Top 10 Life Insurance Quotes Tips

There are a few points you should consider when choosing term life insurance. Here we list some handy tips to help you make the right decision.

1. Do your homework - Leverage the power of the internet and educate yourself on the options available to you.
2. Make sure you buy enough life insurance coverage – you need to take into consideration all of your living costs, plus inflation. A general rule of thumb used in the industry is five to ten times your current yearly salary. But, that's just a rule of thumb. Everyone's situation is a bit different, and deserves a bit of research.
3. Get the right type of policy – getting the right policy will help come claim time. Generally speaking, if you have personal insurance cover through your super fund, you may find that it can take longer to make a claim. Whereas a policy taken through a life insurance company may be able to make a much faster claim - which can be important if you urgently need funds to cover medical costs. Also, a policy taken through your superannuation fund may not cover you for the right amount, which is also important come claim time because the last thing you need in a time of crises is to run out of money.
4. Read before you sign the dotted line - There are a variety of inclusions, exclusions, discounts, and other forms of "fine print" within a life insurance policy, and it's important to know what you are about to purchase. A common fine print item may be “No payment for pre-existing diseases: Diseases that were in existence before the commencement of the policy are not covered”.
5. Review your policy each year - There are a number of life events that could be cause to reassess the coverage and options of your life insurance policy. Personal financial changes, such as an increase or decrease in your overall assets, expenses, or income are one set of factors to consider. You may also consider other personal factors like a change in your overall health. There are also outside factors like inflation to consider.
6. Stay healthy - Many life insurance companies offer lower life insurance rates based on your good physical health. Factors like smoking, your cholesterol level, high blood pressure and other factors, like depression, can drive up the cost of your policy. It's also a good idea to get your weight under control, as it's also a factor that's used to determine eligibility for lower premiums.
7. Shop around - There are some insurance companies that have more liberal cholesterol guidelines as compared to their competitors. The same holds true for blood pressure. Also, with so many life insurance companies on the market and even more insurance products, it pays to shop around for the best discount.
8. Chat with a professional - Buying life insurance can be complicated, and there are many factors to consider in terms of coverage, discounts, and selection of an insurance provider. A good insurance adviser will have an eye for your personal situation including factors like your age, marital status, number of dependents, and your overall health. It's not impossible to do this on your own, but there's always value in consulting a Life Insurance Adviser.
9. Find the right policy that works for your life stage - There are many different types of life insurance products to suit many different life stages. Learning about the available options will provide you the most comfort and security.
10. Cover your spouse - Many insurers offer a discount if you sign up your partner. You can save from 5-10% off your monthly premiums if you take out a life insurance policy for both yourself and your spouse.