Life Insurance Comparison - Although you may not think you need life insurance while you’re young and healthy, it makes sense to prepare for the unexpected and to take steps to protect your family financially in case the unthinkable happens.

Dealing with a death or serious illness in the family is difficult enough without the added strain that comes with a loss of income. That’s why life insurance is so important.

Here’s how life insurance can take some of the pressure off your loved ones at a difficult time.

Why is it so important to have the right Life Insurance Policy?

In the event that something should happen to you or your partner, life insurance can help keep your family financially secure.

Life Insurance Comparison - Yet recent statistics show that when it comes to life insurance the average Australian is woefully underinsured. The same report shows that the average level of life insurance cover meets less than two-thirds of basic everyday needs, and the average level of disability cover only meets a fraction (13 per cent) of daily living expenses.

While you probably have some level of life insurance through your super, it may not be enough. The fact is, many families today would need up to $1 million or more to protect their current lifestyle.

How to Purchase Life Insurance in Australia

In order to provide you with appropriate advice on life insurance we will need to ask you some questions on your future and current circumstances. This will help us look at the types of policies and level of cover you may need.

You can then choose from a number of policies from some of Australia’s leading insurers, based on what’s important to you.

Once you have decided which product and level of cover you require you will usually only need to complete an application form. In some cases, however, you may be required to undergo some basic medical tests (e.g. have your blood pressure taken).

To get more information about the different types of life insurance products we have on offer, please visit our products page or call 1300 887 299.

Accidental Death and Dismemberment Insurance, or AD&D Insurance, is there to help protect you and your family if you are seriously injured or killed in an accident. The policy can provide financial benefits if you are killed or lose a limb, suffer blindness, or are paralyzed in a covered accident.

Best of all, it's fast and easy to get covered. There is no medical exam to take, no long forms or applications to fill out, and you can get covered today with no waiting period.If you meet the age requirements, you are guaranteed approval, regardless of your health or occupation. You cannot be turned away!

With an AD&D Insurance policy in your back pocket, you could have added peace of mind knowing that you and your family would be protected in the event of a tragic accident.

Full One Time Payout of Benefits

AD&D Insurance proceeds are paid out in a single, full lump sum after the claim is processed. There are no installment payments for you to wait for and you get all your money all at once, just when you and your family need it most. Benefits will automatically reduce by 50% on the policy anniversary following the insured person's attainment of age 70, or after five years from the effective date, whichever provides the longer period of coverage.

Living Benefits

Accidental Death Insurance provides compensation called "living benefits" for injuries suffered in certain types of accidents. Living benefits can be provided for injuries including paralysis, the loss of an arm, hand, leg or foot, and blindness.

If you lose one limb, you would qualify for 50% of your policy face amount. If two or more limbs are lost, you would qualify for 100% of your policy face amount. Also, the amount paid to you as living benefits is not deducted from your policy's face amount, which remains in full effect to cover future injuries.

Double Payout in Common Carrier Accidents

If you are injured or killed in an accident while riding as a fare paying passenger on a bus, train, airplane, ferry, taxi, or other type of common carrier, you are entitled to double the face amount of your AD&D Insurance policy.

Death insurance is more commonly referred to as life insurance. It is insurance that provides a cash benefit to survivors upon the death of the insured person. Choosing life insurance can be confusing, as there are many different types and features available. Death insurance can be used for whatever purposes the beneficiary sees fit.

Surviving spouses and children of adults who die without any kind of life insurance can be hit hard by both the costs of final expenses and the loss of income. According to JD Powers and Associates, studies indicate that fully 40 percent of the adult population of the U.S. has absolutely no life insurance. Of those who are insured, it is estimated that more than 50 million have policies that are inadequate, and which force the surviving spouse to make drastic lifestyle changes to stay current with the family's financial obligations. This can force the family to change residences, sell possessions or switch jobs.

In the past, life insurance was called "death insurance" because its primary function was thought to be simply to pay for funeral expenses. Now, however, life insurance has become important in helping the surviving family members maintain their regular lifestyle and place of residence. This is particularly important if one spouse is a stay-at-home parent or may not be prepared to immediately enter the workforce after the death of her partner. In the case of cash value life insurance, it can also be used as a form of investment and turned in for cash at a later date.

