Compare & Connect Life Insurance
is designed to support your dependents in the event of your passing. When you have an active life insurance policy, your beneficiaries receive a lump sum payment following your death. This can help to support them financially, assisting with expenses such as your mortgage, school fees and other everyday spending.
Income protection insurance
Protects people when an injury or illness prevents them from working. It pays up to 70% of your pre-tax income from the specified time that you're unable to work. Income protection insurance can be a good safety net for people who are self-employed or small business owners, who may not have sick leave. It can help to financially support dependents, and to make payments on mortgages and other loans.
Total and Permanent Disability Insurance
or TPD insurance, covers you in the situation when you become permanently unable to work and earn a living due to an accident or illness. As with life insurance policies, your dependents are covered financially if you can no longer support them. Payments are typically made in monthly instalments and will be a set portion of your income when you were able to work.
Trauma insurance is similar to TPD insurance. It covers you when a critical illness or serious injury makes you unable to work. Trauma insurance helps to cover your medical costs, your financial dependents living expenses, and any costs associated with your recovery such as rehabilitation or therapy. Unlike TPD insurance, trauma insurance is designed for people who may be able to work again.
What Is Covered By Life Insurance?Life insurance policies cover deaths. They differ from accidental death insurance, which will only pay out if you die in an accident. Life insurance covers death through any means, including illness, disease and suicide.
Some policies will also include terminal illness cover, paying out a lump sum if you're diagnosed with a terminal illness with a limited life expectancy. This can assist your family with the financial stress of caring you for while you're seriously ill. It's important to check what's covered under a policy and all the exclusions before committing.
Deciding If You Need Life InsuranceLife insurance is a great way to ensure that your family is looked after when you die. It is especially important for people who have financial dependents, such as young children or a partner who doesn’t work or whose income could not support your lifestyle. Life insurance can cover your mortgage and other expenses, helping to ensure that your loved ones can continue life after your passing.
How To Decide How Much Life Insurance You NeedLife insurance policies are paid out in one lump sum. It can be hard to calculate how much you will need to account for when choosing a policy. When thinking about how much life insurance to purchase, consider how much money your family might need to pay the mortgage, car repayments, credit card debts, school fees, and other living expenses. Also consider how much money they will continue to receive through superannuation, savings and investments.
Life Insurance PremiumsThere are two ways to pay for life insurance over the course of your policy. This includes stepped premiums, and level premiums. Stepped premiums are recalculated each time your policy is renewed. This means they usually increase each year, based on the higher chance of a claim as you age. Level premiums charge a higher premium at the start of the policy, but price changes aren't based on your age so increases happen more slowly over time.
How To Purchase Life InsuranceCompare & Connect have partnered with a range of life insurance policy providers to offer you choice when purchasing insurance. Life insurance can be purchased on its own or packaged with other policies for TPD, trauma or income protection insurance.
When comparing life insurance policies, consider the benefits and features of the policy, any exclusions, the waiting periods before you can make a claim, limits on the cover, and the cost of the premiums. Read the product disclosure statement (PDS) for all the information you need on the policy.
What Is Covered By Income Protection Insurance?Income protection insurance policies cover you if you are unable to work for a specified amount of time. This could be because you have been injured and cannot work, or you may have an illness that prevents you from working. Income protection policies require you to be suffering from partial or total disability to receive payment – if you are sick but still able to work, you won’t be covered.
Each income protection policy has its own definition of partial or total disability that must be met before a claim is made. Additionally, income protection insurance doesn't cover you for lost income if you are stood down or become unemployed.
How Much Are You Paid Through Income Protection Insurance?Income protection insurance typically pays up to 70% of your pre-tax income. This is for a specified time only. Check the relevant product disclosure statement of your policy for more information.
Deciding If You Need Income Protection InsuranceIncome protection insurance can be a good way to ensure that you don’t have additional financial stress if you are temporarily unable to work. An income protection policy gives you the peace of mind that you will continue to receive most of your income if you are injured or unwell. It is especially important if you have financial dependents who rely on your income, and if you have debts that require regular repayments.
For people who do not have sick leave or annual leave, such as self-employed people or small business owners, it is also an important safety net.
