What Life Insurance?

[Life is Good]

With baby due in just 3 weeks, we urgently need to get some Life Insurance organised.

I was wondering which (Life) Insurance company you have gone with and why?

Thanks in advance

[melbel]

We have life insurance through our superannuation. Everyone should have a basic life component I think now due to the new legislation...we just took out extra modules up to what we wish to be covered for....we also have TPD insurance this way as well. The premium payments then come out of what Our boss puts into the super each week which works out well at the moment cos super fund in general are running in the negative or zero growth for the most part so we are actually better off this way we think....for now at least! And we don't have to pay out in premiums as such each week/fortnight so dont miss themoney......So maybe consider looking into the superannuation angle....

[AngelPunks]

I've got life insurance through the insurance arm of the bank I'm with, it was bundled as part of my mortgage. It covers things like paying out my mortgage in case of death, loss of income etc.

When I start my family I will be looking more specifically at different life insurances, just to cover all bases.

[Astrid]

We saw a financial planner at the ANZ and he put me with ING. I am covered for life and trauma, just not income protection as I have no income at the moment. DH is keeping his within the super fund as we cannot afford to have it separate at the moment.

[Fuzzywuzzy]

I know that Commonwealth Bank financial planners can give you quotes on CommInsure, AXA and MLC insurance. It will probably take more than a few weeks to get your life insurance put in place and you may need to have a medical and further testing if necessary. Insurance through superannuation is good if you don't have the extra money to pay the premiums as it is generally cheaper and the premiums come out of your superannuation funds, however there can be restrictions with this, expecially if you take out total and permanent disability insurance, also trauma insurance is not available through super. My advice would be to get onto it as soon as possible

melbel - the fact that your premiums are being deducted from your superannuation is cheaper but in this down market it is reducing your superannuation funds even further.

angelpunks - sounds like you have loan protection insurance which is usually sold when you take out a home loan. Have you been to see a financial planner? It is generally heaps cheaper to take out a life insurance policy instead as the premiums are cheaper and you can be covered for more than your loan amount.

I know all of this because i work in the industry and have done a diploma in financial planning

[Life is Good]

Thanks so much, everyone. I may get in contact with Westpac (our bank) and see what they can suggest too - had better get going on that ASAP! I really appreciate all of your input