What to look for in a life insurance policy?
11 October 2021
There are so many life insurance policies in the market. It can be confusing and overwhelming, not knowing where to begin and what to look out for. In this article, we explore some of the key points of consideration to help you make up your mind.
From some being more affordable to others being more flexible- different life insurance policies will have certain advantages over others. The important thing to keep in mind through this process is to remember your own circumstances and what you need. There is no blanket solution or a one-size-fits-all type of policy.
Broader considerations to keep in mind
When you look at a policy at first glance, here are some of the questions you should be asking:
- What’s covered as part of the standard policy? How many optional benefits and extras are available, and do I need them?
- What’s the level of cover that’s on offer? Is it enough for my needs and financial circumstances?
- Will the cover be affordable and the cost of premiums within my budget?
- Is the cover indexed to inflation and will the benefit payments keep up with the rising cost of living?
- What’s my and my family’s medical history? How will that impact the cost of premiums?
Do a market comparison
It might also be useful to do a market comparison to understand what advantages a certain policy by one insurer has over another policy by a different insurer. This might help you to understand whether these advantages are just a ‘nice to have’ or are important for your needs and circumstances. Some of these factors that might help you in this market comparison include:
- Trust factor of the insurer: what is the history of the insurer? Is the brand reputable? Suncorp Life Insurance is trusted by thousands of Australians for their insurance needs.
- The age factor: what is the age beyond which you can’t start your cover? What is the age at which you stop being covered?
- The right cover for your needs: how much cover is provided as part of your policy? Will it be enough for your needs? Suncorp Life Insurance covers you up to $1.5 million (subject to eligibility criteria) and is flexible such that it can be tailored to your needs.
- Ease of applying: how easy is the application process? Suncorp Life Insurance allows you to get a quote online in no time.
Take the time to make an informed decision
There is no need to be rushed into deciding. If you have any confusion, remember to always consult the PDS. Treat it as your comprehensive guide of sorts.
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Suncorp Life Insurance products, other than in some circumstances the Redundancy Benefit, is provided by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL is not part of the Suncorp Group. TAL uses the Suncorp brand (part of the Suncorp Group) under license. Any advice on this page in connection with the Life products is general in nature and is provided by Platform Ventures Pty Ltd ABN 35 626 745 177 AFS Representative Number 001266101 (PV). PV is part of the Suncorp Group and an authorised representative of TAL Direct Pty Limited ABN 39 084 666 017, AFSL 243260 (TAL Direct). General advice does not take into account your individual needs, objectives or financial situation. Before you decide to buy or to continue to hold a Life Products you must read the relevant Product Disclosure Statement. The Target Market Determination (TMD) for the product is available on our website.