Life Insurance in Australia

Get a quote

Securing Life Insurance in Australia is very important because of the cover it provides the family and their members in the event of the death or serious illness of the main breadwinner of the family. With the current economic trend, it is more crucial than ever for families to take protective measures and be insured. With the increases in cost of mortgage, standard of living and credit cards, it is important for a family to be covered. This supports them in the event of misfortune, whether serious or otherwise. Especially in the case of families with dependent children, who will suffer the most in the event of death or permanent illness of one parent or sometimes both.

The Life Insurance market in Australia is very huge in comparison and is continually growing. The Tower Australia conducted a study in which they state that the market will grow in an excess of 18% till it reaches the year 2018. In spite of this rate of growth there is a substantial level of under-insured people in Australia. There are two reasons for this; one is the lack of proper financial advice. Many people have been taking Life Insurance via superannuation fund and believe that’s enough. Superannuation fund is just a retirement scheme that supports the customer when he becomes ill or his dependents if he dies. Getting Life Insurance through a superannuation fund is a less tangled way and it is much cheaper. But the cover they provide during the hour of need is simply not enough. One advantage however, is that the premium is paid off through pre-tax dollars thus making it tax effective, but other types of insurance are just not included. Also it doesn’t require medical check-ups and that feature attracts more people. Superannuation benefits require a lot of waiting because there is a huge delay that goes on because of the complicated rules. Unless there is binding beneficiary nomination, there is no guarantee that the money will reach the beneficiary.

People in Australia back out of Life Insurance because of the dreary paperwork associated with it. There are a lot of time consuming routines to carry out. Most Life Insurance companies require that you have a medical check up and the customer needs to be advised each step of the way by a financial adviser. Most people are reluctant to endure this as it is quite expensive. But the benefits customers get from proper Life Insurance are much better than Life Insurance through superannuation.

There are so many companies providing this service. Some of them are AC and L Insurance, AIA Insurance, AMP Insurance, Asteron Insurance, Aviva Insurance, AXA Insurance CommInsure Insurance, ING Insurance, Macquarie Insurance, MLC Insurance, MetLife Insurance, Prefsure Insurance, Suncorp Insurance, Tower Insurance and Zurich Insurance. Understandably the rates are not all equal; the policies vary from company to company. Deal with the company that has the highest rating and ensure that they have a long history of trustworthy dealings and come to the aid of dependents when necessary. Earlier, people bought Life Insurance with the help of financial advisers, but now companies have gone online and it is possible to get free quotes online, making insurance hunting a much easier task.

George Pettit is a well known journalist and financial specialist from Perth, Australia. He writes for several important magazines about topics such as stock exchange markets, loans, life insurance and much other which attract attention of many readers.

Author: George Pettit
Article Source: EzineArticles.com

Helpful insurance info

We compare insurance options from Australia's most trusted providers:

About MultiCover

MultiCover is a free service designed to provide you with easy access to a range of financial service specialists that cover the important things in life, Family, Work and Play. Simply choose and select from a range of options.

We aim to provide you with not only choice in financial services and products, but also options in how you can shop, compare and select these financial products and services. Many of our customers like to speak directly with a specialist about the product or service they are considering, gaining the benefit from their experience and customising a solution. Others prefer

learn more about us

Insurance Info

Visit our channel

MultiCover is a referral service and not a financial service provider. The information on our website and other documentation is of a general nature only and does not take into account your personal financial situation, needs or objectives. None of this information is, or shall be deemed to constitute financial and/or other advice to purchase a product or service. We strongly recommend that you obtain professional advice prior to purchasing any financial product and/or service. Please see our site Terms of Use and Privacy Statement for more information.

We need some information about you to get started:


*Submitting your details and agreeing to our terms of use enables us to connect you to a Synchron insurance specialist who will provide the quote by email or phone.

VIDEO TITLE

Get an insurance quote