Life insurance news and advice

While the NSW and Queensland floods are now at bay, many residents are still feeling the flow-on effects of the disaster. The NSW SES alone responded to over 12,000 requests for help and conducted more than 1,000 direct flood rescues.

Like many things in life, you can’t plan for everything and if you’re shopping around for life insurance to protect yourself and your family from the unexpected, then you’ll want to make sure you’ve considered all the factors when choosing the cover that is right for you.Life insurance is a great way to protect your dependants should you become ill and be unable to work or pass away. So it pays to find a life insurance company that ticks all the boxes, whether that be the array of features offered or a great value package.This year, the Mozo Experts sifted through 25 different life insurance providers to find the cream of the crop when it came to the top contenders for Life Insurance, Income Protection and Life and Trauma Insurance. “Life insurance can help you take care of the financial uncertainties your family will likely endure should you fall terminally ill or pass away unexpectedly, so it’s important to find the right cover so your family is protected,” said Mozo Experts Choice Awards Judge, Peter Marshall.“Too often people are hesitant to discuss their mortality, but with the cost of life on the rise, it pays to have a great policy that gives you the peace of mind that your family will be looked after if the unthinkable happened.”And the crown goes to…For the third year running NobleOak has been crowned Life Insurance Company of the Year, nabbing an amazing 7 awards in every category this year and impressing judges with great value products that Aussies are sure to love. First established 140 years ago, NobleOak is one of Australia’s longest-standing life insurers. NobleOak's mission is to make life insurance more affordable and accessible, and with it’s clean sweep of awards there’s little wonder why it took out the title. Check out our full NobleOak editorial review to learn more.

Besides not being a typical cup of tea topic, life insurance can also be very confusing. But it's also very necessary for a number of Australians, especially for those who earn the highest income in their family.

Life’s too precious to take shortcuts when it comes to life insurance, so taking the time to find the right policy is an absolute must. For many Australians though, comparing life insurance can be confusing and it's often difficult to know how to assess one policy against another or what levels of cover you really need.

It’s understandable if you’ve been looking into income protection insurance lately. This year has been a tough year for many Australians financially and knowing that your income is protected should you suffer from sickness or injury, at least provides some peace of mind.

The Australian Prudential Regulation Authority (APRA) has announced it will recommence reforms of individual disability income insurance (IDII).The intervention into IDII, otherwise known as income protection insurance, began in December 2019 but was put on hold in response to the global pandemic. 

Longstanding superannuation fund Equip Super will change how it manages life insurance from 1 October, 2020.Equip chief member officer, Tania Cumming said the changes will focus on increased flexibility and member input.“In reviewing insurance products and talking to our members, they were clear that they wanted insurance that responded to their lifestyle needs. And critically, they wanted us to deliver these options to them rather than them having to construct it themselves,” Cumming said.While some members will see their life insurance premiums increase, Cumming said the changes are designed to meet long-term needs.“Key to getting this right is working to ensure that our insurance products align to members’ lifestyles and financial aspirations as well as offering long-term value, rather than short-term changes. It is important that we take a balanced approach that is both affordable and sustainable.”

As pandemic conditions and restrictions continue to develop across the country, the mental well-being of impacted Australians is becoming a top concern.This has become more evident in national discussions since early August, when Victoria’s lockdown was reinstated – with even tighter restrictions for metropolitan Melbourne – after a sustained spike in Coronavirus cases.In an ABC News Breakfast interview this week, deputy chief medical officer professor Michael Kidd recognised the mental and emotional impact of prolonged isolation.“Please look after each other, please look after your mental health. If you are feeling particularly depressed or anxious as a result of the restrictions which are in place, please reach out to Lifeline, Beyond Blue, the other resources,” he said.

Life insurance winners announced

According to a recently released survey by KPMG and the Financial Services Council, life insurance claims related to mental health increased by a whopping 53% between 2013 and 2018. This new research is very timely, given that a large number of people across the country have just spent months inside due to the Coronavirus pandemic.