It is foolish to discuss the need for insurance in this day and age. If not for many kinds of insurance, but certainly life insurance, health insurance and maybe a general insurance should be an essential element of one’s financial planning. The economic situation of the world being so volatile, one has to keep in mind the devastation that recession has caused. The gloom is still hanging over many countries and for those who do not have the basic insurance covers, are certainly not in a comfortable place.
Many in the world are grappling with the constant dilemma between a health insurance and a life insurance. This is more so in Australia, as some of the companies provide very good packages for the individuals opting for insurance policies. It really depends on what all the life insurance covers in comparison to health insurance. Sometimes, health insurance may cover many aspects, but one is unlikely to suffer from so many ailments. In this case, a life insurance with a good cover policy and an array of variants must be looked at.
In Australia, many life insurance policies offer an array of variants which make the policy very wholesome and have instilled great security amongst individuals. Protection covers like illness cover and income protection cover add great value to just a life cover. In most cases, life cover is the extreme, whereas these covers are more practical in nature and people can actually benefit from these.
Income protection covers individuals who have lost their jobs or who are unable to work under some circumstances. Companies may have their own slight variations, but this means that one does not have to bother about bills and mortgages in case the job is in jeopardy. This will amount to immense peace of mind.
In the same way, illness cover may not be as comprehensive as health insurance, but it certainly means that some amount of health related issues can be covered. One must read the policies in depth to understand which one is better.
While choosing a life policy, one must keep in mind that some life insurance companies may have additional benefits.