If you work in the mining industry you will probably be aware of the challenges of getting life insurance in such a high risk occupation. Employees in certain high risk sectors, such as underground mining operatives and explosives handlers can find it extremely difficult or even impossible to obtain certain types of insurance, such as…
A recent AMP risk bulletin shows that women are vastly underrepresented when it comes to income protection insurance. According to AMP, women make up 40% of the insurance market and their total insured sum is only around 85% of the equivalent sum for men. It is believed this is partly due to women undervaluing themselves…
It is a popular misconception that life insurance is only for the family’s main income earner. When most people think about life insurance, they think of it as a means of protecting non working spouses and children from the sudden loss of income of the family breadwinner. Most people do not automatically associate life insurance…
If you have a family and work in a high risk (and usually high income) occupation such as the mining industry, taking out life insurance could be a wise investment in your family’s future – it can help you ensure that in the event of your death your dependents receive adequate financial support and are…
In recent years the mining industry has experienced rapid growth and an influx of workers attracted to the high salaries and benefits that a mining occupation offers. With excellent income at their disposal, many mining industry employees find they have good borrowing capacity when it comes to purchasing a home and vehicle, and that they’re…
Income protection insurance is perhaps the most practical and relevant type of insurance cover for every worker. Life insurance indemnifies the beneficiary only upon the death of the insured. But what if the insured is still alive but incapacitated? Unemployment due to sickness or injury causes extreme hardship. A worker’s loss of income due to…
This report has been written as a general comparison between the Income Protection provided by Australian Super and that available through a Direct Retail Policy. It has used readily available resources in the analysis such as Product Disclosure Statements, and looks at the key differences between the policies. The core variances identified are the very…
A majority of Australians are significantly underinsured, with only 55 per cent of adult Australians having some form of life insurance; leaving a further 7 million adult Australians with no life insurance cover at all. Research shows that 60% of Australian families with dependents will run out of money within 12 months if the main…
Your health is your greatest asset, but the older you become the higher the risk of suffering a critical illness. It’s an unfortunate reality that you or someone close to you will be seriously ill at some stage in life. Take a look at the following critical illness statistics and you might rethink the often-quoted…
Getting hurt is no fun, especially when your injury disables you to the point where you’re unable to work. Sure you may be covered by Worker’s Compensation if you suffer an accident in the workplace, but what if you are injured or become ill outside of work? Again your employer may provide sick leave benefits…