Choosing the right insurance for yourself and your family
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Choosing the right insurance for yourself and your family

Choosing the right insurance for yourself and your family

Choosing the best for yourself and your family

Making big decisions such as purchasing your first home, changing careers or getting health insurance can be scary and you might even be hesitant to choose until you’re entirely sure. With many brands and information available on the internet, it’s difficult to know where to start. 

Tools to help you to make the right decision

When you’re comparing things like insurance, gas or home loans, comparison websites such as MakesCents can be helpful. It has a comprehensive panel of brands to help the consumer review his or her options right then and there, online. Once you know the kind of insurance and the level of cover you need for you and your family, you can then use the comparison sites to help you get the best deal and get the best life insurance quotes.

Tips using the comparison sites

Products such as life insurance are complex and it relies on many details that you provide which are specific for you such as age and family history. To make it easier for you to get quotes, some of the comparison sites sometimes use pre-filled answers, so make sure you check all questions and make sure the details are right for you!

Knowing how much cover you might need

To determine how much cover to get, you need to know how much money you or your family would need! Here are some factors to consider:

  • Mortgage
  • Credit cards
  • Child care
  • School fees
  • Living expenses
  • Other debts

You should work out your annual expenses, calculate how much of those are covered by your salary. Then, you can work out how many years there are between when you buy your policy and retirement age. 

The right type of cover

There are different types of life insurance to consider. You will need to find the one the better suit your situations. 

Term life insurance – it provides a financial benefit in the event of terminal illness or death.

Total and permanent disability cover – a permanent injury or illness can make it difficult or impossible to return work. TPD  insurance can provide a financial safety net to help support you and your family, and pay for medical and rehabilitation costs. If you need more information, you can visit https://moneysmart.gov.au/how-life-insurance-works/total-and-permanent-disability-tpd-insurance

Income protection cover – Income protection insurance pays part of your income if you’re unable to work. It can help pay the bills so you can focus on getting better. If you need more information, you can visit https://moneysmart.gov.au/how-life-insurance-works/income-protection-insurance

Conclusion

Some decisions families can make are relatively easy such as where we should go this Christmas or where we should hold a birthday party. When it comes to decisions about health, however it can be much more challenging! The decisions are often complicated, involving many factors, some of them may have competing interests. Ultimately, you need to make sure you choose the best option that will deliver the protection you and your family need.

Categories: Health and wellbeing

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