Choosing a Life Insurance Company

Particularly if this is your first experience in purchasing life insurance, you may not know how to choose the best life insurance company for your needs.

Finding the Best Life Insurance Company

Going online is always a good way to shop around and compare what different companies have to offer, and most will provide an instant online quote that will make it quick and easy for you to compare actual prices. They should also have both an overview of their policies for easy reference and more detailed information, and all companies should provide a 30-day cooling off period.

Any life insurance company should have a strong track record for ethical dealing with customers and their claims, a strong service ethos and a friendly and efficient customer service team who is easy to contact. They should provide a range of policies that include both term life insurance and whole life insurance that are valid throughout the world.

Through policies can be purchased for up to $1.5 million, term insurance is the ‘basic’ cheaper cover, as it only covers for death of the life insured. Through some companies, as with 1 Cover, may also include terminal illness with a pre-defined life expectancy. Whole life cover gives broader options which also include critical illness and disability.

Policies should also take into account the different phases in life such as starting out, having a family, or heading into retirement.

Security and Reliability are Paramount

It is absolutely vital that you choose a financially secure company. As an important first step, find which company is underwriting the life insurance policies. In our case, our policies are underwritten by the strength of Allianz Australia, a subsidiary company of the Allianz Group, a global organisation with a AA rating from Standard and Poors.

Independent Advice Can Help You Choose

Seek out the services of a financial advisor you trust before you choose. A life insurance company, or companies, should have a range of options but you need to have a strong understanding of your own needs first before looking around.

It is sometimes difficult to have that balanced picture of your financial needs and commitments, therefore, a qualified third party offering sound financial advice can make the difference in choosing a life insurance policy that meets all your family’s needs or that leaves them struggling to maintain a comfortable lifestyle.

We hope this advice has helped you to know what to look for in a life insurance company. If you have any further questions, please don't hesitate to visit our FAQ section or speak with a member of our customer service team.