Life insurance comparison process in Australia is something that you need to take care of before you buy a policy. In case you do not know how to compare policies, it is most likely that you could end up wasting your hard-earned money and ending up with a policy that does not meet your requirements. So, it is must for you to make an informed buying decision to secure your family and finances. Life insurance comparison Australia is a hassle-free process, yet there are people who skip this step and end up with the wrong insurance provider.

Life Insurance is a complicated subject. If you are considering buying a policy to protect your family, then read the below given guidelines to help compare life insurance policies in Australia:

• Coverage- Asking about the coverage should be your foremost concern to be answered. You must also know about the exact death benefit that your nominee will receive should you pass on. The death benefit is calculated to cover your specific financial circumstances. Your dependants, debts, and living expenses should all be taken into account.
• Type of life insurance- There are more than one type of life insurance policies in the market to choose from. And thinking that all policies are the same is a big mistake. Every insurance policy differs from each other. You must have a thorough check on different policies and then accordingly purchase the one that suits your requirement the best.
• Provider- Every life insurance company is different in their ethics, services and products. Some companies offer more products, others offer lower prices, and some have a better customer service experience. However, it is necessary to buy insurance from a company that offers more products at lower prices with better customer service experience.

You can save lots of money on the cost of life insurance by comparing multiple policies and companies. This way you can get a broad overview of other benefits ranging from customer service to products. Based on the above information and knowledge, you will be in a better position to buy only the right policy for yourself.

Know more on life insurance comparison Australia.

There are hundreds of superannuation funds in Australia, from industry super funds, retail super funds, corporate super funds, and even self managed super funds (SMSF). There are a number of popular super funds in Australia, and some may contest as to which type of superannuation fund is better. With Australia’s aging population, planning for retirement and managing your superannuation funds is vital to your long term financial success.

Here’s a list of most of Australia’s super funds:

