Carefully Consider These Before Getting Life Insurance

Life insurance comes in many shapes and sizes, with each insurance company providing a wide variety of options to suit the different needs of individuals. Choosing thus can be quite daunting, making it tempting for you to just pick the easiest option available to you. Be careful though since many companies could present you with a seemingly good deal, only to couple it with a lengthy list of restrictions and limitations.

In this article, we're going to share with you things you need to be aware of before getting life insurance. Doing so will help you sign up for a policy that truly has your needs covered. Keep the following in mind:

  1. Compare policies before choosing. This should be the first thing you must do when choosing an insurance policy. If you simply choose the first one that you come across with, there is a great possibility that you're not getting the best deal that you deserve. As we said earlier, there are many options available to you, so take advantage of that. All you need to do is perform a quick comparison of the top insurers to find one that suits your budget and your requirements.
  2. Read the fine print when getting life insurance through your super. Convenience is the main selling point of this option, which is good. However, make sure that you read the fine print to make sure that it is indeed the deal you're looking for. Otherwise, there may be certain restrictions that may prevent you from getting the best deal you thought you were getting.
  3. "No medical exams required" costs more. While not exactly a bad thing, you just need to be aware that premiums are usually more expensive if you choose a policy that doesn't require medical checks.
  4. Your bank might try to sell you insurance. Let's say that you visited your local bank to apply for a car or housing loan. Be wary when they start trying to cross-sell their other products to you, particularly life insurance. While it's convenient to have all your needs covered under one roof, this doesn't necessarily apply to your life insurance. Again, keep your options open and compare deals first before you sign up.

Still daunted with choosing the right insurance policy? In that case, we recommend that you consult with a professional advisor at Rate Detective. They will help you compare deals from up to 9 insurance companies so you can finally find a deal that is suited to your requirements.

Get your quotes now

What to find out more? Enquire now

Published on October 10-th, 2012 in Life Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

More on this topic

Enquire about Life Insurance

Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.

Related Topics