When looking for a life insurance policy it will be to your benefit to look for a policy that comes with features that are suitable for you and your loved ones. Most life insurance policies come with inflation proofing which means that your policy will automatically increase the value of your cover to keep up with inflation. This tends to be increased by 5% until you have reached your 65th birthday. You can rest assured that when it times to comes to claiming your cover will retain its value.
Cooling off periods
A cooling off period can come in handy, especially if you have found a policy that beats your current one. This basically allows you to return your policy and be refunded in a period, but it can only be valid for a period of 30 days or less. However, to avoid making a costly mistake it is important to compare and asking questions before putting your name on the dotted line. insurers differ in terms of the conditions that come with a cooling off period which means you will have to check with your insurer to see which one applies to you.
Be covered no matter where you are
It is possible to get life insurance if you are an Australian travelling to another country. Keep in mind that this will differ from insurer to insurer. According to the Australian government's site Smart Traveller, there were 1, 300 Australians that passed away while overseas due to an accident or illness which is another reason why you should have life insurance if you are planning on travelling. However, it is important that you check the restrictions that come with the policy before travelling abroad. For example, an insurer might not cover you if the country you are going to has a level 5 classification from the department of Foreign Affairs and Training (DFAT). Some insurers can even provide you with various plans such as Income Protection, Trauma Insurance ad TDP Insurance
Being able to get a funeral advancement cover
Death comes unexpectedly, but you do not have to be left feeling vulnerable to cover the rising expenses that come with passing. Insurers understand that during this time of loss the last thing that your loved one’s need is to stress about how they are going to cover emergency funeral expenses. A funeral advancement cover means that your insurer will advance you a certain amount of the life cover while your claim is still being assessed which can give your loved ones breathing room.