How to compare life insurance quotes
An adviser is the best way you can compare life insurance quotes. Apart from getting their expert advice, you can try to assess your situation.
The three main reasons people choose to compare life insurance is to either to save money on premiums, obtain more comprehensive cover, or just don't have any life insurance in place. Here we review all of these reasons and what you can do.
Do you have high life insurance premiums?
Over the life of a policy, life insurance premiums can add up to the thousands, so it's no wonder that Australians are seeking quote comparisons.
It's a good idea to put things into perspective and to determine if you really are paying higher than standard premiums, as there are many factors which contribute to the cost of premiums, such as:
- Age;
- Gender;
- Health;
- Pre-existing conditions;
- Past-times;
- Smoking status; and
- Stepped or level premium style policies.
So if your partner or friend is in a similar situation and has lower premiums than you, you cannot always assume that your premiums are high, as premiums can be modified on a case-by-case basis.
If and when you do decide to compare life insurance quotes, take into consideration the factors which can contribute to the final cost, and if in doubt speak with an xLife adviser.
Do you have a policy loading or exclusion?
If you have a pre-existing condition, or have a past-time or job that is viewed as risky by insurers, then you may have an exclusion or loading placed on your policy.
In these circumstances you may be looking for more comprehensive cover, particularly if you have been denied cover, or have an exclusion placed on your policy.
This particular situation can be tricky as each insurer will have different definitions and ways of assessing risk so it is best to speak to an xLife adviser. We can discuss your particular situation and recommend the best outcome.
Underwritten vs Direct life insurance
If you don't have any life insurance in place, it can be difficult to know where to start, particularly with the abundance of policies available on the Australian market.
Before you start to compare policies you should understand the difference between direct and underwritten life insurance policies, as premiums can vary greatly.
Direct life insurance is available with limited fuss, usually with no medical examinations needed. These types of policies are also typically advertised on television or the radio.
Direct insurers generally ask very few questions during application time and may not assess the risk associated with covering your situation. On the other hand, fully underwritten policies typically ask many questions and a result most usually have much lower premiums compared to direct policies.
Quote comparisons made easy
For an easier and faster way to compare Australia's top life insurance quotes, contact xLife for a free no-obligation comparison report.
Exclusive Offer! Call xLife on 1300 135 205 today and
save up to 20% on your first year's life insurance premium.
June 2011
