Life insurance is crucial and it is important that each and every person secures one. In Australia, there is growing market for life insurance but majority of the Australians confuse and settle down for the life insurance they obtain through the superannuation fund. Life insurance taken through these super funds covers only for a specific amount till 65 0r 75 years of age only. They may be cheaper to obtain and hardly requires any medical checkups to be done. Easy paperwork and fewer premiums to pay make this super fund life insurance more attractive for the Australians.
One can obtain life insurance in Australia through different sources. Consulting a Financial planner is an easy option since he reviews your financial books and helps you decide with the coverage and premium amount to opt for. One quirk with these financial planners would be that they may have a tie up with a few life insurance companies and the choices you can opt from will be limited.
Another option for obtaining Life insurance in Australia is to consult a life insurance broker. With a life insurance broker, you could work out plans to make your policy to suit more of your specific needs. They will be able to provide you advice on adding riders to your policy which not only pays off your beneficiaries in case of death but also when disabled. Most of the life insurance brokers have access to almost all the life insurance companies in Australia. One check point when consulting a life insurance broker is to find out whether they are licensed and hold an AFSL number.
Most of the insurance companies in Australia provide online facilities to compare the quotes and also have premium calculator which makes it easy for anyone to make the apt choice. Most of the policies provided by good life insurance companies have a ‘guaranteed upgrade’ clause which helps the existing policy holders to obtain the benefits whenever the company improves the policies.
Purchasing a life insurance policy in Australia is no difficult task whilst you remember that easy paperwork and cheaper premiums will not give you an effective life insurance policy.