Before you take out a life insurance policy, you may have taken out other kinds of insurance such as car insurance or contents insurance. Because of this you may think that you need to go through the same motions to purchase life insurance in Australia. The fact is that most often you can deal directly with life insurance companies for a life insurance plan but this is not always the best option. For such an important purchase, you really need to do your own research and see what is out there; don’t put yourself at the behest of one or two life insurance company’s interests: rather, take matters into your own hands and research how to obtain the best life insurance policy for your needs.

If you feel lost and don’t know where to start, try some simple networking. Ask your family, friends, and colleagues if they have life insurance and who they got it through. Explain that you are interested in purchasing a life insurance policy yourself, especially if you have a family that want to be taken care of in the case of accident, injury or death.

The people you know who have life insurance policies most likely purchased their policy through a financial planner or through their superannuation fund. Before you make an appointment with a financial planner, it’s best to check if you already have some form of life insurance in Australia through your super fund. When you see a financial planner, they will provide you with a Statement of Advice, giving you a preferable course of action. Remember that while financial planners deal with life insurance, it is not their specialty as it would be with a life insurance broker. A financial planner will want to analyse and assess your entire financial outlook. Another downside to financial planners is that they deal only with a list of preferred life insurance brokers, so you may be missing out on some good life insurance deals in Australia. If all you want is life insurance and don’t want to be sold other services by the planner, it’s best to look at a life insurance broker. Another popular way is by checking out online life insurance comparison sites that will give you impartial advice and help you compare policies from a number of providers.

If you’ve been recommended or know you have found a good life insurance broker – it’s wise to check that he or she is licensed and has an AFSL number – find out which companies the broker deals with. The larger broker companies will deal with every life insurance company in Australia, while the smaller ones will typically deal with less than a dozen. Your life insurance broker, as well as your financial planner, were you to choose your life insurance in Australia through one, will assess your entire financial and life situation to determine how much you should be insured for.