Aberdeen Asset Management – www.aberdeenasset.com.au
Affiliated Managers Group – www.affiliatedmanagers.com.au
AHC Pacific – www.ahcpacific.com.au
AMIST Super – www.amist.com.au
AMP Financial Services – www.amp.com.au
ANZ Australian Staff Superannuation Scheme – www.anzstaffsuper.com
Aon Consulting Pty Limited – www.aon.com.au
Apostle Asset Management – www.apostleam.com.au
ARA Consultants – www.araconsultants.com.au
Asset Super – www.assetsuper.com.au
Asteron Life Limited – www.asteron.com.au
AUSCOAL Services Pty Ltd – www.auscoalonline.com.au
AUSfund – www.unclaimedsuper.com.au
AUST (Q) – www.austq.com.au
Australian Administration Services – www.aas.com.au
Australian Catholic Superannuation and Retirement Fund – www.catholicsuper.com.au
Australian Ethical Superannuation Pty Ltd – www.austethical.com.au
Australian Government Employees Superannuation Trust – www.agest.com.au
Australian Reward Investment Alliance – www.aria.gov.au
AustralianSuper – www.australiansuper.com
Australian YMCA Superannuation Fund – www.ymca.org.au
Austsafe Super – www.austsafe.com.au
The Aviation Industry Superannuation Trust – http://taist.oneclick.com.au/
AvSuper Pty Ltd – www.avsuper.com.au
AXA Australia – www.axa.com.au
Barclays Global Investors Australia Limited – www.barclaysglobal.com
BDO, Chartered Accountants & Advisers – www.bdo.com.au
Bendigo Superannuation Plan – https://online1.smf.com.au/bendigosuper/index.jsp
Blake Dawson – www.blakedawson.com
BlueChip Communication – www.bluechipcommunication.com.au
BNP Paribas Investment Partners (Australia) Limited – www.bnpparibas.com.au
BOC Gases Superannuation Fund – www.bocsuper.com.au
BP Superannuation – www.bp.superfacts.com
Bravura Solutions – www.bravurasolutions.com
BT Financial Group – www.btonline.com.au
Bundaberg Sugar Ltd Superannuation Plan
CareSuper – www.caresuper.com.au
Catholic Superannuation Fund – www.csf.com.au
Cbus – www.cbussuper.com.au
CCSL Limited – www.ccsl.com.au
Centric Wealth – www.centricwealth.com.au
Certainty Financial Pty Ltd – www.certainty.com.au
Chant West – www.chantwest.com.au
Christian Super – www.christiansuper.com.au
City Super – www.citysuper.com.au
Clarendon Lawyers – www.clarendonlawyers.com.au
Clayton Utz – www.claytonutz.com/areas_of_law/controller.asp?aol=37
Club Plus Superannuation – www.clubplussuper.com.au
Coal Industry Superannuation Board – www.cisf.com.au
Colonial First State Investments Limited – www.colonialfirststate.com.au
Combined Fund – www.combinedfund.com.au
Commonwealth Bank Officers’ Superannuation Fund – www.osfsuper.com.au
ComSuper – www.comsuper.gov.au
CONNECT – www.connect-super.com.au
Constellation Capital Management – www.constellation.com.au
Corporate Enhancement Pty Ltd – www.corporateenhancement.com.au/
Corrs Chambers Westgarth – www.corrs.com.au
Cuesuper – www.cuesuper.com.au
Deloitte Touche Tohmatsu Limited – www.deloitte.com.au
Deseret Benefit Plan – mysuper.watsonwyatt.com/deseret
Dimensional Fund Advisors – www.dimensional.com.au
Electricity Industry Superannuation Scheme – www.eiss.superfacts.com
eo Financial Services – www.eofinancialservices.com.au
Equipsuper Pty Ltd – www.equipsuper.com.au
Equity Trustees Limited – www.eqt.com.au
Ernst & Young – www.ey.com.au
ESI Super – www.esisuper.com.au
ESSSuper – www.esssuper.com.au
Financial Synergy – www.FinancialSynergy.com.au
Fire & Emergency Services Super Fund
First Super – www.firstsuper.com.au
Freehills – www.freehills.com
FSP Super Fund – www.fspgroup.com.au
FSS Trustee Corporation – www.firststatesuper.com.au
FuturePlus Financial Services Pty Limited – www.futureplus.com.au
GMO Australia Limited – www.gmo.com
Government Employees Superannuation Board – www.gesb.wa.gov.au
Greenfields Financial Services Lawyers – www.greenfieldslawyers.com.au
Grosvenor Pirie Management Limited – www.gpml.com.au
Health Industry Plan – www.hipsuper.com.au
Health Super Pty Ltd – www.healthsuper.com.au
Herbert Geer – www.herbertgeer.com.au
HWL Ebsworth Lawyers – www.hwlebsworth.com.au
HOSTPLUS – www.hostplus.com.au
HSBC Australia – www.hsbc.com.au/globalinvestments
Hyperion Asset Management – www.hyperionam.com.au
IAG & NRMA Superannuation Plan – www.IAGNRMA.superfacts.com
IFAA – Independent Fund Administrators & Advisers – www.ifaa.com.au
Inalytics -www.inalytics.com
Intrust Super Fund – www.intrust.com.au
Invesco – www.invesco.com.au
InvestmentLink – www.investmentlink.com.au
IOOF Holdings Ltd – www.ioof.com.au
The IQ Business Group – www.iqgroup.com.au
IUS Group – www.ius.com.au
KPMG – www.kpmg.com/AU/en/Pages/default.aspx
Lambda Group – www.lambda.com.au
legalsuper – www.legalsuper.com.au
LG Super – www.lgsuper.org
Local Super – www.localsuper.com.au
LUCRF Super – www.lucrf.com.au
Lutheran Super – www.lutheransuper.com.au
MAP Superannuation Plan – www.mapfunds.com.au
MARF – www.marfsuper.com.au
Maritime Financial Services – www.maritimesuper.com.au
Maurice Blackburn Commercial – www.mbcommercial.com.au
Meat Industry Employees’ Superannuation Fund – www.miesf.com.au
Media Super – www.mediasuper.com.au
Mercer (Australia) Pty Ltd – www.mercer.com.au
Mercy Super – www.mercysuper.com.au
MGI Melbourne – www.mgimelb.com.au
Middletons – www.middletons.com
Military Super – www.militarysuper.gov.au
Morningstar – www.morningstar.com.au
MTAA Superannuation Fund – www.mtaasuper.com.au
National Australia Bank Group Superannuation Fund – www.nabgsf.com.au
Nationwide Superannuation Fund – www.nationwidesuper.com.au
netwealth Investments Limited – www.netwealth.com.au
NGS Super – www.ngssuper.com.au
NSW Electrical Superannuation Scheme – www.nesssuper.com.au
NT Superannuation Office – www.nt.gov.au/ntt/super
OAMPS Ltd – www.oampssuper.com.au
Oasis Asset Management – www.oasisasset.com.au
Payment Adviser – www.paymentadviser.com.au
Perpetual – www.perpetual.com.au
Pillar Administration – www.pillar.com.au
PIMCO Australia – www.pimco.com
Pitcher Partners – www.pitcher.com.au
Plan B Trustees Limited – www.planbonline.com
Porterallen Pty Limited – www.porterallen.com.au
PricewaterhouseCoopers – www.pwc.com.au
Prime Super – www.primesuper.com.au
Professional Financial Solutions Pty Ltd – www.pfsnet.com.au
Progressive Superannuation – www.progressive.com.au
Qantas Superannuation Plan – www.qantassuper.com.au
QIC – www.qic.com
QIEC Super Pty Ltd – www.qiec.com.au
QSuper – http://qsuper.qld.gov.au/
Quadrant Superannuation – www.quadrantsuper.com.au
Rei Super – www.reisuper.com.au
REST Superannuation – www.rest.com.au
Retirement Benefits Fund Board – www.rbf.com.au
Rice Warner Actuaries – www.ricewarner.com
Russell Investments – www.russell.com.au
SA Metropolitan Fire Service Superannuation Fund
Savings & Loans Credit Union (S.A.) Limited – www.savingsloans.com.au
Schroder Investment Management – www.schroders.com.au
Sequential Project Services – www.sequential.com.au
SMF Funds Management Limited – www.spectrumsuper.com.au
SPEC Super – www.specsuper.com
Statewide Superannuation Trust – www.statewide.com.au
Strategic Capital Management – www.scmonline.com.au
Sunsuper – www.sunsuper.com.au
Super SA – www.supersa.sa.gov.au
SuperChoice – www.superchoice.com.au
Superpartners Pty Ltd – www.superpartners.com.au
SuperRatings Pty Ltd – www.superratings.com.au
Tasplan – www.tasplan.com.au
Telstra Super Pty Ltd – www.telstrasuper.com.au
Thunderhead – www.thunderhead.com
TIC Super – www.ticsuper.com.au
TOWER Australia – www.toweraustralia.com.au
Tranzact Superannuation Services – www.tranzact.com.au
Trinity Consolidated Group – www.trinity.com.au
T.Rowe Price – www.troweprice.com.au
The Trust Company of Australia Super Fund – www.thetrustcompany.com.au
TWUSUPER – www.twusuper.com.au
UniSuper Limited – www.unisuper.com.au
Vanguard Investments Australia Ltd – www.vanguard.com.au
Victorian Independent Schools Superannuation Fund – www.vissf.com.au
Virgin Super – www.virginmoney.com.au/super
Vision Super Pty Ltd – www.visionsuper.com.au
WA Local Government Superannuation Plan – www.walgsp.com.au
Water Corporation Superannuation Plan – www.watercorpsuper.com.au
Westscheme – www.westscheme.com.au

