The ceaseless rise of technology and its convenience affects many aspects of our lives. Acquiring life insurance in Australia is no exception.
The days of making dozens of tedious, repetitive phone calls are well and truly behind us. Protecting ourselves and our families with life insurance in Australia is now as easy as getting car insurance.
However, there are a few things to be aware of before embarking on this journey and tips to remember when using modern technology.
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Elements To Consider When Purchasing Life Insurance In Australia
Although life insurance is readily available to most consumers, there are certain caveats and exemptions to be aware of. Pay close attention to the details of your potential policy, noting any references to the following:
- Penalties or exemptions for certain occupations (mining, aeronautical engineering, heavy industrial work, etc…)
- Dangerous activities and pastimes (motorcycles, skiing, rock-climbing, adrenaline sports, etc…)
- Pre-existing medical conditions
Providing you perform adequate due diligence, there’s absolutely no reason why you can’t find a policy that ticks absolutely all the boxes in regard to your lifestyle and allow you to continue living life on your terms.
Advice And Tips When Researching Life Insurance Policies
Many of the steps to purchase life insurance in Australia are second nature to tech-savvy individuals; however, some bear reiteration and focus, namely:
- Commit to the process—Set aside enough time to do the job properly and don’t rush it. Although purchasing life insurance can be set in motion in little more than a few minutes, some policies have pitfalls to be wary of.
- Select well-respected, favourably-reviewed comparison sites—There is no shortage of options when comparing multiple life insurance policies.
- Scrutinise policies carefully—Make direct comparisons, look at each potential policy, and take note of any differences. If some are significantly more affordable than others, ask yourself why. Legislation dictates that policies be listed clearly and concisely, not hiding any conditions.
- Research each insurance provider—There are now so many companies offering life insurance in Australia that you will likely not recognise them all. Use your favourite search engine and do some digging. Pay attention to large numbers of negative comments and reviews and be prepared to refuse policies on this basis.
- Check for official registration and accreditations—Any financial entity must register with the government and be stored in a database. Checking the legitimacy of your shortlisted providers takes moments and ensures you do not make bad decisions.
- Call and speak to the providers—Once you have whittled your options down to a manageable number, talking to them directly is advisable. These companies operate in a competitive marketplace and may offer discounts and other incentives over the phone, not found online. This step also allows you to clear up any areas of concern and confirm policy details.
- Make your final decision—When your investigations are thoroughly completed, take a couple of days to mull over your choice unless there is a clear winner.
- Don’t forget to let your beneficiaries know about your policy and provide contact details of the insurance provider. Although many insurance policies are in digital format in the modern world, it might be prudent to retain a hard copy that is easily accessible to family and any other beneficiaries. If you have a local solicitor/law firm that holds any other of your documents securely, it may also be worth lodging your life insurance policy with them as well.
Another thing to note whilst browsing any type of insurance policy online is the price variations you may find even on the same website.
Some of the live prices displayed may vary, according to your geographical location and how many times you have previously interacted with the website.
Although this form of dynamic pricing is usually associated with things like flights and hotels, it is certainly worth bearing in mind before you hit the ‘buy now’ button.
Regularly clearing your search cache is an effective way of refreshing your search history and any other cookie related information that your visit might have left behind for the platform owner.
Conclusion
Sourcing excellent life insurance in Australia has never been more straightforward. With time, dedication, and access to modern technology, the power to make informed decisions is now firmly in consumers’ hands.
When the task is finally complete, and you know your family is protected, the sense of relief is hard to beat.
By all means do your research online to get an idea, but always call or visit the provider in person before you sign on the dotted line.
