In the grand scheme of purchases we can make that require a little extra effort and due diligence, life insurance in Australia is near the top of the list. Luckily, although the process might seem overwhelming and arduous at first glance, we can use some tips and strategies to simplify things and achieve the desired result. We can, at least, be thankful that the days of countless phone calls to different providers are behind us, and the process can mostly be completed via the Internet.
Researching Life Insurance in Australia Efficiently
Before starting the journey towards acquiring life insurance in Australia, it pays to prepare ourselves by setting aside enough time and having all the information we will need to hand. Some tips for streamlining and de-stressing the process include:
- Use an online life insurance calculator—These fast, efficient online tools can give us a better understanding of the levels of coverage we need. You will need to input significant amounts of information for an accurate response, including:
- Current annual income
- Period of income replacement
- Outstanding debts
- Anticipated future expenses
- Investments and savings
- Existing life insurance cover
- Estimated funeral and burial expenses
- Use favourably-reviewed, reputable comparison websites—You may find similar offers across multiple sites. However, as with flight and other comparison sites, some hidden gems can be found if you commit yourself to completing the task thoroughly.
- Analyse the details of any potential policies carefully—Although legislation dictates that policies for life insurance in Australia must be displayed clearly and concisely, with no hidden conditions, it is still easy to miss even the most prominent policy details. Take your time, make detailed notes on each policy, and compare them side-by-side if the comparison site provides that feature.
- Research potential providers—In a thriving, competitive marketplace, the number of insurance providers has rocketed over recent years. Many smaller entities may be prepared to offer tempting deals to attract attention, and it’s worth considering them; however, be sure to research each provider. All financial entities must register with the appropriate government authority, and you can access that information via a public database. Look for customer reviews and heed any red flags you find.
- Make your final shortlist—Once you are satisfied that you have gathered the best collection of quotes, eliminate the others and move on to the final phase.
- Speak with your shortlisted providers on the phone—As much as we prefer to avoid the inconvenience of direct phone calls, they are somewhat unavoidable once we reach the final stages of the process. While it is possible to purchase life insurance in Australia without ever interacting with anybody, a phone call to clarify the details is recommended. As an incentive to take this final step, remember that you may be offered additional discounts over the phone.
Conclusions About Life Insurance in Australia
Although researching and purchasing life insurance in Australia is now more straightforward and convenient than ever, it still requires time, patience, and a methodical approach. The good news is that once the task is finally completed, you can breathe easily, knowing you have done everything in your power to protect your loved ones if a nightmarish future unfolds.