When you start to compare life insurance, you’ll often come across opinions that lean towards the idea that you don’t need to pay money to a big life insurance company to get something that you can do for yourself for free – save money. The idea is that smart saving and investment can replace life insurance. So, is this true? Today we take a neutral look at the things you need to consider, and how the numbers might stack up.

If you save the amount of your life insurance premiums, how much will you have?

If you’re a male, a recent survey of life insurance premiums for professional male non-smokers revealed the average premium to be about $488 per year, and around $365 per year for female professional non-smokers.

Given that low-risk investments like bank term deposits return about 6% per year, in your first year of saving your premiums a male 30-year old would have $517 saved, and a female would have $386 … compared to purchasing life insurance, which would give you 12 months of complete peace of mind and the certainty of a $750,000* payout to your family at the time of claim.

But most life insurance premiums go up as you age!

All stepped term life insurance premiums go up as you age. The same survey revealed that at age 40, male non-smokers would be paying $575 per year and females would be paying $464 per year. Saving premiums instead of buying insurance would give males around $7000, and females around $5000. Still, this doesn’t quite compare to the $750,000* of cover.  

Don’t life insurance rates go up far more after age 50?

Yes, average premiums for 50-year old professional male non-smokers are around $1419, and around $1069 for females. At age 60 this has increased to $5062 for males and $3132 for females.

However, these figures are to keep the same level of cover (indexed to the CPI) that these males and females had at age 30 … when they were far more likely to have dependent children and very long mortgages. It is far more common to reduce your level of cover as you age to keep premiums manageable. In this way, it is possible to keep your life insurance for the whole of your life … and still have a substantial payout at the end of it!

While the theory of simply saving your own cash for a rainy day rather than spending money on insurance sounds tempting, the numbers simply don’t add up. Saving the same amount of money as your life insurance will eventually pay out would have a massive impact on your lifestyle … and doesn’t provide you the peace of mind when you really need it

* This figure may be different based on your actual needs regarding life insurance

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