There is no doubt over the fact that it is not easy to compare life insurance quotes as there are a wide number of life insurance policies that are available in the Australian insurance market. However, if you have the right ideas and tricks, it will surely not be a tedious task to compare quotes. After all, only when you weigh the pros and cons of the policies that have been offered to you by the different insurance companies, then only you will be able to make your decision and you must feel satisfied that there are accurate ways by which you can compare quotes from the various companies against the features that are offered in the policy. Firstly, you need to understand what does life insurance means which is actually the lump sum amount that is paid to the beneficiaries after you expire. You are entitled to this protection as long as your premium payments are made on time and you are free to choose the duration of your cover which can be even up to 99 years.
Before you start on the process of quote comparison, you need to decide on the kind of life cover which will be beneficial to you in the long run, the type of life insurance company which seems the best suited to you according to your requirements and you also need to decide if you require a TPD insurance or trauma insurance.
Once you get a few quotes in your hand, you can set out to start comparing them and for this purpose, you need to consider the below requirements:
1) Firstly you should start by comparing the costs of the premiums and you can do so by comparing both the monthly as well as the annual premiums and you will get to know that going in for annual premium will prove to be a better option than the monthly premiums. However, choosing the type of premium depends upon your cash flow as well.
2) Most of the insurance firms do offer additional features in their insurance policies which includes free child cover, funeral advancement benefits and accidental expenses.
3) Check the policy about all the covers offered by them and at the same time; also do understand what benefits are not included in it.
4) In case the whole scenario is confusing to you, then you can approach a financial adviser who will help you out in this regard.