Copyright (c) 2014 Kerrie Peacock
In 2013, the Australian insurance companies paid for a total of 70,895 claims for a total of 4.4 billion dollars, from statistics from the Risk Store. However, when getting the insurance paid out to you is not worth the cost if you have to pay high premiums all the time. Since this is the case, you should know how to get cheap life insurance.
Select The Best Coverage Amount For The Best Policy
In 2013, a survey was conducted by TAL which sampled 1,200 Australians and this showed that only 8% of these individuals were confidence they had enough insurance. The best way to improve this problem is by pursuing cheap insurance coverage, but this should not mean you settle for lower or inadequate insurance coverage.
For the long term, it is easy to have adequate insurance by having the appropriate policy. This will help avoid changes in the future to the policies. These future changes will be costly and often means you are applying for the insurance when you get older.
Go For A Separate Insurance Policy
Sometimes an insurance agent will offer a joint policy. However, you should consider the long term cost versus the short term returns. The couple could have separate life insurance policies or settle for a joint policy, which cost lest. The problem is the joint policy ends up costing more in the long term. This is because when the first person in the couple dies, the second person has to go out and find a second policy when they are older.
Look Around
While it may be tempting to settle on the first insurance policy, it does not mean you should do this. So you should look at the 13 Australian insurance companies who provide life insurance. When shopping around for the insurance plans at the 13 Australian life insurance companies, you should concentrate not only on price, but also the value of the policy when it is cashed in. Various firms will help find the best fit for your needs, with Canstar being one of the best firms. A good example is Canstar ranked AIA Australia and TAL as a couple of the top insurance companies with outstanding value with their life insurance products. At the same time Clearview and OnePath were top providers for the entire life insurance coverage product.
Lead A Healthy Lifestyle
With a healthy lifestyle, it is easy to avoid some of the various ailments that can increase your life insurance premiums. Most of the times, with a healthy lifestyle you end up get a discount on the premium. Some of the insurance carriers actually started to reward people with a healthy lifestyle. Some policy holders will get points with a program called Vitality by eating healthy, doing exercises and regular health checks. So a simple life insurance holder gets discounts on the premiums for leading the healthy lifestyle.
Buy The Policy Early
Older people normally pay more for the premiums on the life insurance. This is because older people are at a higher risk of getting sick and dying. For example, the Australian Institute of Health and Welfare shows that 1 in 4 women and 1 in 3 men come down with malignant cancer when they are 75 years old. However, if you buy the life insurance coverage early, while still young, you will have a lower premium.
Kerrie Peacock keenly analyses various options for income protection cover provided by the Australian personal insurance industry. For more information and advice, log on to www.mecovered.com.au/what-to-do-to-get-cheap-life-insurance.
Orignal From: Cheap Life Insurance - How To Get This
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