While many people who have life insurance plans may believe that they are adequately protected statistics indicate that the average Australian carries only $70,000 life insurance via their superannuation fund while the adequate amount is at least three to four times this amount. Having inadequate insurance can be very dangerous since it gives a false sense of security to policy holders and their families.
Most people, who opt for life insurance often, forget to include a very important factor while making their decision which is inflation. Inflation is an inevitable part of life; however while taking insurance the buyer must consider how much the cost of living will be after 10 – 30 years.
Tips to Find Life Insurance Quotes for Men and Women with $700,000 Coverage
- If you are a 30 year old man who doesn’t smoke and want to protect your family by taking a life insurance policy worth $700,000 then you can expect to pay $35 – $40 every month to insurers towards life insurance premiums. However; if you are a 30 year old woman who doesn’t smoke and doesn’t have any declared medical conditions then you can expect to pay $30 – $35 to the insurer every month towards life insurance premiums.
- To find an insurer in Australia who can offer you the option to compare policies online and purchase the best policy in your budget you will have to look for an insurance comparison website that offers these services. Insurers such as AIA, TAL, One Path One Care and Zurich Life usually have tie ups with such companies hence you can get the best deals online.
- Before purchasing a life insurance plan online you should use an online tool known as the life insurance calculator that will help you understand how much insurance is ideal for you. You should also ask for a quote from the selected insurance comparison website. The quote given may not be exact, however; it will give you a fair idea on how much you will have to pay every year.
Adequate Life Insurance is the Most Important Form of Protection
- How much is adequate insurance is something most buyers often wonder? While some financial experts agree that 5 times your annual salary amount should be your insured amount, others believe that 7 – 10 times your annual salary amount should be your insured amount. This being said, you should consider both your lifestyle and health before you purchase a life insurance plan.
- If you are a smoker then you will have to pay higher life insurance premiums. However; life insurance is a must for everybody who has dependants hence you should opt for a plan that you can afford and will pay for over the next 10 – 30 years. Term life insurance plans are cost effective, flexible and meant for both smokers and non smokers.
- Non smokers and certain categories of other buyers may be given discounts or promotional offers from some insurers who want to encourage policy holders to live a healthy lifestyle.