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Compare Life Insurance Quotes Online & Save Money

Russell Cain Updated: 05 July 2020

When searching for great value life insurance that’s also affordable, shopping around and comparing quotes online can help you find a great deal.

Select insurance comparison sites let you instantly compare quotes online from a wide range of life insurance companies. The best ones will provide you with accurate premiums, as well as features and benefits suited to your requirements, for example, your age, the cover amount and policy type you’re interested in and the state you live in.

When comparing life insurance quotes online, you’ll get a good idea of what’s available and what you can expect to pay. Use the guide below to get started.

Why you should compare insurance quotes before buying a policy

Every person’s situation and life insurance needs are different. When using a website that shows life insurance rates from a variety of major insurance companies in Australia you can get instant term life insurance quotes that fit your requirements and budget.

What to look for when choosing a comparison website

For an effective online life insurance comparison, you’ll want to use a comparison tool which usually has the following characteristics:

Using the right life insurance quotes website can help you find a variety of the most affordable policies that meet your requirements.

1. Determine how much life insurance you need

The amount of life insurance you need should be based on your stage of life and financial responsibilities. For example, if you have young children and a mortgage, you probably need more coverage compared to a young, single person, with no dependents. Make sure the cover amount you choose is sufficient to cover all your family’s future expenses.

2. The type of insurance you want

Carefully consider the type of insurance policy you’re likely to need by taking your age and health into account. If you’re looking for coverage to protect your income, in the event you’re unable to work because of an illness or accident, you’ll likely want income protection insurance or a TPD policy, depending on your circumstances and occupation. Generally, the options available to you, include:

3. Your budget

Next, determine the premium amount you can afford to pay. You don’t want to buy a policy only to cancel it within the year because you can’t keep up with the payments. Because you’ll pay your premium on a regular basis, it should be something you can afford. Consider whether stepped or level premiums will suit your budget best.

• Stepped premiums: More cost-effective at the start of your policy but increases every year as you get older.
• Level premiums: Doesn’t change as you age but is more expensive when your policy initially starts.

4. Built-in benefits and optional paid features

Not all policies are created equal, some offer only the basics with limited features, while others include a comprehensive list of benefits.

Decide beforehand what type of features must be listed in your policy and those you’re willing to pay extra for. For example, depending on the insurer you choose, child cover could be free or added for an additional fee.

5. How important is health rewards?

Some major life insurance companies in Australia offers healthy living rewards as an incentive to living a healthier and more active lifestyle. Rewards include anything from premium discounts, to gym memberships and movie tickets.

If you need a bit more information or a comprehensive overview of your policy options, please consider a comparison website that also provides you with guidance from an insurance specialist.

• Select the price button to review premiums from a variety of major life insurance companies.
• Do not only compare price. Select the feature button and scroll down the page to see the benefits and features available from each insurer and how they rate against each other.
• Clicking on the question mark icon reveals a pop-up window explaining the insurance term.

Generate real-time life quotes from multiple insurance providers

Fill in the quote form and submit your information

Tailor your quote to suit your specific requirements

Review pricing and features from up to 11 major life insurance companies

Apply for the policy you feel best suits your requirements and book an application. An insurance specialist will contact you to help you complete the application form.