What to look for when comparing life insurance?

Comparing life insurance between insurance companies is now easy. All you need to do is fill in your details using the form and we’ll get you the very best quotes.

What is life insurance cover?

Life insurance is an agreement between an insurance company and a policyholder in which the insurer provides monetary benefit on the death of the insured in exchange for a monthly premium paid by the policyholder. It can be single cover or joint cover (where two people are insured).

What is joint life cover?

Joint life cover are policies that are designed to cover two people. The policy ends in the event of either person’s death and the chosen amount of cover is paid out.

What about dual life cover?

Dual life, the same as joint life covers two people. The main difference is when one of the insured dies, the claim is paid out and the insurance cover continues on the surviving person. It’s a more expensive type of cover due to the fact that there are two potential payouts.

What is whole of life cover?

With this type of insurance, the policyholder will choose the insured amount for a fixed premium. As long as the policyholder continues on paying the premiums, the insured amount will remain for the insured’s entire lifetime and payout is provided upon death. Whole of life cover is usually linked with estate planning and for the financial security of the family.

How much does life assurance cost?

The overall cost depends on several factors including the amount of cover you want, the duration of the policy, your age, status of your heath and if you want a single or dual/join life cover. Non-smokers will also pay less than smokers.

Why do I need life assurance?

Our personal circumstances often dictates whether we need life assurance. It’s always a good idea to speak with a qualified financial advisor who can do a financial review for you. You may need life assurance if you have a family and are the sole breadwinner, and your family has no other source of income, or if you don’t have life assurance benefits from your job.

What is indexation?

It’s a term that means your insurance benefit is adjusted to match inflation. It’s an additional feature that comes at an extra cost.

Is a medical check up necessary for life insurance?

Medical tests are done to establish your current health condition. There are some policies that doesn’t require this, but it will depend on your age and current health status. If you are above a certain age or have an existing health condition and/or applying for a large amount of cover, then a health check-up will be required.

What is convertible insurance?

Convertible insurance gives the policyholder an option to change the term of the policy at any point, without having to go through the qualification process all over again. It saves a lot of hassle but it’s more expensive than the more common non-convertible insurance cover.