As with many financial products, it is vital that you read and understand the product disclosure statement (PDS) of your life insurance policy. If you and a spouse have a life insurance policy, you can read the PDS together and ensure that you both understand the terms outlined in your life insurance policy. If there is anything you don’t understand, seek help from a professional such as a life insurance adviser or financial planner.
Comparing life insurance policies & quotes
When decide to compare life insurance policies, be sure to obtain a number of life insurance quotes. Apart from the final premium, you may like to compare definitions outlined in the product disclosure statement (PDS). You may also like to compare any built-in or optional benefits that may suit your situation.
Learn what the extra benefits are in your life insurance policy
One particular benefit which many people have found useful is the funeral advancement benefit. There are also benefits and clauses which may be valuable depending on your occupation. Again, you should read and compare the PDS for each company.