Insurance

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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What is TPD Insurance?

Total and permanent disability (TPD) insurance provides cover if you are totally and permanently disabled. Your insurer will define TPD as either when you: You can’t work again in any occupation, or You can’t work in your usual occupation TPD insurance helps cover the costs of rehabilitation, debt repayments and the future cost of living.…
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What Are The Benefits Of Young People Taking Out Insurance?

Insurance can prove to be the most significant thing in your life when it is needed. As a voice for the younger generation, I can confidently say that the majority of people under the age of 24 have little to no knowledge of insurance and how it works. This lack of knowledge is due to…
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Personal insurances: Insurance premium variables

In our animation, ‘Personal insurances: Managing risk’, we briefly discuss the risk probability/impact matrix, which is a framework to assess whether a risk requires action or not from a risk management perspective. Importantly, in cases where a risk has been assessed as requiring action (e.g. assigned a medium to high risk probability/impact grading), the following below…
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New insurance standards to come at a cost to policyholders

Shifting community standards and expectations are driving eight new trends in life insurance which may cost policyholders over $1 billion, according to a report by reinsurance consultancy, Retender. According to Ilan Leas, managing director of Retender and author of the report, consumer-driven trends including greater transparency, behavioural changes and pressure on life companies to pay…
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Life Belt

Why You Need Life Insurance Advice

It has been the case in recent times that some politicians and regulators have been questioning the commissions paid to financial advisers. The view is that the commissions are excessive, and that some financial advisers are symply not looking after the client best interests, regardless of it being a legal requirement under the corporations law So why are these financial…
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The basics of Trauma Insurance

Also called Critical Illness or Recovery Money Pays a lump sum in the event of a traumatic event happening to you, for example you suffer a stroke, heart attack, major burns or are diagnosed with certain cancers through to traumatic events such as the loss of a child. This insurance came about due to advances…
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