Compare life insurance

The main benefit to having a life insurance policy is that if you’re suddenly no longer around to provide for your family, it pays a lump-sum that can be used to help them meet their financial commitments like the mortgage or rent, education costs for your children, and everyday living expenses. Even if you don’t leave behind any debts, the payout can simply help your loved ones maintain the lifestyle you’ve worked hard to achieve.

Life insurance provides your chosen beneficiary/s with a lump-sum payment should you pass away or (depending on the policy you choose) if you’re diagnosed with a terminal illness. When applying for a life insurance policy, you’ll need to nominate an amount that you wish to be covered for. However, the maximum cover amount you’re eligible to apply for usually depends on your age at the time of application, and with some policies, your income is also a factor. Joint policies are available to insure your partner as well, and some policies even allow you the option to add your children to your policy.

For the policies that can be arranged directly through Choosi, you’ll be able to apply for a policy, as long as you’re an Australian resident aged between 18 and 79. You’ll usually need to answer a few health and lifestyle questions and your application will be assessed based on the answers to these questions. If you’re adding your partner to your policy, they’ll also need to meet these criteria and answer the same health and lifestyle questions. Some insurers may require additional information before making a decision on whether to accept your application.

For policies available directly through Choosi, the minimum cover amount that you can apply for is $10,000 and the maximum is $2 million, depending on your age and policy. However, the maximum level of cover you’re eligible to apply for will depend on your age at the time you apply, and for some policies, your income and underwriting outcome.

This will depend on your personal circumstances. Could your family survive financially if you couldn’t provide for them anymore? If you have dependents such as a spouse or young children, and financial commitments such as a mortgage, education costs or personal debts, life insurance could help provide your family a measure of financial security.