We’ve partnered with Compare Club to bring you a range of life insurance policies to help you compare them side by side.
Looking for the best life insurance quote is important, as there’s such a wide variety of policies available on the market today that finding the right safety net for you and your loved ones isn’t as simple as picking the first one you find. Whether you’re looking for life cover, TPD, trauma or income protection insurance, you can compare with Savvy.
By comparing quotes from a panel of leading insurers, you can consider the pros and cons of each policy in one place, whether you’re focused on their cost, inclusions or benefit limits. You can get the wheels in motion on your life insurance policy by filling out a free, no-obligation quote online with us today.
Life insurance is a type of insurance policy which can give you and your loved ones a financial cushion if you die or become incapacitated due to injury or illness. Under this type of policy, depending on the coverage you take out and whether your claimable event qualifies for coverage, you or your family can receive a benefit to help you continue to cover costs, both at home and related to any medical expenses you might’ve accrued along the way.
By purchasing a life insurance policy, you agree with your provider to pay a set amount for coverage annually or monthly. Your life insurance provider will agree to provide a payout if you’re seriously injured, sick, permanently disabled or die due to an event which qualifies for coverage under your policy. These payouts may range from $100,000 to several million dollars, though there may be limits on certain types of coverage.
Life insurance is also important because it can cover terminal illnesses. If you’re diagnosed with a terminal illness with only 12 to 24 months to live, your insurer can pay out your covered amount. This can help support you and your family in the final stages of your life.
Getting a life insurance quote is a good way to dip your toe in and test the waters before buying a policy. Through Savvy, you can compare quotes from some of Australia’s leading insurers online, who are drawn from our partner’s panel.
You can get a free, no-obligation price estimate and weigh that up against similar products to help you determine which offers the most suitable coverage at an affordable price. A licensed life insurance broker will also be able to help you compare costs and other factors between policies.
The steps to follow when completing a life insurance quote are:
Fill out your form and get a quote
When getting a quote through Savvy, you’ll be asked for the following information, which should only take a few minutes to provide:
Compare quotes, book a call back and buy the best one
When you’ve submitted all your details, a quote will be generated online detailing price estimates from a range of insurers. If you find a policy which is right for you, you can go ahead and request a call back from a life insurance specialist.
Talking to a specialist can allow you to clarify the finer points of your policy and ask further questions before you buy. If you’ve decided to purchase it, they’ll handle all of the paperwork. Once this is all settled, your life insurance policy purchase will be complete, with your coverage starting subject to any waiting periods in place.
Life insurance is much like a box of chocolates, as no two types of cover are the same. Your main options include:
When you’re looking at different life insurance policies, it’s important to drill down and compare some of the features and benefits with other offers you’ve found on the market. Some of the factors worth weighing up when considering your options with Savvy include:
Compare your policy’s features so you can be clear on what you may be able to claim for in the event of an injury, illness or death. The following can be included under life cover policies:
What isn’t included
Just as important as what is included is what isn’t. Make sure you’re across the various exclusions under different policies before you buy. These can include:
While comparative costs aren’t the most important factor when you’re shopping around for a policy, considering them could save you hundreds, if not more, over the life of your policy. By doing a little bit of homework, you could find a more affordable policy that ticks key coverage boxes and potentially avoid overpaying for your insurance.
It’s important to make sure your family is financially protected if you pass away, so it’s crucial to compare different insurers and policies to make sure the available cover limits can offer your family the support it needs should you pass away, fall critically ill, become seriously injured or permanently disabled. Multiple incomes, superannuation and savings may mean some families need less coverage than others, so it’s worth avoiding paying for unnecessary coverage.
Life insurance offers more than just a flat payment if you need to make a claim. What’s included in policies and what isn’t will vary from provider to provider, so it’s worth shopping around to find one with the benefits you need. In addition to the inclusions listed above, you may be able to access features such as cover suspension, discounts and mortgage and dependent care insurance (such as for an ageing parent).
When you buy a life insurance policy, coverage isn’t necessarily instant. Some may come with a waiting period, such as income protection insurance requiring you to select anywhere between two weeks and two years before you can make a claim and trauma and TPD cover sometimes requiring 90 days. It’s best to compare so you’re aware of any waiting periods which may apply to you.
Life cover can pay a nominated beneficiary a lump sum if you’re diagnosed with a terminal illness or pass away. This type of insurance can provide your immediate family or another loved one some financial assistance to cover funerals, medical costs and day-to-day expenses.
If you’re injured or too sick to work for an extended period, income protection insurance is designed to help you focus on your recovery. You can be covered for up to 70% of your usual wage for a chosen period, such as five years or up to age 65, depending on the level of coverage you buy.
This type of insurance is designed to offer cover to those who are permanently disabled by injury or illness and are no longer able to work. You can choose to take out cover for an inability to work in your current job or in any role suited to your qualifications.
Trauma insurance is a type of policy which provides you with a lump sum payment in the event of a critical illness or major accident. The conditions eligible for claims will be outlined in your insurer's PDS, but can include cancer, heart disease, severe head trauma and cardiovascular disorders.
It’s important to ensure you and your family choose a sum insured which is sufficient cover in the event of a claim needing to be made. Work out how much you have saved, what you still owe and how many dependents rely on you for financial assistance. Your work may also impact what coverage you end up purchasing, whether you’re a full-time employee, a casual or a contractor.
Product Disclosure Statements (PDS) don’t always jump out as the most gripping reading material. However, by brushing up on the PDS, you can be surer that you’re across what you’re covered for and what you aren’t in the event you do need to make a claim. It’s crucial to understand the ins and outs of your policy before you buy to help prevent any unwelcome surprises down the road.
Providing your insurance company with ample information is vital, as this gives them a complete picture of your medical history and lifestyle. By failing to mention that you’re a smoker, regularly partake in high-risk activities in your spare time or have a pre-existing medical condition, you could run the risk of a future claim being rejected and being left out of pocket.
Savvy makes comparing different life insurance policies a piece of cake. By considering your options with us, you get to weigh up the costs and benefits of a range of policies from a panel of some of Australia’s leading insurance companies side by side. Best of all, the process is 100% free and online, meaning you can find and compare quotes no matter where you are.
Compare life insurance options aligned to your medical condition and profile and receive no-obligation quotes from some of Australia's leading insurers.
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.