Guide to life insurance

If you’ve never had an insurance policy before or even if you have, life insurance can seem pretty complicated. To start with, the term itself could almost be described as a catch-all, umbrella term that covers a lot, including income protection cover, total permanent disability cover and death cover. It’s a topic that can’t really be sugar-coated so we won’t even try - what we will try to do is give you the facts.

After you’ve worked out whether or not you need life insurance, the next step is working out what level of cover you should opt for, and the key here is balance.

As the old saying goes, there are two things you can count on in life: death and taxes. Life insurance is all about planning for the former (even if it’s not really pleasant to think about).

When you purchase a vehicle from a car dealer, you'll probably be offered a whole lot of extras. While an alarm system may be worth forking out extra for, one add-on you should avoid at all costs is life insurance.

Life insurance is meant to be a safeguard for the tough times in your life. It should give you peace of mind in the event of a loved one's death or to guarantee your financial safety if something happens to you and you’re unable to work.

In the market to purchase a life insurance policy? Then you’ve got two choices. You can purchase a policy directly from an insurance provider, or get one through your super fund.

If you’ve decided to bite the bullet and buy a life insurance policy, you should take the time to work out which of the key features on offer are important to you. After all, this is one insurance policy you could wind up sticking with for the rest of your life.

In October 2016 the Australian Securities and Investments Commission (ASIC) handed down a report into the handling of claims by the life insurance industry. This was in responses to criticisms of outdated definitions being used to avoid payouts and conflicting interests in the sale of policies.

For most Australians, covering essential expenses like rent, groceries and power bills will get tricky without a paycheck coming in. It only gets more complicated if you’re providing for a family or paying off a home loan.

While the NSW and Queensland floods are now at bay, many residents are still feeling the flow-on effects of the disaster. The NSW SES alone responded to over 12,000 requests for help and conducted more than 1,000 direct flood rescues.

Like many things in life, you can’t plan for everything and if you’re shopping around for life insurance to protect yourself and your family from the unexpected, then you’ll want to make sure you’ve considered all the factors when choosing the cover that is right for you.Life insurance is a great way to protect your dependants should you become ill and be unable to work or pass away. So it pays to find a life insurance company that ticks all the boxes, whether that be the array of features offered or a great value package.This year, the Mozo Experts sifted through 25 different life insurance providers to find the cream of the crop when it came to the top contenders for Life Insurance, Income Protection and Life and Trauma Insurance. “Life insurance can help you take care of the financial uncertainties your family will likely endure should you fall terminally ill or pass away unexpectedly, so it’s important to find the right cover so your family is protected,” said Mozo Experts Choice Awards Judge, Peter Marshall.“Too often people are hesitant to discuss their mortality, but with the cost of life on the rise, it pays to have a great policy that gives you the peace of mind that your family will be looked after if the unthinkable happened.”And the crown goes to…For the third year running NobleOak has been crowned Life Insurance Company of the Year, nabbing an amazing 7 awards in every category this year and impressing judges with great value products that Aussies are sure to love. First established 140 years ago, NobleOak is one of Australia’s longest-standing life insurers. NobleOak's mission is to make life insurance more affordable and accessible, and with it’s clean sweep of awards there’s little wonder why it took out the title. Check out our full NobleOak editorial review to learn more.

Besides not being a typical cup of tea topic, life insurance can also be very confusing. But it's also very necessary for a number of Australians, especially for those who earn the highest income in their family.

Life’s too precious to take shortcuts when it comes to life insurance, so taking the time to find the right policy is an absolute must. For many Australians though, comparing life insurance can be confusing and it's often difficult to know how to assess one policy against another or what levels of cover you really need.