Comparing Products: What to Look For
12 Jan 2024 • General Knowledge
Find the right life insurance for your needs by understanding coverage, costs, and benefits.
Get a QuoteWhat to Look For in Life Insurance
When you're shopping for life insurance in Australia, the number of options available can feel overwhelming. Whether you're new to life insurance or reviewing your current policy, understanding how to compare life insurance effectively can help you secure the best coverage for your needs. From assessing coverage levels to weighing costs and additional benefits, here's what to keep in mind when comparing life insurance products.
1. Understand Different Types of Life Insurance
The first step in comparing policies is understanding the types of life insurance available. In Australia, term life insurance is the most common option. It provides a lump sum payment to your beneficiaries in the event of your death or if you're diagnosed with a terminal illness. Other types of cover may include:
- Income protection insurance: Replaces a portion of your income if you're unable to work due to illness or injury.
- Total and Permanent Disability (TPD) cover: Provides a lump sum if you become totally and permanently disabled.
- Trauma insurance: Covers specific medical conditions like cancer or heart attacks.
If you're unsure which covers are right for you, try our life insurance cover calculator, which leads you through a few key considerations when assessing you needs. With just one extra step you can generate a life insurance comparison which can help you compare different policies side by side.
Try Our Cover Calculator2. How to Choose the Best Life Insurance Policy
Premium Costs
Your premium is the regular amount you pay to keep your policy active. Premiums vary depending on factors like age, health, and lifestyle. Some policies offer variable premiums (which largely stay the same over time) or variable age-stepped premiums (which increase as you age). You can use our quote tool as a life insurance cost calculator to get an estimate of your premiums.
Built-in Benefits
Many policies include extra benefits, such as terminal illness payouts, funeral expense advances, or financial planning reimbursements. Make sure to check the Product Disclosure Statement (PDS) to understand the included benefits.
Product Ratings
Keep Insurance Co's comparison tool includes independent product ratings, helping you evaluate multiple factors easily.
Coverage Amount
The sum insured is the amount your beneficiaries will receive in the event of your death. Keep Insurance Co's life insurance calculator can help you assess how much cover you need based on some key considerations.
Exclusions
Exclusions are events or conditions where the insurer won't pay out. For example, some policies won't cover certain high-risk occupations or hobbies. Keep Insurance Co's quote tool will only show you cover from providers who will offer cover for your occupation; however you can still be declined for cover if the insurance company note you have higher risk activities or hobbies in the underwriting process
3. Why Comparing Life Insurance in Australia is Essential
Australia's life insurance market is competitive, and each insurer offers different coverage levels, benefits, and pricing. Companies like TAL, AIA, Zurich, and OnePath, lead the market, providing a range of life insurance options for Australians. However, policies can vary greatly in terms of costs and benefits.
Using a life insurance comparison tool, like Keep Insurance Co's quote tool, can help you quickly evaluate different policies, ensuring you're getting value for your money. Comparing policies allows you to see the difference in coverage, costs, and optional extras, making it easier to choose a policy that suits your budget and coverage needs.
Compare Now4. Maximising Value: Look for Discounts and Rewards
Many insurers offer discounts and rewards that can help lower the cost of your life insurance. These discounts can make a significant difference in your premium costs, making it easier to find affordable life insurance that still offers comprehensive coverage. Common options include:
- Healthy life discounts for maintaining good health or meeting fitness goals.
- Bundling discounts for combining life insurance with other cover types.
- New customer discounts to reduce premiums for the first year.
5. Using Keep's Commission-Sharing Model to Save
At Keep Insurance Co, we take a different approach to life insurance by offering a commission-sharing model. Unlike traditional brokers who keep 100% of the commission, we return at least 50% of it to you and up to 100%, helping you save on your premiums.
If you've lost your adviser or already have an existing policy, Keep can also take over your policy and return a large part of the commission, adding value to your current coverage without any changes to your insurance.
This makes Keep one of the most cost-effective ways, potentially THE most cost-efficient way, to manage and compare life insurance in Australia.
6. Life Insurance for Different Life Stages
As your life changes, so do your life insurance needs. Whether you're starting a family, growing your career, or approaching retirement, it's important to have a policy that reflects your current stage of life.
Young Families
Prioritise high coverage amounts to protect your loved ones in case of unexpected death.
Seniors
Focus on cost-effective coverage options as you approach retirement.
Flexible Options
The life insurance products sold by Keep Insurance Co are often available at higher ages with some TPD cover offered until age 70.
7. Comparing Life Insurance Quotes
One of the easiest ways to get the best deal is by comparing life insurance quotes. Whether you're looking for cheap life insurance or comprehensive coverage, obtaining multiple quotes will help you make an informed decision.
Keep Insurance Co's quote tool is not just a life insurance price calculator that helps you get instant quotes online, it also shows you the product ratings and top features. Compare coverage and premiums from leading insurers and find the best policy for your needs.
Compare Life Insurance QuotesMake the Right Choice with Keep Insurance Co
Choosing the right life insurance requires careful comparison of policies, premiums, and benefits. At Keep Insurance Co, we make it easy with our innovative tools and commission-sharing model.
Start Comparing Now