Find out more about the process of buying life insurance and how to compare offers with Savvy.
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Making sure your family is taken care of if you suddenly die or become critically ill is a major priority for many people. However, it’s crucial to find a policy which is appropriate for your personal situation before buying life insurance. Find out how to buy life insurance policies online and compare quotes from different insurers with Savvy today.
Gone are the days when buying life insurance meant visiting an office and completing reams of paperwork. Whether you’re buying for the first time, buying for your parents or just looking for a new policy, Australian insurers have online platforms which allow you to purchase a policy directly.
If you’re on the hunt for a policy, Savvy can help you. The process for how to buy life insurance through us online is as follows:
When you’re doing side-by-side comparisons of policies online, make sure you check the following points to help you find the most appropriate policy:
What’s included
To make sure you're getting the most out of your money, it's a good idea to evaluate the benefits offered by different policies. Benefits including indexation, international coverage and advance payments for funeral expenses are standard across most life insurance policies, but they can vary between insurers. As such, it’s crucial to compare them to help you determine what you can be covered for before you buy.
What isn’t included
Life insurance policies come with certain general exclusions which can vary from provider to provider. Most policies won’t cover suicide (within the first 13 months of the policy), criminal activity or alcohol or drug use (unless prescribed by a doctor). It’s important to go through the fine print thoroughly and check what isn’t included and compare it to other policies, as you and your family will want to avoid any unwelcome surprises when you go to make a claim.
Premiums
You’re bound to have a close eye on the cost of your life insurance when you’re comparing quotes through Savvy. By obtaining a few policy estimates and doing a side-by-side comparison, you can improve your odds of getting a policy which provides the cover you're looking for at a price within your budget.
Types of insurance policies
Life insurance comes in all shapes and sizes, so it’s important to consider which one best suits your circumstances. You can choose from the following when you’re shopping for a policy, subject to meeting your insurer’s qualification criteria:
Coverage limits
If you want to make sure your loved ones are taken care of financially in the event of your death, you should shop around to see which companies can offer the cover you’re looking for. It’s important to consider things like superannuation, multiple salaries and any savings you have stashed away when working out the amount of cover you may need through life insurance. This could mean your loved ones may be able to live comfortably on less coverage.
Waiting periods
On certain types of policies, there’s a waiting period associated with making a claim which you can choose. These can vary from two weeks to two years for income protection insurance and up to 90 days for TPD and trauma cover, so it's important to do some research to locate the one that suits your needs.
Life insurance premiums in Australia vary widely from person to person due to a range of factors. These include:
Disclaimer:
Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.
Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
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