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1. Your insurer breaks down the policy for you
An insurer will tell you what policies they have to offer, but a good insurer is one that lets you walk away understanding what you have invested in. Looking for the right insurance policy can get confusing, but when making such big financial decisions it is important that you understand what you are investing in. A good insurer shows you the range of options and explains how each may be beneficial for your individual circumstance. They also help break down the various features that come with it and how each will be beneficial for you and your family when it comes to claim time.
2. The premiums match your finances
Putting in the research by comparing various life insurance policies is vital to finding one that is financially affordable for you, but still offers adequate cover. A good life insurance policy is one that doesn’t come with hidden fees and charges. These are usually disclosed in the product disclosure statement which gives you a clear description of what your policy offers, its exclusions, and the fees that come with it. If there are fees and terms that you do not understand you can ask your insurer to explain to you. Remember to never sign a policy that you do not fully understand.
3. Research the claims rate
When choosing a life insurance policy from an insurer it is important to put in the research to get the best value for your money. Finding an insurer that has your best interest at heart will pay off in the long run. An insurer or broker that boast a good track record when it comes to their claims record is a good sign that when it is your time to make a claim you are likely to have your claim approved. Carefully read through the fine print to see what exclusions come with the policy and whether it will offer adequate cover for you when you want to place a claim.
4. Tailor-made life insurance policies
Purchasing a life insurance policy through a superannuation fund may be an affordable way for many Australians to purchase life insurance. However, one of the major drawbacks is that it is tailored towards a group and doesn’t take individual needs into considerations. Buying a life insurance directly through a broker or an insurer ensures that every aspect of your life is taken into consideration to ensure that you and your family are adequately covered. It also proves to be the best option for people who already have pre-existing medical conditions since there are insurers who cover these.
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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.
The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.
Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.
Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.
