Life Insurance Companies

Life insurance companies are obliged to provide clear and concise information about their terms and conditions contained in their life insurance policies, and provide you with a product disclosure statement before a client enters into a contract.

After entering into an insurance agreement the life insurance company must provide you in writing with the option of renewing your existing policy before it expires.

If you decide to proceed with the life insurance, you are required to supply the life insurance company with all relevant information about yourself that may affect the risk you are asking the insurer to accept. This is known as your "duty of disclosure".

Besides fully understanding the questions being asked, you need to supply correct and honest answers which accurately reflect your situation. Failure to provide full disclosure can result in the insurer refusing to meet the claim.

You may be required to undergo a medical examination prior to the life insurance company accepting your application to be insured. The results of your medical and the completed questionnaire will be assessed during the underwriting process and in calculating your final premium.

Changes in terms of your life insurance policy

Life insurers may be required to change the terms of the policy from time to time, but they are compelled to inform you in writing and permit you to review the changes and allow you the option to seek cover elsewhere.

Life Insurance company ratings

Not all life insurance companies are ranked equal. It is essential that you deal with a highly reputable company to ensure that should you need to make a claim that you will be paid. Consult your life insurance adviser for further information regarding the ratings of different risk providers.

How much life insurance cover do I need?

When considering life insurance, you're planning and preparing for an event most of us would rather not think about. But life insurance represents a critical step in managing your personal finances and ensuring your family's well-being.

As everyone's situation is different, the level of life insurance cover required will vary. Most financial advisors normally recommend that you have life cover equivalent to a minimum of 10 times your average annual income.

Who offers the best Life Insurance in Australia?

It's hard to define what is the 'best' life insurance. Each person's requirements are different, so the level of coverage applicable to one person may not suit another.

At Rate Detective, we can compare quotes from up to 9 Insurance companies, doing the shopping for you. This means that you will be able to compare the prices across these products and start your decision making process. Of course, not all insurers offer insurance to all customers - we will be able to confirm which ones will cover you based on your requirements.

If you would like to find out who offers best Life Insurance in Australia for your particular situation, please fill out the form on this page. We compare up to 10 life insurance companies in Australia, so you save your time and money.

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Published on February 2-nd, 2010 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.

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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.