Insurance

Life insurance Core supplementary provisions

Life insurance: Core & supplementary provisions

Thinking about your own mortality can be daunting and confronting as it’s often far removed from the expectations of how you see your life panning out, i.e. living to a ripe old age. However, take a moment to consider, if you were to pass away unexpectedly, would you be leaving behind financially dependent loved ones?…
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Is private health insurance worth the price tag

Is private health insurance worth the price tag?

Private health insurance premiums are set to rise yet again on April 1st, this time by an average of 2.92 per cent. While it is the lowest increase in years, there’s no doubting that it still hurts the old hip pocket. Especially when you consider that premiums have risen by a staggering 61 per cent…
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Trauma Insurance – Facts & Figures

Most people wouldn’t dream of driving without car insurance, or living in a house without home and contents insurance, so it is remarkable that the majority of Australians do not think about protecting their families through life insurance, in the event of death, accident or illness.   With the incidence of cancer increasing year on…
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The prevalence, incidence, risk and cost burden of ill health

When accumulating wealth and funding your cost of living during your working years, one of your biggest resources is your capacity to earn an income, either through employment or self-employment. When you are fit and healthy, you may sometimes take your financial and physical/mental health for granted. Or, in general, you may hold a more permanent ‘it’ll be…
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Consumer payments behaviour: How do you compare?

Every three years, the RBA conducts a Consumer Payments Survey. Importantly, the results from this survey provide a snapshot of how we make consumer payments (and how this has changed over time). Below are just a small selection of the many interesting emerging trends that have been identified in the most recent survey*. How do…
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Life Insurance Claim story

Life Insurance Claim example…Do insurers pay? Just ask Geoff – a claimant’s story: Geoff and his adviser’s real name have not been used to protect their privacy. Geoff thought the world was at his feet as he prepared himself for retirement, until he was diagnosed with a life-threatening illness. The following is an extract from…
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Basics of Income Protection Insurance

An “average” individual age 25 years earning $51,235 p.a. will earn more than $3,863,184 in his or her working life, assuming 3% inflation. To protect this amount it will cost them as little as $40 per month, which would be tax deductible. This insurance cover is probably the most important for the majority of working…
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Basics of Life Insurance

Death Cover (Life Insurance) Total & Permanent Disablement (TPD) Is designed to pay a lump sum in the event of an insured‘s death. This lump sum can then be used to pay for things such as extinguishing debts, children’s education, putting in place an income stream, funeral expenses or any other purpose. For every home…
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Do you need life insurance?

If your children, partner or other relatives depend on your income to cover the mortgage or other living expenses, then the answer is yes – you probably do want life insurance, since it will help provide for your family in the event of your death. Life insurance can pay your dependants money as a lump…
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