12 Essentials to Look for in Your Life Cover – Part 2

12 Essentials to Look for in Your Life Cover – Part 2

A Two Part Guide to Ensure Your Cover is Right for You and Your Family

If you are looking to purchase or review your life insurance policy and not quite sure where to start, follow these few very simple tips to help you make an informed decision and obtain a competitively priced policy with adequate protection for your needs:

6. Final expenses: There are certain expenses that your family will have to meet in the event of your death, such as medical bills (upon an injury or illness) or funeral costs. These expenses are often high and require immediate availability of funds. With life insurance benefit payment, you are making sure that your family won’t be out of pocket.

When in doubt, you can always ask for assistance from an insurance consultant who has the expertise and ability to advise you the appropriate cover based on your situation.

7. Compare multiple policies and read the fine print

To find a policy that offers adequate protection, it is essential to compare a variety of different policies from multiple providers. While the cost of the policy may be important to you, your decision should not be based solely on your monthly premiums. Taking this approach, you run the risk of being underinsured. Some life insurance plans may have different features, benefits and additional features that you can tailor to match your needs, which is why it is absolutely essential to read the policies’ Product Disclosure Statement (PDS) carefully. While some extra features and options may only be available by paying additional costs, you are making sure that you are protected should you or your family require that benefit if certain events occur.

Another important part of the PDS that you also need to assess is the policy exclusions. Understand the conditions of when the policy benefit is not payable. Failure to do so can affect the result of your claim. Ask questions to your insurance consultant if there are any terms and conditions that are not quite clear to you.

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8. Choose a life insurance provider that can deliver its obligations to you

There are many life insurers in the Australian market these days and you want to make sure that the company you have chosen is able to fulfill its obligations to you or your beneficiaries in the event of a claim. There a few things that you need to look out for when comparing different insurance providers to choose the right one for you:

9. Reputation of the insurance provider in the market: It is essential to do your research on the company’s history, profile, and the awards they have won in the past. Reviews from other customers are often helpful to give you an indication of the company’s conducts.

10. Financial stability: Having the reassurance that your insurance provider will deliver what it has promised to do in the event of a claim cannot be based simply on blind faith. It is important to choose a company with financial strength that will continue to operate for many years to come. Some companies often make their annual financial reports accessible to the public, so that they are able to assess the financial strength of the company.

11. Claims process: Have a read through of customer’s reviews and complaints on their past dealings with the company at time of a claim. The process of a claim should be clearly laid out and straightforward. A team of professionals that provide you with exceptional service and assistance when you need them to can make all the difference.

12. Customer service: Having a team of professionals that provide you with exceptional service and assistance when you need them to can make all the difference.

Remember that life insurance is not a one-size-fits-all type of product. Everyone will have different sets of needs on what they require from their life insurance policies. Therefore, it is essential to gather and assess all the information you may need to help you make an informed decision on the life insurance policy that is right for you.

Missed the first 6 Essentials of Life Cover… no worries you can read it here…

Want to review or enquire about Life Cover?  You can book a complimentary review session with Paul Douglas-Irving by clicking HERE…
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Advice Warning
Any advice provided in this publication should be considered General Advice as it does not take into account your personal needs and objectives or your financial circumstances. You should therefore consider these matters yourself before deciding whether the advice is appropriate for you and whether you should act upon it.