How You Can Get Cheap Life Insurance

In 2013 alone, more than 4.4 billion dollars were paid off by Australian Insurance Agencies for over 70,895 life coverage claims. Unfortunately, the benefits won’t be worth it if excessive premiums were paid into the system. Thus, you must know how to get inexpensive life insurance that covers what you will need.

1. Always Select The Right Amount of Coverage and The Most Beneficial Policy

In a 2013 survey by TAL, nearly 1,200 Australians stated that only a mere 8 percent were confident that their insurance coverages were adequate. It’s important to improve these statistics by finding the right coverage at the right price. There is no reason to settle for less simply because of the premium cost.

Adequate insurance with an appropriate policy can be done if it’s done right in the beginning. The more changes a policy undergoes after its inception the more costly it can become.

2. Opt for Separate Insurance Coverage In Lieu of Join Life Insurance Coverage

When selecting between a joint policy and a separate policy, always consider the long term cost in lieu of the shorter term gain. As a couple, it is possible to have two separate life insurance policies or to opt for a less expensive joint policy. Sadly, the joint policy will only save you money in the short term. In the long term it can wind up costing a lot more plus, when one person passes on, the other person will need to purchase another policy anyway. It’s a no win situation. Go with the separate policy to begin with and choose the best benefits for your personal needs.

3. Shop Around

Since there are 13 Australian insurance companies from which to select your policy from, you will have many options when selecting the policy that best suits your personal needs. Don’t just look at the premium, check on the value expected upon your death as well. Check the rankings for the best value and ensure that you’re getting what you paid for. AIA Australia as well as TAL are the top providers for outstanding value as far as term life is concerned. Based on a combination of benefits, premiums and options, Clear-view and OnePath were also on the top of the list.

4. Lead a Healthy Lifestyle

Lead a healthy lifestyle and you’ll be less likely to have various medical conditions that may preclude your policy. By leading a healthy lifestyle, you’ll get discounts on your premiums. In a recent program, healthy lifestyle choices were rewarded to qualifying customers by lower premiums. You can earn points via a program recently launched called Vitality by simply making healthy dietary choices, doing your exercises and having health check assessments. Your reward? Discounts on the premium and other incentives to give you discounts on various flights, fitness services and even gift cards.

5. By Life Insurance When You’re Young

The older you are, the more expensive your policy premium is going to be. Buy your policy when you’re young and you’re less likely to be a health risk. You’ll be rewarded by a lower premium. The older you are the more likely you are to become a health risk and possibly die. Insurance companies want to save money too so they won’t reward you with a lower premium when you’re older. According to statistics, one in four women and one in three men will have a malignant cancer by age 75. Thus, if you buy your insurance policy at while you’re younger, you’ll have a lower premium.