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Of over 5.7 million Australian households, the average debt is $128,000. What would happen if you suddenly passed away and couldn’t take care of your family?
Life insurance that is simple and affordable
Over 5.7 million Australian households have an average debt of $128,000. What would happen if you suddenly passed away and couldn’t take care of your family?
It’s an unpleasant truth, but most of us will experience some kind of insurance-covered event in our lifetime. 81% of 50,000 transport accidents happened to people of working age. One third of women and a quarter of men will suffer from cancer at some stage in their lives.
Right life insurance cover
Savvy finds the best prices on life insurance to hundreds of Australians. Our insurance professionals help tailor a premium catering to your budget and circumstances. We can help determine how much cover you require and can find insurance products that guarantee cash back amounts each year. We can also find premiums that deliver lump sum payments and funeral cost cover.
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Get answers to life insurance questions
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Making life insurance easier
At least 1 in 3 Australians say that life insurance is too complicated. Make life insurance simple with these helpful guides
How much life insurance is enough?
Many life insurance premiums come with levels of lump sum coverage. It’s not uncommon to take out premiums for $1 million in the event of a sudden death. But though it seems high, is it enough? A life insurance premium should cover your outstanding mortgage debt; any other asset debts; education for children; giving your family security if you were the sole breadwinner. Though high sums may seem adequate on the surface, it is worth sitting down with a financial professional to work out what level of coverage will provide for your loved ones in a time of great stress.
What is the life insurance “gap?”
Many insurance commentators have noted a huge gap in the life insurance coverage of average Australians. According to the Financial Services Council, Australians have a death and disability underinsurance gap of over $1.1 trillion. They go on to say that only one in five Australians have adequate death and disability cover. This means if you are underinsured, the “gap” between paying off your immediate debts and what you get in payouts is out of your pocket. That’s why checking your coverage to make sure it’s enough is crucial when reviewing your life insurance.
Lump sums and periodic payments
Not all life insurance premiums are the same; many give you options for lump sums or periodic payments. A lump sum is the entire premium paid at once. This is most common in life insurance or total permanent disability premiums. Periodic payments are more common in circumstances that may be subject to change. For example, you may need income protection insurance if you find yourself unemployed. If you then go on to find work, payments cease as you earn a regular income. The same may apply to trauma insurance. Lump sums are critical when you need to settle an entire debt quickly, such as a mortgage or other asset that is under loan. Funeral cover also pays a lump sum to cover funeral and other pressing bereavement costs.
Life insurance isn’t just “death cover”
According to Financial Services Council, three in four Australians believe life insurance is just “death cover” – a premium paid to family members in the event of a sudden and unexpected death. However, life insurance comprises many different types of coverage that can ease suffering and help your family in a time of need. Life insurance can also mean Total Permanent Disability insurance, which covers you in the event you are injured and cannot work again. Trauma insurance is similar, in that it covers you if you sustain severe injuries and cannot work for an extended period. Income protection insurance gives you access to a payout – usually 70%-80% of your regular salary – if you find yourself made redundant or suddenly unemployed.