Because life insurance is such an important aspect of the financial plan for your family, you shouldn’t purchase a policy without conducting some research first. The amount of life insurance you purchase might need to be enough to substitute your income in your absence or it might have to cover expenses that your family will face, such as funeral costs, paying for college, or caring for aging parents. Life insurance is an important tool for securing your family in the event of something unexpected. There are several things to consider when choosing your life insurance policy and a specific type of coverage.
Often, you need a way to easily compare plans for life insurance as well as monthly premium payments. Looking around and comparing your options will help you find a policy and premium that will be the best fit for your family. With iSelect, the search option is free of charge and will only take 30 seconds. Below you will find some of the best life insurance companies of 2020.
AIA
AIA Australia Limited is an insurance company that has been offering various insurance products to Australians for 30 years. Previously known as AIG Life, AIA began operations in Australia in 1970 and is the first insurance company in Australia to offer an electronic application process to its clients. They offer life insurance policies through many superannuation funds. They also offer options to bundle life, TPD, trauma, and income protection insurance. A benefit of AIA is the flexible inclusion of children, partners, and other family members.
AMP
AMP is one of the oldest insurance companies in Australia. Founded in 1849, the Australian Mutual Provident Society is considered one of the largest financial advice networks in Australia and New Zealand. They offer to cover you anywhere in the world but may require you to return to Australia after three months of benefits paid. Their plans offer a high degree of flexibility and can be tailored to your needs.
Asteron Life
Asteron wrote the first life insurance policy in Australia in 1833. The company is now one of the oldest life insurance brands in the country. Asteron says that their focus is on providing expert advice through financial advisors to help you find the right insurance cover. They offer $10,000 cover for each child in the event of their sickness or injury. Discounts are offered for customers who live healthy lifestyles. They will provide advance funeral benefits and offer extra grief counseling for your beneficiaries.
Bank of Queensland
BoQ started as a Brisbane-based investment group but is now one of Australia’s leading financial institutions. They offer a variety of insurance products. Their subsidiaries include Virgin Money, and they provide services to Australians all around the country. The selling point for them is low premiums and they try to offer cost-effective options wherever possible. They also offer lump sum benefits of up to $500,000 in the event of death. They require no medical examinations and give advance benefits of up to $10,000. You will also be covered around the world at all times.
Importance Of Life Insurance
Different life insurance products are designed to protect you from different events that can occur. When a loved one dies, it can be a very emotional and traumatic experience for any family. Not having enough insurance proceeds to meet immediate needs and provide for ongoing living expenses will make this unfortunate and stressful situation even worse.
Not only will the people you love be grieving your loss, but they’ll have additional economic hardships to cope with. Life insurance will ensure that your loved ones will not be in this situation following something tragic. It is imperative that you shop around, compare your financial products, and make a sound choice that will secure the financial future of your family.