How To Decide How Much Income Protection Insurance You NeedPrepare a monthly budget to work out how much income protection insurance you will need to support yourself when you're not working. You should consider you normal expenses, and if you support your family, consider things like school fees as well. If you’re badly injured or seriously ill, you could be out of work for a while.
Income Protection Insurance Policy TypesThere are two types of income protection policies. When you choose an indemnity value policy, the amount you're insured for is a percentage of your salary when you make a claim. If your salary has decreased since you bought the policy, you'll get a smaller monthly insurance payment. Indemnity value policies are generally cheaper and can be useful for people with a stable income.
An agreed value policies (are no longer for sale from April 2020) means that the amount you're insured for is a percentage of an agreed amount when you sign up for the policy. These are generally more expensive but can be useful if you have income that changes from year-to-year.
What Does Total and Permanent Disability Mean?Different insurers will define 'totally and permanently disabled' in different ways. Some insurers will describe you as totally and permanently disabled if you are unable to continue in the occupation that you were working in before your accident or illness. This type of cover is generally more expensive. Other insurers will only define you as totally and permanently disabled if you cannot work in any job suited to your education, training or experience. In this case, you will not be paid out if it is possible for you to move into a different career. This cover is cheaper, but insurers will pay this type out less often.
What Does TPD Insurance Pay For?TPD insurance can be used to help pay for medical costs, including any support you might need due to your illness or injury. If you have a new disability, you may need substantial changes made to your living situation, including your home and transport. Your medical circumstances may require rehabilitation, therapy, nursing care and other support.
TPD insurance also covers living expenses for you and your family. This is important support when you are unable to work, allowing you to continue paying your mortgage, credit card debts, and any everyday spending.
How To Decide How Much TPD Insurance You NeedWhen thinking about how much TPD insurance you need, consider how much money you and your family might need to pay the mortgage, car repayments, credit card debts, school fees, and other living expenses. Also consider any other policies you have that could help with expenses in the case that you are totally and permanently disabled. Private health insurance may cover some of the medical costs associated with your disability, and income protection insurance may support you when you cannot work.
TPD Insurance PremiumsThere are two main ways to pay for TPD insurance. Stepped premiums are recalculated each time your policy is renewed. This means they usually increase each year, based on the higher chance of a claim as you age. Level premiums charge a higher premium at the start of the policy, but changes to cost aren't based on your age so increases happen more slowly over time.
How To Purchase TPD InsuranceCompare & Connect have partnered with a range of TPD insurance policy providers to offer you choice when purchasing insurance. TPD insurance can be purchased on its own, or packaged with other policies for life insurance or income protection insurance.
What Does Trauma Insurance Pay For?Trauma insurance can be used to help pay for medical costs, including any support you might need to recover from your illness or injury. This may be rehabilitation, therapy, nursing care and special transport. You may even need changes to housing to support your new needs. Trauma insurance can also cover living expenses for you and your family while you are not working.
Deciding If You Need Trauma InsuranceTPD insurance acts as a safety net for you and your family. If you were to become totally and permanently disabled, it would significantly impact your ability to support yourself in the future. TPD is a good option for people who have financial dependents, such as young children.
How To Decide How Much Trauma Insurance You NeedWhen thinking about how much trauma insurance you need, consider how much money you and your family might need to pay the mortgage, car repayments, credit card debts, school fees, and other living expenses. Also consider any other policies you have that could help, such as private health insurance or income protection insurance.
Trauma Insurance PremiumsThere are two main ways to pay for trauma insurance. Stepped premiums are recalculated each time your policy is renewed. This means they usually increase each year, based on the higher chance of a claim as you age. Level premiums charge a higher premium at the start of the policy, but changes to cost aren't based on your age so increases happen more slowly over time.
Purchasing Trauma InsuranceWhen you choose a trauma insurance policy, there is some mandatory information that you will need to provide to your insurer. This information may affect their decision to insure you. When you renew or change your insurance, you will need to supply updated information. These details include your age, occupation, medical history, family history (including history of disease), lifestyle choices such as smoking, and any high risk activities you engage in. This information will inform the price of your premiums. It is important to be honest, as providing false information could mean your claim is denied.
Compare Trauma Insurance PoliciesWhen comparing trauma insurance policies, consider the critical illnesses and serious injuries covered by the policy. Also look at any exclusions, waiting periods, limits on the cover, and the cost of the premiums. Read the product disclosure statement (PDS) for all the information you need on the policy.
