Life Insurance Myths and Facts

There are many myths which may prevent Australians from accessing the benefits of life insurance. Below is a quick guide of 4 most common life insurance myths and facts.

Myth #1 - Life Insurance is too expensive

Facts: The average life insurance premium costs less than most car insurance premiums. $500,000 Life Insurance Cover for 40 years old non-smoking male would cost about $36 per month.

By comparing TOP-10 life insurance companies and organising a policy specifically tailored to your needs we can make sure you are covered for what you need with no unwanted extras. You and your family's well-being is the biggest priority there is.

Myth #2 - I just don't need Insurance

Facts: No-one likes to think about the worst that could happen, but we should protect ourselves against it. We don't question the need to insure a house and its' contents, so why question the need to look after the people living in the house?

Insurance isn't simply about terrible or rare accidents. One in six working women, and one in four working men are expected to suffer a disability from the age of 35 to 65 resulting in more than six months off work. You might need it when it's too late. If you've got a mortgage or other debts and rely on your work for money, then you or your family would have problems without your income - however young you are.

Myth #3 - Insurance companies don't pay claims

Facts: Contrary to popular belief, insurance companies pay all genuine claims as quickly as possible. For a year ending September 2010 life insurance companies in Australia paid more than $4.2 billion in death and disability claims. The conditions for life and TPD insurance are clearly set out in each policy and it's part of our job to ensure that your policy has no hidden catches.

Sadly, every day in Australia, people have to call on their life insurance policies. Even those that don't, benefit from the peace of mind that comes from being protected...

Myth #4 - Life Insurance is too confusing

Facts: Life Insurance can be as simple or as tailored as you need it. If you want a policy that's tailored specifically to you and meets your exact needs, that's what Rate Detective is here for. We are also here to explain your options and take away the complexity. Together, we can work out what life insurance cover you need and the simplest way to achieve it.

Your life is the most complex and most important thing you can insure. The questions are there to both ensure it's absolutely right, and to give you complete confidence that you have the right level of life insurance cover.

Please call us on 1300 793 143 or fill out the form on this page and one of friendly Rate Detective advisers will help you separate life insurance myths and facts.

Get your quotes now

What to find out more? Enquire now

Published on February 2-th, 2011 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