Life insurance is considered as one of the biggest support to a family.  A Life Insurance cover allows paying off your debts, loans, and mortgages easily with its lump sum return. It will also help you in some tougher financial obligations like paying higher education fees or tertiary education fees and ensures to meet a few life goals. But amidst the plenty of high-cost premiums available and with different types of policies, choosing the right insurance cover that fulfills all your needs is a bigger deal and requires some effort. So here we are, Ethica – the most trusted life insurance financial planner based in Queensland, Australia sharing the best tips to help you find the best insurance cover for your family.

How to estimate a life insurance cover that you need?

Estimating the total insurance should include all your financial needs in case of death, accident or illness, and any other unavoidable financial needs to protect your family. To estimate this instantly, online insurance calculators can be used or you can multiply your annual salary x 10. Also, you have to make sure that the insurance plan covers the following events such as, 

  1. Short-term expense cover
  2. lump sum as Income 
  3. Mortgage repayment amount
  4. Education costs for your children
  5. Retirement Funding.

Top tips for buying the best life insurance cover

  1. The very first step you have to consider while choosing a life insurance is to make sure to choose the plan that covers all your financial choices from debts, loans to a mortgage rate that you may have.
  2. Take time and talk to a lot of insurance providers around you to get to know about the right plan that suits you.
  3. Discuss and get opinions from your loved ones and family about the policy options that you have chosen for.
  4. Make sure that you have read and understood each line on the product disclosure statement of your policy and got to know what you’re being covered for. On the other hand, read the duty of disclosure carefully before committing to the insurance cover and understand the benefits of the policy.
  5. Ask the insurance provider if you have any doubts, questionnaires or if you feel uncertain of anything said on the policy documents- Do not hesitate to do that. Else, you will regret later. 
  6. Get a copy of the documents such as product disclosure statement, original life insurance policy document and personal records and keep them safe, as these documents are very important for claiming your insurance cover later.
  7. Another important thing you have to consider while selecting the plan is not to go for the plan just because it is the cheapest option available, instead learn about the options that provide the best returns, and go for it. 
  8. Get the help of a professional financial planner to know more about different policies and pick the one that suits you, your family, and your loved ones the most. Moreover, they will also provide expert insights and recommendations for your unique financial situation and life stage.

If you want to learn more about insurance planning, feel free to contact us today. We are Ethica- Financial planner based on Sunshine coast; we also provide a free 2-hour financial assessment session to talk about your financial situation.

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