How To Purchase Trauma InsuranceCompare & Connect have partnered with a range of trauma insurance policy providers to offer you choice when purchasing insurance. Trauma insurance can be purchased on its own, or packaged with other policies for life insurance, TPD insurance, or income protection insurance.
Compare Life Insurance Policies and Providers
Compare & Connect allows you to compare life insurance policies from multiple insurers so you have the chance to find a policy with affordable premiums that meets your requirements, then we can help you sign up and buy the policy. Our service gives you the freedom to compare policies, exclusions, and prices in one convenient and easy-to-use platform.
Access our expert team and friendly service so we can help you find an affordable option for you and your family. We will always provide you with a number of options for you to choose from to meet your individual requirements, so you can rest assured that you will have the information to make an informed decision.
What Type of Life Insurance Do You Compare?
We compare term life insurance policies, which are practically the only type of life insurance that you can buy in Australia. Prior to the introduction of compulsory superannuation in 1992, whole (or traditional) life insurance, was the most common type that people would buy. It could not be terminated and contained a savings component which accumulated in value as the person aged, and in some cases could be borrowed against.
Since the introduction of superannuation, term life insurance (also known simply as term insurance) has become the normal type of life cover. It differs from whole life insurance in that it must be renewed at the end of each specified term, usually yearly, but longer terms are also available.
Let’s Get Acquainted
Why should you consult with Compare & Connect before choosing a life insurance policy? We understand that when you buy life insurance, it is an important decision, and choosing the right cover is vital for ensuring that your family are taken care of in the event of your passing. We’ll work to understand your unique requirements, so we can present a number of options for you to choose from. We know that everyone is different, so you'll never get a one-size-fits-all deal from us - just a friendly, honest service that empowers you to make a decision to financially protect you and your family.
Here are some of the reasons you should consider Compare & Connect when looking to buy term life insurance:
Life Insurance 101
Not sure what you’re looking for in a term life insurance policy? We can help. The key factors to consider when choosing term life insurance are how much cover you will need, any exclusions on your policy, and how much it will cost.
Consider your financial situation, stage of life, and number of dependents, as a starting point to determine the level of cover you may need. For example, if you have young children, you will probably want to choose a higher level of life insurance, so that they will be covered long into the future.
Some term life insurance policies have certain exclusions, and it’s important to be aware of these when making your choice. If you die while doing a dangerous activity, you may not be covered! So if you’re a keen sky-diver, check the exclusions before committing to a policy. Some insurers will also require your medical history before covering you, as pre-existing conditions can be excluded from policies, but this is not always the case, therefore, let our consultants know any medical conditions that you may have, to see how they can assist.
Let’s Compare Life Insurance
Our large range of insurance partners means that we can offer you a comprehensive view of what’s on offer when it comes to getting life insurance.
Let us help you through the term life insurance comparison process, by getting a better understanding of what you’re looking for.
Life Insurance FAQs
Here are some questions and answers about life insurance. If you have any other questions, feel free to give us a call on 1300 685 001.
What is life insurance?
Life insurance helps to financially support your loved ones in the event of your passing. It acts as a safety net to prevent your family from being left in financial stress following your death, helping to pay for expenses such as a mortgage, loans, and everyday spending.
How does a life insurance policy work?
A life insurance policy, also known as a 'life cover policy', pays a lump sum amount to your beneficiaries when you die.
What types of life insurance are there?
There are four main types: life insurance, total and permanent disability insurance, trauma insurance, and income protection insurance.
Why get life insurance?
There are many reasons why people purchase a life insurance policy. Important milestones in life often cause people to take stock of their situation and consider how they would fare if they were suddenly unable to work. A life insurance policy can give you the confidence to pursue exciting changes without worrying about future financial stress on you or your family.
How much life insurance will I need?
A general rule of thumb to consider when calculating how much life insurance you will need is to take out 10 times what you earn in a year. In theory, this covers you for 10 years after your passing, or longer if your family were able to live on less than 100% of your yearly income.
We make it easy for you to get life insurance, with comprehensive support from start to finish. Once you have decided which policy you think best suits your needs, we can help with the admin to make sure you’re covered in no time.
- Trauma insurance
- TPD insurance
- Income protection insurance
- Life insurance