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*iSelect’s partnered with Lifebroker to help you compare a range of Life Insurance policies. Not all policies are available at all times or in all areas. Any advice provided on this website is general in nature and does not consider your situation or needs. Please consider if any advice is appropriate for you before acting on it. Learn more.
We've partnered with comparison site Lifebroker, so you can compare life insurance from leading life insurers in Australia.
View all partnersA life insurance policy generally pays a lump sum amount of money when you pass away. The money is given to the people nominated as beneficiaries on your policy. Your beneficiaries can choose to use the money to cover mortgage and credit card payments, child care, school fees, and other living expenses.
Tell our trusted partner, Lifebroker, a little about yourself and the level of cover you’re looking for.
In just a few clicks, you’ll compare a range of life insurance policies. You can review how they differ, what they cost and which ones may work best for you.
Choose your insurance policy, then follow the prompts to start your application. Don’t worry, should you have any questions, Lifebroker's qualified consultants are here to help.
Sustaining a permanent illness or injury can be devastating to your employment, as well as your sense of financial security. TPD insurance could provide financial support to you and your family, helping to assist with some medical and rehabilitation expenses. With TPD insurance, you’ll receive a lump sum if you’re totally and permanently disabled because of an illness or injury, and are unable to work^.
An income protection policy can pay up to 70% of your pre-tax income for a set time period if you’re unable to work due to a partial or total disability (depending on your policy). This could allow you to stay on top of your bills and expenses as you recover^.
Trauma insurance, also called ‘critical illness’ or ‘recovery insurance’ provides coverage if you become critically ill or seriously injured and are unable to work. With a trauma insurance policy, you would receive a lump sum amount in the event that you become critically ill, or seriously injured. This could include a cancer diagnosis, heart attack, major injury, or stroke*.
If you’re in the process of getting life insurance quotes, it’s important you don’t allow yourself to feel pressured into making a quick decision. Before you select a life insurance policy, you should fully understand the product you’re purchasing, and take the time to consider your options. You should always read the product disclosure statement (PDS) of the life insurance products you’re reviewing. This document will contain all of the important information about your product, and will allow you to better determine whether it’s suitable for your needs. The Australian government recommends3 considering the following when comparing policies:
Ultimately, if you have any questions you should ask an advisor. By considering all of the available information, you’ll be able to make an informed decision about your life insurance quotes.
Source: https://moneysmart.gov.au/how-life-insurance-works
Life insurance is a type of insurance that’s designed to provide you and your family with financial peace of mind. If something were to happen to you, your family would likely be covered for some of life’s major expenses, whether that includes significant medical expenses or modifications to your home due to a disability, or potentially even funeral arrangements. When you or your nominated beneficiary make a claim, a lump sum payment may be provided to your family. This could be in the event of your death or upon being diagnosed with a terminal illness. A life insurance policy is a document that outlines the benefits of your life insurance. It covers the amount you may receive upon making a claim, and under what circumstances you can make a claim, as well as any exclusions or relevant specifics, including the details of your beneficiaries. It should also cover whether you have stepped or level premiums (that is, whether your payments increase each year in line with CPI indexation and as you age, or whether they only increase by CPI indexation). A life insurance policy can include multiple types of cover depending on your circumstances. Some of these include:
• Life Cover
• Income protection
• Total and Permanent Disability (TPD) cover
• Trauma insurance
Before you sign up for life insurance, it’s important that you understand all the ins-and-outs of the policy. You can do this by reviewing your policy’s Product Disclosure Statement (PDS), which outlines all the details of the policy. With iSelect’s trusted partner Lifebroker, you can compare life insurance policies from their range of providers to find a policy of your choice. Start comparing online today, or call the friendly team on 13 19 20.
Unfortunately there is no “best” or “one-size-fits-all” policy. Finding a policy that works for you depends on a range of factors, including your needs, budget, personal circumstances, and your lifestyle. When searching for a suitable policy, the Australian government recommends4 asking yourself some questions, which include:
Once you’ve answered these questions, you’ll be able to better determine roughly how much money you or your family would need to be financially stable. You may also want to consider additional questions, such as whether you have any medical conditions that may affect any claims, or whether you already have some cover through your superannuation fund.
Source: https://moneysmart.gov.au/how-life-insurance-works
When it comes to insurance, the cheapest option in terms of monthly premiums may not always be the cheapest option further down the track. This is because there’s often additional fees, limits and conditions to take into consideration when choosing an insurance policy, and life insurance is no exception. If you’re in the market for a new life insurance policy, the Australian government recommends5 some factors to consider when comparing policies, which include:
All of these considerations play a role in determining what type of life insurance policy you may decide to choose. Once you know where you stand, you can decide whether the provider with the cheapest premium is appropriate for you, or whether you need something with more cover and inclusions.
Source: https://moneysmart.gov.au/how-life-insurance-works
When you’re looking to buy life insurance, it may be worthwhile to compare policies and ensure you’re getting a good deal. By having a few different policies to consider, you can enjoy peace of mind that you’re making an informed decision. With iSelect’s trusted partner Lifebroker you can easily compare life insurance policies from their range of providers, and select a policy of your choice. If you have any questions, you can call the friendly team on 13 19 20. Additionally, here’s some recommendations from the Australian government1 that may assist you when comparing life insurance policies:
Source: https://moneysmart.gov.au/how-life-insurance-works
How much life insurance costs can depend on a number of different factors, including your age, your overall health, and your general lifestyle. In addition to this, the same degree of cover can vary in cost between different providers. The following factors may impact the cost of your monthly premium:
Just like other types of insurance, life insurance charges you an ongoing premium. This can be paid annually or in fortnightly or monthly instalments depending on what you prefer. Unlike other types of insurance, your life insurance level of cover can increase by CPI indexation as you get older. This is because the older you get, the more likely you are to make a claim. Providers who offer life insurance, including total and permanent disability or trauma cover, may give you the option to choose between stepped or level premiums.
There are several other factors that come into play when calculating life insurance premiums. These include the following:
Before purchasing a policy, make sure you carefully read the relevant Product Disclosure Statement (PDS), which outlines all the details of the policy.
There are a variety of different products that fall under the life insurance umbrella. These include the following:
According to the Australian Tax Office (ATO)2 you can claim the cost of your insurance premiums against the loss of your income. However, there are limitations. If you have a policy that provides benefits for your income, as well as other capital, you can only claim for the part of the premium attributed to your income. You must also include any payment you receive under such a policy on your tax return. Additionally, you can’t claim a deduction for a premium where the policy is taken out through your superannuation, and where insurance premiums are paid via your super contributions. You also can’t claim a deduction for a policy that compensates you for physical injury, such as:
In summary, the only type of life insurance premium that is generally tax deductible is income protection, and only when you’re paying for it through your standard income, and not your superannuation.
Source: https://www.ato.gov.au/individuals/income-and-deductions/deductions-you-can-claim/other-deductions/income-protection-insurance/
**iSelect’s partnered with Lifebroker (AFS Licence number: 400209) to help you compare a range of Life Insurance policies. iSelect earns a commission from Lifebroker for each customer referred through the website or contact centre. Lifebroker do not compare all life insurers or policies in the market. iSelect Life Pty Ltd - ABN 89 124 304 347, AFS Licence Number 331128. Any advice provided by iSelect is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policies. You should consider iSelect's Financial Services Guide which provides information about iSelect services and your rights as a client of iSelect.’
^To understand what’s covered by a Life Insurance policy, please read the relevant Product Disclosure Statement (PDS).