Life insurance news and advice

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.

In September of last year, the government passed legislation to make life insurance an opt-in inclusion for super funds holding less than $6,000 and for new members under 25. With the economic impacts of COVID-19 dominating financial news in the last few months, you may not have realised these changes came into effect on April 1. 

There’s been a fair bit of news to digest of late, so we don’t blame you if you missed a recent change in the life insurance industry. 

With the Coronavirus (COVID-19) declared a global pandemic by the World Health Organisation and the situation evolving daily in Australia, now is the time to do some important prep work.

Would you be able to cover the repayments on your home loan if your spouse or dependant passed away or became ill? 

The number of Australians taking out a life insurance policy has dropped by 9% in the last two  years, with cost issues proving the largest roadblock in the decision by many households not to take out cover. 

Life insurance isn’t the most glamorous of topics, but it’s pretty unwise to ignore it. After all, can you be sure your family won’t be overwhelmed by a wave of financial obligations if something were to happen to you?

If you’re under 25 or you have less than $6,000 in your superannuation fund then you might want to hear this. On Thursday 19th September the government passed legislation making super life insurance premiums available on an opt-in basis, rather than an opt-out basis to superfund members who fall into either of these two categories.