Life Insurance Blog

What Makes a Good Life Insurance Policy


A good life insurance policy is one that will provide you with adequate cover in the event of death or any form of disability. When you are looking for a life insurance policy you will need to understand the different types of life insurance policies in Australia and how they work. You will therefore need to do some research first before you can find the best life insurance policy. Understanding each and every type of life insurance will help you to choose the best life insurance policy and below are some of the things you need to look at

Policy benefits

When you do your research and assessment find out about the benefits being offered by a policy. A good policy should be able to pay full benefits to the named beneficiaries in the event of death. The benefits should also be flexible to suit different needs and requirements of the policy holder.


This is one of the most important aspects that people look at when they purchase life insurance policies. Although insurance companies will look at certain risk factors like your health, occupation and age, the policy must be affordable still at the end of the day. You therefore need to get a quote from different Australian life insurers before you can purchase your policy. Shopping around will help you get the most attractive deal at a reasonable price.

Additional benefits and services

A good life insurance policy should have some additional or alternative policy benefits like mutual funds, annuities and retirement planning. The insurance company that you choose must be a one stop shop that means you will have all your life insurance needs met by one insurance provider. This is cheaper and also convenient.

Deal with a reputable company

You can only get a good policy from a financially stable and reputable company. There are many life insurance companies in Australia today but not all of them are reputable. New companies are starting up and some have been in the industry for some time. You will therefore need to do a proper investigation first before you can choose your life insurance service provider in Australia. Also find out whether they are registered and licensed to sell life insurance products.

Customer service

The company that you are going to buy your life insurance from must have a good customer service and support. They must be able to provide an efficient service especially in as far as claims processing is concerned. Claims must be settled in a timely manner and the grieving family must be dealt with in a very professional manner. These are some of the things that you will need to look at in a company before you buy your insurance policy.

Getting the best life insurance policy

The health and insurance market in Australia is a competitive one, the standards and quality of products you get is also very high. The companies are coming up with innovative products everyday and most of them are now running what they call professional claim centers. These are service centers where Case managers will manage and process specific claims. Find out about this when you shop around for a good policy

What are your needs?

At the end of the day the kind of policy that you choose will be determined by individual needs and requirements. You can consult a financial advisor to help you on this one. The financial advisor will look at things like your current debt and possible future debt commitments, current and future education expenses as well as any other family expenses. Besides your expenses they will also look at your income in order to determine the right life insurance policy for you.

A good insurance policy from an Australian insurance company should give you the option to get an early payment in the event that you are diagnosed with a terminal illness. Find out whether your policy has got this special provision. &nbspIf you are not sure about some of these technical terms you can get your broker to check everything for you.

Compare life insurance quotes

You also need to compare life insurance quotes first in order to get the right life insurance policy. You can do this on your own by comparing life quotes from different life insurance companies online. Most life insurance comparison sites will provide you with an online form that you are required to fill in order to get a quote. When you compare your life insurance quotes make sure you provide them with accurate details. A good or a competitive quote should provide you with adequate cover at a reasonable premium. The policy should have attractive features that will make it a good investment.

Stephen Handley
Stephen Handley
My name is Stephen Handley. I have over 20 years experience in IT, Project Management and Financial Services. By combining this experience, I hope to make it easier for Australians to find good quality and affordable life insurance. Furthermore, I am not connected to any life insurance company. So, in the unfortunate event of a claim, you'll have someone in your corner, representing your interests.