There are two primary types of life insurance: term life insurance and whole life insurance. Both types of insurance pay a lump sum of money to the beneficiary upon the death of the policy holder. Term life is the least expensive insurance option, as it accrues no cash value. With a term policy, the premiums (the amount paid for the policy) are locked in only for a specific amount of time, after which the rates for renewal can be higher. Whole life insurance, in contrast, is more expensive, but builds cash value over time. The premiums for a whole life policy remain the same throughout the lifetime of the insured, provided that he maintains coverage.

Determining how much life insurance to buy can be difficult. State Farm's insurance website explains that although there are many different methods of calculating how much life insurance a family needs, the best way to get adequate insurance is to sit down with a qualified agent and discuss your family's finances in depth. He can help you choose the proper benefit amount for all adults in your household. Ideally, there should be enough money for the family to pay off any existing mortgage and debt, as well as providing the amount that the deceased's income contributed for a period of two years. This amount will generally fall somewhere between six and 10 times the insured's gross yearly salary.

Consumer expert Clarke Howard offers many tips for getting the most out of your life-insurance premium. He notes that one common mistake that many consumers make is buying more than one policy per person--for example, purchasing a policy as part of an employee benefit package and then buying additional individual insurance. Because each policy has some fees attached, the price of two policies that add up to $100,000 will be more than that of one policy worth the same amount. Howard also notes that the most efficient way to find the best life-insurance policy is to go to a reliable insurance comparison website. As long as the company is financially stable, there is very little difference from policy to policy. Rates between different companies can vary greatly, so it pays to shop around.

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One of the best ways to secure your family’s future is by obtaining a death cover insurance policy. It is a traditional life insurance policy that backs up your ability in meeting your family's financial obligations in case you pass away unexpectedly. Death cover is commonly known as life cover in the Australian market.

Death cover can deliver peace of mind for you and your family. If something happens, this type of insurance can help secure your family's future, and ensure that they don't need to face the burden of financial uncertainty while simultaneously coping with grief.

Lump sum payments in the event of death or terminal illness Advance payments to help cover the immediate costs Financial planning and counselling benefits for your family Benefit payments available in the event of serious injury or illness.

No one knows what will happen in the future, and it can be hard to tell what the immediate and ongoing effects of loss might have on your family. The range of benefits available with death cover policies can let you minimise the impact as far as possible, and take proactive steps to care for your children and partner.

Whether you want to ensure that your family can maintain their quality of life, not have to struggle with debts and mounting bills in your absence or simply want to minimise the financial burdens of loss, you can choose cover to suit.

How do I determine my life insurance needs?

It is difficult to set a standard insurance policy that would apply to all policy holders. There is not just one death cover that can be considered to be ideal to all, which is why it is important to assess and compare different policies to determine which plan would be most suitable to you and your family's needs. Deciding on the death cover amount to insure may not be such as a simple task, but the best way to calculate the right amount to match your needs, consider:

• You current annual income. Replacing your lost income for the years required
• Short-term and long-term debts. This often includes mortgage, credit card debts, personal loan, and car loan
• Your immediate expenses. This includes food, clothing and shelter (rent payments, if you don't own your home)
• Your children's education expenses. Consider the number of children you have and their respective ages to determine the total amount of expenses
• Emergency funds. Work out how much of your expenses such as a funeral arrangement, medical treatments, legal fees and estate settlement costs can be covered by your savings.

You can use a life cover calculator to give you an indication on how much you may need for a death cover. If you require further assistance, an experienced death cover agent can help you in determining an ideal amount that will match your needs situation, as well as providing tailored advice on life policies that suit what you require.

Term life insurance is generally a more flexible and detailed type of cover than funeral insurance. It lets you choose from a wider range of benefits and payout conditions that suit your needs, and will often have significantly higher maximum benefits than funeral insurance. Generally a term life insurance policy is designed to help provide for one's partner or family in years to come, and can be adjusted over the years as you enter different life stages, and your financial needs and obligations change.