How to compare life insurance quotes

Published on November 27th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

At Savvy, our mission is to empower you to make informed financial choices. While we maintain stringent editorial standards, this article may include mentions of products offered by our partners. Here’s how we generate income.


When choosing a life insurance policy, you need to compare the various coverage quotes that you get. Coverage refers to the amount of money that will be paid out to your loved ones if you die. The amount of coverage that gets paid out depends on how much cover you want. Unfortunately 50% of Australians that have life insurance through their superfunds are under insured by $100,000 for life insurance.

If you are still trying to wrap your head around how much coverage would be adequate for your loved ones you can look at the current expenses and the type of lifestyle that they currently live. It is advisable that you speak a financial broker who will be able to advise you on what will best suit you.


This is the amount you pay on a monthly basis for the policy you have taken out. Premiums will play a crucial role in keeping your life insurance active. Failing to pay the monthly amount that is due to keeping your account active will result in your policy becoming void, unless if you notify your insurer in advance about your current financial situation that has prevented you from not meeting payments. Notifying your insurer will help them waive your premiums for a certain period until you are able to meet payments. Reviewing the premiums that you pay for your life insurance can also help you in saving costs.

Level premiums

The type of features that come with your life insurance policy will determine the flexibility of payments. Level premiums mean that you would be paying the same amount during the term of the policy. This works best for people who need a fixed amount to factor into their budget. However, if your premiums increase on a yearly basis you will have to review it. If possible, you can negotiate a lower rate with your insurer if you have found the same policy elsewhere for a better deal.

Underwriting process

The underwriting process determines how much you end up paying of your life insurance. Life insurers look at the level of risk that you are on according to various things such as; your age, gender, lifestyle, and medical history. The younger you are when you apply for a policy the most likely you are to save on premiums due to younger people having fewer health risks.

Always compare your life insurance quotes before deciding on one to make sure that you have the best offer. If you have already taken out a life insurance policy, there is still time to look for other offers that can beat your current one. However, be aware of the exit fees that come with switching policies to a new provider you.

Did you find this page helpful?

Thanks for your feedback!

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.

In this article

Share this article

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on pinterest

Looking for a life insurance quote?

Compare with Savvy and save on your life insurance purchase.

* Terms and conditions and lending criteria applies.

Smart money saving tips

Subscribe to our newsletter.

By subscribing you agree to our privacy policy

Related articles

Looking for a life insurance cover?

Compare a range of life finance options with Savvy from a panel of reputable insurers.

We'd love to chat, how can we help?

By clicking "Submit", you agree to be contacted by a Savvy broker and to receive communications from Savvy which you can unsubscribe from at any time. Read our Privacy Policy.