If you have started looking at life insurance options, you may already be somewhat fazed by the whole thing. First off, there are literally hundreds of options to choose from. From all the different insurance providers, to the insurance products they offer, to all the extra features that can be added on to each policy. What do you need? What do you not need? If you don’t know what you’re looking for, it can seem like a daunting task.
Maybe one that should be left to another weekend… However, if you know what to do – or perhaps, more importantly, what not to do, it can make the whole process that much easier. Don’t pick the first option you find the key to finding the right life insurance is shopping around. Do some research on what types of insurance are available, and work out what’s right for you.
Then, have a look online to see what’s out there. Comparison sites are a time-effective way of cutting down the options, to allow you to create a shortlist to investigate further. Yes, it may take a while, but it will be worth it in the end. Don’t be put off by the cost Okay, life insurance is not always cheap. But, the protection is offers can be invaluable.
Try not to be put off by the cost of the policy, and think about what it is actually offering. Buying the right policy can offer protection for your family and their lifestyle, should something bad happen to you. Don’t take out insurance you can’t afford Even though we just told you not to be put off by the cost of your policy that does not mean you should buy something you cannot afford.
Paying for your life insurance each month should not result in you not being able to pay your bills. Life insurance is supposed to offer support, not bankrupt you, and so make sure you only choose a policy that fits within your means. Use an online calculator to work out how much you can afford each month, and then find a policy that suits your budget. Don’t let someone else fill in the forms there is often one partner in the household that deals with finances and paperwork.
However, when it comes to something as important as life insurance, you need to be sure all information given is correct. When you are applying for life insurance, be sure to fill in all questions that relate to you. No matter how well you and your partner know each other, there is a chance you will get something wrong. If this happens, it could mean a void policy, or a claim being rejected. Don’t undervalue your partner if you have a non-working partner, or a partner that works part-time, it’s important to make sure they are not undervalued on the life insurance policy.
Think about all the work they do at home, and then think about how much it would cost for an outside party to do the same jobs. This can include laundry, ironing, cleaning, cooking, and driving the kids around, childcare and so on. Don’t be afraid to ask for help Asking for advice from an insurance expert can be an excellent choice.
They can lay out all your options and explain anything you don’t understand. They can help you choose the policy that’s right for you, at the best price. Just be sure to find an adviser that doesn’t work on commission, or you may find the advice is skewed towards certain insurers and certain products.
Suncorp Insurance is a great place to seek help. Don’t forget to read the terms and conditions! One of the biggest mistakes you can make is not reading the small print. We know, this is time-consuming.
There can be pages of the stuff, but still, the information given, is the information you need to know. It can tell you if there are any loopholes or exclusions that may stop you from making a claim. It can tell you if the policy is not right for you. It basically means the difference between you getting the right life insurance policy and the wrong one. So, don’t skim it – read it!