Many Australian Life Insurance companies now offer term life insurance which can be tailored to you and your family’s needs without putting a strain on your budget. The one thing you have to keep in mind is that finding the right life insurance policy can take time.
Here are few guidelines while looking for term life insurance.
- The first thing you need to remember is finding a cheap term life insurance policy doesn’t mean sacrificing on a quality policy. Most policy wording for a death benefit is very similar with some variances around the suicide clause. Most life insurers will still provide cover for suicide. However in most cases your policy must be in force for at least 13 months.
- Research is extremely important while shopping for cheap term life insurance. You can use your local Life Insurance broker or shop online. There are many webs site’s like ours which offer a Life Insurance comparison service.
- Structuring your policy with your financial planner can also help reduce costs. You may even use your super fund to buy your Life Insurance policy. This will provide increased saving’s and you may even be able to get a tax deduction. This could save you over 45% in tax.
- While choosing your term life insurance you will need to evaluate the risks. Be sure to go with a well known company and choose a policy that is written in simple English.
- With a term life insurance policy you can choose the duration of your insurance and renew it every year before the expiry age or until your need no longer exists.
- Another thing you need to keep in mind is that life insurance depends on your health, so it makes sense to buy your life insurance while you are well. So don’t procrastinate and buy your policy now.
- Although, if you have an existing health issue, it is important that you disclose your pre existing medical condition. This is so the life insurance company can make a proper assessment and provide you with a policy tailored to your needs. If you don’t disclose you run the risk of the insurer not paying out benefits. It’s simply not worth it.