Free Life Insurance Comparison
At Lifebroker, we believe your ideal life insurance match is out there. But with hundreds of policies on offer from dozens of insurers, the right one can be hard to find. That's why we compare policies from 11 of the most trustworthy life insurance companies to find you the right cover. With instant cover options, extended opening hours and simple processes, access to life insurance has never been so easy or efficient.
Life insurance is more than just cover for when you pass away: it's protection for your health and income throughout your whole life. The following life insurance information details types of cover, what benefits they provide, and what you should look for in the policy.
Term Life Insurance
Term life pays a lump sum upon your death, providing protection to your loved ones. It means any outstanding debts can be paid off, such as a mortgage or credit card debts. Usually, there will also be leftover money to assist with ongoing costs of living such as school fees or rent.
Some policies also provide extra benefits such as a terminal illness benefit, a payment if you are diagnosed with a terminal illness.
The cost of term life cover increases as you get older, but the more established your financial position is the less insurance you are likely to need. Because of this, it's possible to reduce your insurance over time to minimise cost, while maintaining protection for yourself and your loved ones.
Total and Permanent Disablement Insurance (TPD)
TPD can be taken as a stand-alone policy, but it is more commonly taken as an option with Term Life as an extension. TPD insurance provides a lump sum payment if you become Totally and Permanently Disabled.
Some policies offer partial payments in case you become partially disabled. Others offer flexible definitions, so that you can receive coverage if you are never able to work in your own occupation again.
TPD is far more comprehensive than the Federal Government's DisabilityCare scheme in that it allows you to choose how much you receive and when you receive it. A surgeon who permanently damages his hand and is never able to work as a surgeon again will not receive compensation from the government, despite losing his source of income. This same surgeon would receive a large lump payout if making a claim under an own occupation TPD policy.
If you become stricken with cancer or a heart attack, but are not terminally ill or permanently disabled, that's where your trauma policy will step in. Trauma policies pay a lump sum in the event of a specified illness. While the qualifying medical conditions vary greatly between policies, most include events such as loss of sight, strokes, and certain cancers. This is why it is essential to compare different policies to find the one that best eases your concerns.
Trauma insurance can be acquired by itself, or attached to a life insurance policy to maximise efficiency. There are basic trauma policies or extended ones, but we only quote on the extended cover, as this is the most commonly recommended option.
If you are thinking of acquiring TPD and trauma cover, have a look at which trauma policies also include TPD. Some policies offer TPD as a definition of trauma, which means you essentially get two policies for the price of one. With a trauma policy, you generally do not need as much cover as life insurance, which can make it a good option if your budget is inflexible.
Your most valuable asset isn't your home or your possessions: it's the ability to produce an income. You can buy another car or extend the mortgage on your home if you don't have insurance on your car, but if you can't earn an income even for a matter of weeks, there is often nowhere to turn. Income protection means that if you fall sick or are injured and cannot work for an extended period of time, you won't run out of money to support your lifestyle.
Most policies offer a monthly payment of up to 80% of your insured income, with flexible benefit and waiting periods. Some policies provide extra benefits, such as a claims escalation option, day 1 accident benefit and a business expenses benefit.
Most companies offer at least two types of income protection policies: a basic one, and an extended option. The cost varies significantly based upon the waiting period, benefit period, amount of income insured and your occupation.
Income protection is the only form of life insurance that is fully tax deductible, no matter how it is structured.
- Income Protection 101
- Benefit and Waiting Periods
- Agreed Value or Indemnity Value
- Income Protection Quote
This is designed to provide you with a lump sum payment on death combined with an income stream should you be unable to work. The policies can even include redundancy cover. With reduced underwriting these policies can be implemented extremely quickly. We can provide a comparison of mortgage protection policies for you.
Life Insurance Quotes
For quotes on Life, TPD, Trauma and Income Protection at the one time.
For quotes on Trauma cover for yourself and your children.
Quote by Cost
Let us know your ideal level of cover and budget and we will determine what options you have.
Compare the premiums of any current policy you have to determine if your premiums are competitive.
Quotes for employers wanted to provide cover to their employees on a pooled cover basis.
Quotes for businesses to protect against the loss of key employees.
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