If there were one word that could accurately define life, that word would be ‘unpredictable.’ No one knows when they might be struck by the harrowing tragedy of losing a loved one. What you can do is prepare for the unexpected to make the tragic experience just a tad easier.
A tragedy such as this is already tough to deal with, especially in cases where the breadwinner of the family is the person who passes. There are a lot of costs to cover when it comes to a family, and savings aren’t enough to cover them.
Expenses like child education, mortgage, utility bills, transportation costs and more are too much to cover just from savings. For this very purpose, life insurance is a saviour for many families all around Australia. There are multiple Australian Life Insurance companies, all having their set of pros and cons that we will be comparing today.
When it comes to insurance companies, there are a number of factors that determine the quality of a company. Before getting into detail here is the list of the insurance companies we will be comparing;
- Insurance line
- Noble Oak
- Real Insurance
Some of the most important factors to consider when choosing an insurance company are; their maximum cover, maximum entry age, minimum sum insured, terminal illness benefits and bonuses.
The company amongst these, which has the highest maximum cover, is Noble Oak. It covers a massive $15,000,000 while all others cover a maximum of $1,5,00,000 except for Real Insurance covering $1,000,000. At the same time, another important comparison in which Zurich and Noble Oak take the lead is the minimum sum insured. Both Zurich and Noble Oak have a minimum sum of $50,000 while all others have a minimum sum insured of $100,000.
On the other hand, the maximum entry age for all companies is more or less the same ranging from 64-69 years of age with Noble Oak again coming out on top with a 69-year maximum age of entry. As far as terminal illness benefits are concerned, Noble Oak gives the highest at $3,000,000 while all others provide benefits of $1,500,000 except Real Insurance giving $1,000,000.
Finally, the bonuses of an insurance company can make or break its clientele. The basic bonus that all of these companies offer except Noble Oak is the ability to apply over the phone, online or both. Noble Oak, however, more than makes up for it by having no adviser fees, low overheads, being fully underwritten and having no surprises when the claim time arrives.
You will also save 20% on average if you choose Australia’s most awarded direct life insurer of 2019, which is Noble Oak. At the same time, companies like Zurich and Guardian offer benefits such as a Worldwide cover 24/7, which can prove to be very beneficial.
As seen by the above comparison, although all of these companies are relatively good, Noble Oak takes the edge. Alongside giving exceptional bonuses, it also offers a more flexible minimum insured and maximum cover.
A 30-day money-back guarantee provided by Guardian or a $10 multi-life discount given by Zurich pales in comparison to the amount you will save from Noble Oak and the security of an award-winning insurance company.
At the end of the day, awards are given to the most efficient companies, and one wouldn’t want to take the risk of going to a mediocre company when there is a renowned one right there.