In our lives, there comes a time where we’re forced to think about what we’ll leave behind for our families. Will it be a large amount of money to support our loved ones in the future? Or, have we not considered how we will pay for our debt if we become sick or injured. The good news is that you and your family’s security can be safeguarded with a good Life Insurance policy.

In just four steps, you could have life insurance

So, without further ado, we’ll explain how you can insure your life.

Step 1. Figure out how much money you have coming in on a monthly/annual basis, then identify your debts and regular expenses.

Income Debts
Properties Mortgages
Savings Credit cards / personal loans
Investments HECS/HELP debt
Shares Common household expenses

This will help you figure out how much cover your family will require to live off.

Step 2. Determine which form of Life Insurance you need, as well as what you can realistically afford.

  • Life Insurance (commonly called Term Life)
  • Total and Permanent Disability (TPD) insurance
  • Trauma Insurance (critical illness cover)
  • Income Protection

You can combine some of these products together if you would prefer multiple forms of insurance.

Step 3. Compare Life Insurance. It only takes a few minutes, and you’ll be able to view a variety of different products.

Step 4. Complete your applications, and (if applicable) undergo any required medical exams.

Once you’re covered, reassess your cover every few years, as your situation changes (e.g. you have more kids, you become an empty nester, etc.)

Questions you should ask when getting insured

If you’re serious about getting Life Insurance, we’ve got the answers to your questions:

Each of the above will better clarify the process of taking out Life Insurance, helping you better understand the policy you eventually buy. For example, the research process itself is fairly involved. You’ll need to determine how much your family needs for the future, how much money is left behind, how often you should review your cover, and more.

As for the application process, you’ll find it’s fairly straightforward (but thorough). The underwriting process determines how risky you are to insure, which influences your premiums, and is carried out during this application process.

Finally, even if you’ve got your cover sorted, you should have an action plan in case you or your dependents ever need to claim on that policy. It’s not a pleasant scenario to consider, but it will give you a lot of comfort to know that things are squared away.

If you’re ready to start this process in earnest, compare life insurance on our website, or call our trusted partner Lifebroker to speak to an expert in minutes.

The information provided here is general only and does not consider your personal objectives, financial situation or needs. Before you decide to purchase a product, it is important to read the relevant PDS.