So you’re in the market for life insurance and you’re lost already. Don’t feel alone, because life insurance in Australia isn’t exactly a simple matter to tackle. Until a few years ago life insurance could not be purchased directly from a life insurance company in the same way that any other kind of insurance was offered. For life insurance in Australia, you had to go through a financial planner, a broker, or your superannuation fund. But now, in addition to these options, you can do it on your own.

If you feel more comfortable with the help of a financial adviser, what’s the difference between going through a financial planner and insurance broker? A financial planner offers his or her clients life insurance as one of many financial services. Before doing so, the planner will assess your financial outlook and offer you many products – mostly investment options. Obviously, life insurance is not his or her specialty and they do not know the finer details of the industry the way a life insurance broker would. Furthermore, a life insurance broker, especially one from a larger company, will have access to a wider variety of life insurance plans for you, making your chances better you’ll be given a better deal and more benefits as part of your life insurance plan. A financial planner tends to use a short list of preferred life insurance providers to deal with.

If dealing with either a planner or broker makes you feel queasy, it’s wise to look into whether you can purchase life insurance through your super fund. More and more super funds in Australia are offering life insurance. It is also possible that you may already be covered by some form of life insurance for simply being a member of your super fund without you knowing it. Call them or visit their website to inquire about the details. In fact, because super fund life insurance in Australia is often cheaper than the plans offered by planners and brokers, it’s highly recommended you research what options are available to you through your super fund before seeking out life insurance policies externally. Life insurance in Australia through your super fund is cheaper because your super purchases the life insurance in bulk from the life insurance companies, enabling them to pass the savings onto you.

However, there are some quirks to life insurance through your super you should be aware of. Remember that when you change super funds you lose your life insurance. Super fund life insurance plans expire when you’re 65 or 70 while life insurance purchased by means other than your super will usually expire when you’re 99 years old. Some super funds will cover you for a specific amount. This amount is usually determined by your age and that amount will decrease as you age. This is a great option for some, and not as much for others, so consider whether this is advantageous to you or not. If you were to pass away, your life insurance benefit would be tax free only if it were paid to a dependent: if you want your life insurance benefit to be paid to someone other than a spouse or child, consider purchasing life insurance from a life insurance broker or financial planner.

These days there are more and more third party comparison sites that can really help take the guess work out of life and income protection insurance policies. These sites are a great avenue for researching policies as they give you up to date information and impartial advice. They also allow for easy comparison of major providers on one place. There are many benefits of comparison sites and this is a good place to start if you are on the market for a good policy that is suited to your needs.