provider.
- Age restrictions—Life insurance in Australia is typically only available to individuals aged between 18 and 75.
- Exemptions and caveats for individuals in certain occupations—Occupations that providers deem ‘high-risk’, like mining, heavy industrial work, aeronautical engineering, and construction, for example, may lead to higher premiums or refusal to accept your application for life insurance in Australia.
- Dangerous pastimes and activities—Those who enjoy daring activities in their spare time may find it difficult to find life insurance in Australia without elevated premiums and exemptions from coverage.
Researching Life Insurance in Australia: Tips and Strategies
Some tips to bear in mind during the process include:
- Give yourself enough time to do your due diligence and avoid mistakes from rushing the process.
- Use trusted comparison sites—As more sites appear each year, it pays to research them and ensure they are reputable.
- Scrutinise each potential policy—Analyse the terms and conditions of each policy and make comprehensive notes on the differences.
- Research potential insurance providers—In what has become a crowded marketplace, you are unlikely to recognise all the providers when you source quotes for life insurance in Australia.
- Check official databases—Official registration for financial entities is stored in a public database.
- Speak to your shortlisted providers—The final step is to speak with each provider on the phone and assess their competence and professionalism. These are the same people who will handle any future claim, so take this opportunity to engage with them and react accordingly.
Conclusion
Acquiring life insurance in Australia can be straightforward with enough focus, time, and modern technology. Treat the process methodically and look forward to the feeling of achievement and relief once your loved ones are fully protected against a worst-case scenario.