iSelect Review - Part Two
By Sandy Naidu | September 30, 2009
I am continuing the review of iSelect. Here are the other two parts:
Part One Of iSelect Review
Part Three Of iSelect Review
iSelect, now offers a means to compare life insurance products as well.
Here is what you can now use iSelect for (in addition to car, travel and health insurances):
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iSelect’s Other Insurance Products
Life Insurance
This is the lumpsum that will be paid to your nominated dependents, in the event of your death. The aim is for the lumpsum to provide an assistance in the financial requirements of your dependents. iSelect has a calculator to help you figure out how much life insurance you need. Getting a quote for life insurance, is quite simple - you have the option to go for either singles or couples cover. After selecting singles or couples, enter your personal details (name, age etc), your debt and your income. Same details for your partner as well (if couples selected). And finally select your preferred method of contact - phone or email.
The quote comparison results is not live, like in health and car insurance. A consultant from iSelect will contact you (using your preferred method) with couple of quotes from participating insurers.
TPD Insurance
This is a lumpsum payment, to cover your debts and other financial requirements - will be paid if you can never work again (due to some disablement). The aim is to help you maintain an almost similar lifestyle as before.
Getting a quote from iSelect is exactly the same procedure as for life insurance - same form and you get the quote results either in an email or through phone (your preferred way of contact)
Key Man Insurance
This is more for corporate situations - if you are a key person in a company then you might get this insurance - so that your company is provided financial protection against lost revenue. If you are a small business owner or a partner in a business then this insurance might be for you.
To get a quote from iSelect, not much details required online for this insurance. Just enter your contact details and someone from iSelect will contact you.
Income Protection Insurance
This insurance provides 75% of your regular income - to compensate you for loss in income, in case you can’t work either for a short time or for long time - The cover will cease once you reach your retirement age. And the premiums you pay to get this cover are all tax deductible.
Getting a quote from iSelect is a similar procedure to life insurance - same form and same process.
Trauma Insurance
In the event that you have to take a long break from work, due to some illness then you will be paid a lumpsum payment. Different to TPD - TPD paid only if you can no longer return to work. Now for example, cancer patients, who might want to take a two year break - they will covered by trauma insurance and not by TPD. iSelect says that trauma insurance is the most claimed insurance - and also is the most expensive.
Getting a quote is a similar procedure to life insurance - same form and same process.
Mortgage Protection Insurance
In the event of death, temporary disablement or redundancy, this insurance will cover your mortgage payments. Different to mortgage insurance - Mortgage insurance covers the lenders. Mortgage Protection Insurance covers the borrowers.
To get a quote from iSelect, not much details required online for this insurance. Just enter your contact details and someone from iSelect will contact you.
Participating Insurers
There are definitely some big names in here. In the part one of my iSelect Review, I had mentioned my concerns about lack of big names in the panel of insurers. Not much concerns here…
* AXA / AC&L
* ING
* ASTERON
* AVIVA
* MLC
* Zurich
* COMMINSURE
* METLIFE
* TOWER
* AMP
* AIA
* MACQUARIE LIFE
Conclusion
At the risk of repeating myself, I love the website - simple, clean, easy to use and straightforward - everything in plain English. Quite pleased with the participating insurers’ list as well.
If you are in the market for insurance, then you have to give iSelect a try. It is easy to use and free and hence has to be your first stop !!!
Do you have any comments about iSelect Insurance…Please share below…
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