There are so many life insurance products on the market, so it’s important to do your research. Carefully consider what’s available and whether the life insurance policy you’re investigating is the right one for you, your family and your circumstances.
Life insurance policies can differ in many ways. While some may appear more affordable than others, these may not offer the same flexibility or cover the things that are most important to you, which is why it’s vital that you read everything before signing on the dotted line.
What should I look at when comparing life insurance policies?
There are key things to consider when comparing life insurance. This includes:
- What are the events covered?
- What’s the maximum amount I can be covered for?
- How much will the cover cost you (your premiums)?
How will your premiums be paid: will the amount increase each year or remain the same? And if premiums go up, will you be able to afford them in the long term? It’s also important to look at how your medical history may potentially affect the policy and whether there are any exclusions.
Other features to consider include:
- Maximum entry age: some life insurers limit this to 60.
- Age when cover stops: with AAMI Life Insurance, you’ll be covered until your 99th birthday.
- Maximum limit of cover: With AAMI Life Insurance, you’re insured up to $1.5 million (subject to eligibility criteria)
- How easy is it to tailor your cover? AAMI Life insurance is tailored to you and your situation so you won’t be paying unnecessary costs. Plus, it’s simple to get a quote online.
Choosing a life insurance policy
Don’t feel pressure to make a quick decision. Read the product disclosure statement and give yourself time to review the details with your loved ones to make sure you’re all on the same page.
