As technology continues its march to world dominance and affects almost all aspects of our lives, tasks that used to be time-consuming and tedious are suddenly straightforward and relatively fast. Acquiring life insurance in Australia is one of those cases, and the days of giving the same information in a series of increasingly tedious phone calls are, thankfully, behind us.
What once seemed like a hefty, intensive task has been rendered no more complicated than shopping for a new computer online, and protecting ourselves and our loved ones with life insurance in Australia is no longer something we can justifiably put off. This article examines this process and highlights some tips and strategies for using modern technology to purchase life insurance in Australia.
Factors to be aware of when purchasing life insurance in Australia
At a competitive time in the industry, life insurance in Australia is readily available to most adults. However, there are exemptions, caveats, and conditions to be aware of. Although the process is simplified and much faster than before, it pays to scrutinise the details of your shortlisted policies for the following:
- Exemptions or increased premiums for certain occupations—These typically include heavy industrial work, mining, construction, aeronautical engineering, and other occupations perceived as high-risk.
- Coverage related to dangerous pastimes and activities—Thrill-seekers who ride motorcycles, ski, rock-climb, or participate in other adrenaline sports may encounter exemptions from coverage.
- References to pre-existing medical conditions and how the policy handles them.
- Age restrictions—Most life insurance spans between 18 and 75, but this is certainly not a hard and fast rule. Try this life insurance calculator to receive quotes.
Efficiently and effectively researching life insurance in Australia
Even with minimal online experience, most people should have no problem using comparison sites and search engines to compare insurance quotes and research the providers. Some tips to bear in mind during the process include:
- Schedule enough time to commit to the process and do the job properly without rushing it.
- Use favourably-reviewed comparison sites—Although many offers will be the same across multiple sites, it can’t hurt to try a few different ones and check.
- Shortlist and scrutinise potential policies carefully—Legislation means policies must be listed clearly without hidden conditions. Still, the most prominent differences can sometimes be hidden in plain sight and easily overlooked.
- Research each potential provider—So many companies offer life insurance in Australia that recognising them all is unlikely. Look for significant numbers of negative reviews and act accordingly.
- Check official registration—Financial entities must register with government authorities, and their information will be stored in a public database.
- Speak to the provider directly—A phone call is advisable when you are confident you have shortlisted the best options. Although this seems to counteract the point of using technology, you may be offered incentives and discounts over the phone, and you can clear up any unclear policy details.
Conclusion
Researching and purchasing life insurance in Australia is straightforward and relatively stress-free, given enough time, determination, and modern technology. The sense of relief once the task is completed, knowing that you have done the best to protect your family if disaster strikes, is worth the inconvenience alone.