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Low Cost Life Insurance Policies
About Life Insurance
Jul 06, 2010 - Eric Smyth
Term life insurance or as it is sometimes known as low cost life insurance provides protection for a specified period at an affordable cost.
It starts off cheap when you are young but as you get older the premiums rise significantly from age 50.
Low cost life insurance for long term
If you require your cheap life insurance for the long term you will be better off by applying for a policy that has level life insurance premiums. Level premiums are calculated on an average premium, meaning you might pay more while you are younger, but you pay a lot less when you get older. Level premiums lock in the rate for the term of the policy, and most Australian companies provide till age 65.
Our advisers can provide you with a comparison to help you find the best policy to suit your requirements.
Low cost life insurance in Super
The majority of people today prefer to take out low cost life insurance policies, and choose to use their superannuation fund to purchase their life insurance policy. However most super funds do not provide good quality insurance benefits and in this case you should consider to roll over some of your super money to pay for your insurance policies.
Please be aware that this is a specialist type of service and you should obtain advice from one of our qualified advisers.
Taking out term life insurance is a good idea, as you can buy the protection you require now. As you age so will your premiums increase.
But remember, not all low cost life insurance policies are the same and they may vary with each insurance company, so you really need to seek advice from a professional. Give one of our friendly advisers a call and let them guide you in the right direction.
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Are you getting the best value for your dollar? Here is the best Savings Accounts in Australia at the moment:
- Ubank Usaver @ 6.01% - you need to deposit at least $200 a month.
- RaboDirect High Interest Savings @ 6.01% - for the first 4 months, then 5.40%.
- ANZ Online Saver @6.00% - for the first 4 months, then 4.25%.
- Virgin Saver @ 5.85% - for the first 4 months, then 4.65%.
- Citibank Online Saver @ 5.80% - for the first 6 months, then 4.75%
Marilynn Ritchie
Have been insured under Zurich for over 30 yrs - it was a basic Life Plan Professional policy offered to nurses-minimal monthly payments of about $7.00 ? way back in 1979/80??death pay out only of $20,000; although supposedly at fixed payments this has increased to $47.70 monthly + the payout has remained at $20,000. I am now 57/active/healthy/work part-time/non-smoker/exercise regularly and I notice that I can get a policy for approx double the monthly payment that pays TEN times what I am currently offered? It is only with the last increase that co-incided with the financial downturn that i actually realised i do NOT have a good policy -do u think Zurich can do me a better deal? If not i will need to find someone who will!