Using Technology to Take the Pain Out of Sourcing Life Insurance
The once intensive, time-consuming task of researching, sourcing, and purchasing life insurance in Australia has become no more complex than shopping for a new laptop with advances in modern technology. Protecting ourselves and our loved ones with life insurance in Australia is something none of us can afford to ignore, so this article offers some tips and strategies to simplify and optimize the process.
Factors to Consider when Sourcing and Purchasing Life Insurance
- Life insurance is readily available to most adults, but it is vital to know relevant exemptions, caveats, and conditions. Some aspects to look for include the following:
- Mentions of pre-existing medical conditions and the policy’s attitude to them.
- Age restrictions. Although typically offered to individuals between 18 and 75, this is not a fixed rule.
- Increased premiums or exemptions for ‘high-risk’ occupations. Heavy industrial work like mining and construction are often subject to conditions but check carefully for other, less intuitively dangerous occupations that might be included.
- Coverage for those who participate in dangerous activities and pastimes, typically including:
- Non-commercial aviation
- Skiing or snowboarding
- Mountain or rock climbing
- Paragliding, skydiving, and base jumping
- Motorcycle riding or racing
- Scuba diving
- Jet skiing
Researching and Sourcing Life Insurance Efficiently and Effectively
Most of us are familiar with the Internet and how useful it can be for almost any research and potential purchase we intend to make. The following steps are recommended to ensure a thorough, efficient process that delivers the ideal result:
- Set aside enough time, focus, and commit to the process without rushing.
- Examine your finances and evaluate which aspects of a life insurance policy are most important to you.
- Use an online life insurance calculator. This helps organize the documents you will need to purchase a policy, highlight critical features, and provide a relatively accurate idea of the premiums to expect.
- Identify several favorably reviewed comparison sites. Many insurance providers will offer similar deals across multiple sites, but it’s worth checking several for the best deal.
- Examine each policy carefully and shortlist appropriate ones. Although many policies will share similar conditions and coverage, significant differences sometimes exist and can be easily overlooked. Read the fine print and make notes on each policy. Use the ‘side-by-side’ feature to make direct comparisons.
- Research each potential provider online. You are unlikely to recognize all the insurance providers; even the most prominent are sometimes best avoided. Look online for negative reviews or legal issues and act accordingly. If in doubt, seek independent financial advice.
- Call the providers. When satisfied that you have whittled your list down to the best options, a phone call to each is recommended. This allows you to confirm policy details, and you may be offered on-the-spot discounts or incentives over the phone.
Life Insurance: A Powerful Financial Strategy
Researching policies and providers, sourcing quotes, and purchasing life insurance is now more straightforward and hassle-free than ever. With sufficient time, focus, and modern technology, it is just a matter of being prepared, doing our due diligence, and making informed decisions. Once the task is completed, the weight lifted from our shoulders, knowing we have protected our loved ones, is worth the time and inconvenience alone.
