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We’ve partnered with Compare Club to bring you a range of life insurance policies to help you compare them side by side.
When you’re searching for the right life insurance policy for you and your loved ones, you’re bound to have one eye firmly fixed on the price. While the cheapest option may not always be the best one for your needs, it’s still important to compare offers to help you determine which is the cheapest for your situation.
You can do just that with Savvy. With our partner’s panel of trusted providers behind us, you can consider a range of policies side-by-side. Assess benefit limits, what’s included and what isn’t and the type of insurance that works best for you in one place. Grab a free, no-obligation quote and compare our cheapest offers today.
There are many ways you may be able to reduce the cost of your life insurance policy. These include:
Pay your premium annually
Your premiums may be cheaper if you pay for them annually, rather than making monthly payments. How much cheaper this works out to be will depend on the insurance you buy and the insurer you choose to go with.
Quit smoking
Quitting smoking can do wonders for your health, but it can also reduce the amount you pay for your life insurance by up to 50% (subject to meeting your insurer’s qualification criteria). If you’re a regular smoker, you run a greater risk of developing cancer and other serious diseases, which can inflate your premium significantly. However, if you’re currently a smoker and decide to quit, it may take up to 12 months or more for this change to be reflected in your premium.
Link multiple life insurance policies
For those holding a TPD or trauma insurance policy (or both) in addition to life cover, linking your policies together may reduce the total cost you pay for your coverage. It’s important to note, however, that payouts made under one policy will impact your other linked policies. For example, a trauma insurance claim of $500,000 being paid out would mean that a linked life cover policy with $2 million in coverage would now be worth $1.5 million (though many insurers will offer a buy back option to enable you to reinstate your cover in the future).
Only pay for what you need
Before you go hunting for a life insurance policy, draw up a rough budget and estimate how much those left behind would need to live comfortably if you were to pass away. There’s no point in opting for the maximum amount of coverage and paying more than you need to if your family can get by on much less money once things like your mortgage and other debts are paid.
It’s important to continually update your policy on this basis; for instance, your kids growing up and moving out of home or your partner moving into a higher-paying job may be cause for you to reduce your sum insured.
Purchase cover when you’re young
Some insurers may offer life insurance coverage to women and men at a younger age than older first-time policyholders due to the fact that their level of risk is lower. If you’re able to secure a cheaper rate when you’re younger, it may save you on premiums as you grow older.
Compare with Savvy
Comparing your choices with Savvy can help you determine which is the cheapest offer available among our partner’s panel of reputable life insurers. Not only can you consider costs side-by-side but also factors such as inclusions, exclusions, claim limits and other further benefits.
The price you’ll pay for your life insurance isn’t clear-cut, as multiple factors will impact how much you pay for your policy. Some of these may include:
When you’re on the hunt for a life insurance policy, you’re no doubt chasing a cheap one which also provides you with comprehensive coverage that suits you and your loved ones’ needs. When you’re comparing with Savvy, here are some of the factors you should consider:
Premiums
As mentioned, the premium you pay for life insurance will vary based on the policy you choose and the insurer you go with, as well as variables relating to you and your lifestyle. Each insurance company will determine your premium in their unique method, but all will employ a set of qualification criteria. When you’re comparing, it’s important to avoid overpaying for your insurance policy.
Type of coverage
There are various types of life insurance, so it’s important to consider all your options so you can determine which is most suitable for your needs. Trauma, life cover, TPD and income protection are the main plans available, while you can also bundle two or more together with the same insurer.
Payout limit
Life insurance’s primary purpose is to financially protect a person and/or their dependents in the event of the policyholder’s death, critical injury or illness or permanent disablement. Different companies will offer different claim limits, as will different types of insurance. For instance, while you may be limited to up to $2 million under trauma insurance and $3 million to $5 million under TPD cover, these may not be the case across the board. It’s important to look for the policy which offers the most suitable coverage for you and your loved ones.
Inclusions
Review quotes for similar coverage with different insurers so you can be more aware of what’s included under a potential agreement. Coverage for advanced funeral expenses, international travel and inflation-proofing are standard in most life insurance plans, although the specifics might vary depending on the provider.
Exclusions
What’s excluded from your policy may depend on your circumstances and can vary from provider to provider, which is why it’s important to compare between insurers. Some of the common exclusions include:
Waiting periods
After acquiring a life insurance policy, it may take some time for the protections to become effective. Depending on the policy, you might have to wait anywhere from two weeks to two years before coverage begins. As such, it’s worth comparing a variety of plans and looking for one with a waiting period that works for you.
No – while it can be tempting to buy the cheapest life insurance policy you find while you’re comparing, it may cost you in the long run. Your best bet is to find a deal that is affordable but also offers competitive coverage.
Understandably, cheap policies may offer fewer benefits and lower claim limits than more expensive options. It may also cost you long-term if you don’t purchase the appropriate level of coverage. For example, if you buy a cheap policy and pass away, your family may not have access to enough money to comfortably cover your debts without you. This could mean being unable to make required payments, such as on a mortgage or credit card, or just to pay for day-to-day costs.
By taking the time to determine what cover you and your loved ones may need if you pass away, are injured or fall ill, which may involve paying a bit extra in some cases, you can be more confident in the knowledge your family will have enough money to get by should a claim need to be made which is covered under your policy.
You can compare life insurance policies through us for free, allowing you to come back and continue comparing at any time.
By considering life insurance policies from insurers you can trust, you can be confident in the quality of the comparison process.
By filling out a simple online quote form, you can compare offers based on their coverage, cost and more before you buy.
The first step in getting a life insurance policy is requesting a quote. You’ll be asked to give information about yourself, including your age, employment, smoking status and the presence or absence of any pre-existing medical issues. In addition, you’ll have to tell us the amount of cover you’re after.
Once you get your quote, you can see how offers from our partner’s panel of insurers stack up with instant, real-time premium estimates. Think about what is and isn’t offered under different policies, as well as the cost of premiums.
If you find a policy you want to buy, you can schedule a call from a life insurance specialist. This enables you to seek any further clarification required before you buy and discuss any additional options with your specialist if you’re still making up your mind.
If you’re happy with everything after your conversation with your specialist, you can go ahead and buy your policy. Policies typically include a waiting period, as mentioned, so your coverage may not necessarily be instant.
Compare life insurance options aligned to your medical condition and profile and receive no-obligation quotes from some of Australia's leading insurers.
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.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
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.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
