How To Compare Life Insurance Quotes Online and Save Money

Published: December 6, 2018

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.

Benefits of comparing life insurance quotes online

  • Save money by shopping around
  • Easily review all available options in one place
  • Pick a policy that works best for you and your family
  • Quick and easy application process once you’ve found the right quote

Policy Maximum Cover Maximum Entry Age Expiry Age  
NobleOak Direct Life Insurance AIA
$15,000,000
69
99
Protect your family with Life Insurance and pay on average 20%* less when compared with other insurers. T & Cs apply. Consider the PDS. Issuer is NobleOak Life Limited ABN 85087648708. AFSL 247302.

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:

  • Puts you in control so that you can compare quotes at your own pace.
  • Compares a variety of life insurance companies and policy types.
  • Offers transparency by providing premiums side-by-side.
  • Ability to review and compare all the features and benefits available from each company.
  • An easy-to-use comparison tool that offers a simple way to select and apply for a policy.
  • Provides informative articles regarding the different insurers and policy types available.
  • Insurance specialists available to assist with any queries or concerns you might have.

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

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What to consider before requesting life insurance quotes in Australia

Before requesting a life insurance quote, you might want first to determine a few things, including who and what you want to protect and what you can afford.

one

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.

two

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:

  • Life insurance: Pays a lump sum benefit in the event of your death or diagnosis of a terminal illness.
  • TPD: Provides a once-off amount if you're unable ever to work again because you're totally and permanently disabled.
  • Trauma insurance: A lump sum benefit is paid upon your diagnosis of one of the critical illnesses listed in your product disclosure statement (PDS).
  • Income protection: Pays up to 75% of your salary as a monthly benefit if you can’t work for a specified period because of a sickness or injury.
three

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.
four

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.

five

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.

How to compare life insurance quotes with ComparingExpert

Complete the online comparison quote form by answering a few questions: Your level of cover, age, gender, smoking status and state you live in. After that, you’ll be directed to our comparison tool where you can add more policy options and adjust your requirement, for example, your choice of premium and how you’d like to make payments. You can now compare premiums and features online and side-by-side.

  • 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

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Tailor your quote to suit your specific requirements

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

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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.

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Frequently asked questions and answers

Do online life insurance quotes reflect actual price?

It depends on the comparison website you choose. ComparingExpert’s quote tool is continually updated to reflects real-time life insurance pricing.

Is it safe to buy life insurance online?

Buying term life insurance policies online in Australia is generally safe. However, after you’ve selected a quote, it’s best to speak with a specialist that can provide clarity on all the features and potential riders you’re opting for.

Is it safer to buy life insurance online compared to offline?

It’s all about personal preference. The quickest and easiest way to compare life insurance quotes and buy a policy is online. However, many people still prefer a face-to-face consultation with a financial adviser. There is no right or wrong way to purchase life insurance. Just make sure the source is trustworthy by confirming their authorisation and licensing.

Where could I find a term life insurance rate chart/table?

You can either request a rate chart directly from the company; however, you'll then only be able to review the policies they offer, or you can use an online life insurance comparison website and request quotes based on your specifics.

Request an online life insurance policy comparison

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