What is whole life insurance?
Having a financial plan to look after your family when you can’t anymore is a hard but important conversation to have. This is where life insurance can help step in.
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Having a financial plan to look after your family when you can’t anymore is a hard but important conversation to have. This is where life insurance can help step in.
While it can be tricky to think about, life insurance can be a useful financial safety net for your family if you’re no longer able to provide for them. From death cover to income protection insurance, there’s a range of policies available for a variety of needs.
Whether you work for yourself or as an employee, life insurance exists to ensure your needs and those of your family are met if you’re no longer able to provide financial support.
If you haven't investigated it before, life insurance can seem a bit complicated. To start with, the term itself is a catch-all for different kinds of coverage, including income protection cover, total and permanent disability cover, and death cover.
After you’ve worked out whether or not you need life insurance, the next step is working out what level of cover you should opt for. The key? Finding the right balance for your situation.
As the old saying goes, there are two things you can count on in life: death and taxes. Life insurance is all about planning for the former (even if it’s not really pleasant to think about).
When you purchase a vehicle from a car dealer, you'll probably be offered a whole lot of extras. While an alarm system may be worth forking out extra for, one add-on you should avoid at all costs is life insurance.
Life insurance is meant to be a safeguard for the tough times in your life. It should give you peace of mind in the event of a loved one's death or to guarantee your financial safety if something happens to you and you’re unable to work.
If you’ve decided to bite the bullet and buy a life insurance policy, you should take the time to work out which of the key features on offer are important to you. After all, this is one insurance policy you could wind up sticking with for the rest of your life.
In October 2016 the Australian Securities and Investments Commission (ASIC) handed down a report into the handling of claims by the life insurance industry. This was in responses to criticisms of outdated definitions being used to avoid payouts and conflicting interests in the sale of policies.
For most Australians, covering essential expenses like rent, groceries and power bills will get tricky without a paycheck coming in. It only gets more complicated if you’re providing for a family or paying off a home loan.
The Australian government is calling for public input on the 2019 moratorium related to genetic testing in life insurance. This policy specifically prohibits insurers from requiring applicants to undergo genetic testing. Additionally, it restricts insurers from demanding you disclose the results of existing genetic test results for policies under specific coverage limits.
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Some of the largest life insurance companies in the country have teamed up to encourage Australians to get vaccinated against Covid-19.
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The number of people planning to renew their life insurance policies has jumped from one in three to 50% of policyholders over the last year.
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The Australian Securities and Investments Commission (ASIC) is urging 40,000 Australians who bought life insurance through the formerly ANZ-owned OnePath to apply for refunds.
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