According to a recent Harris Interactive poll, 91% of life insurance policy holders have spoken to their beneficiaries about their policy. However, 57% of them have not told their beneficiaries where the policy is located, which could pose potential problems when a claim needs to be filed. If you currently own a life insurance policy…
According to a recent survey by Harris Interactive, there are a number of different reasons why people decide to purchase life insurance, including getting married, starting a family and buying a house. Other reasons include a change of employment and starting a business. If you are single and have no dependants life insurance may not…
The future of income protection and life insurance is that it’s going to be more accessible, flexible and with an increased online presence if the results of the recent Advisor Choice Risk Awards are anything to go by. At the awards the top insurance companies were rewarded for their efforts in providing excellent service. Many…
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…
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…
Whole of life insurance was once the norm in Australia but this type of insurance has been replaced with Term Life Insurance. Historically, whole of life insurance was permanent life cover that held a cash value that you could surrender or cancel at any point during your policy and receive a cash payment. In the…
Life insurance and income protection insurance for the Mining Industry is often thought of as too risky and difficult to obtain the required cover for the various occupations within the industry. Australian Life insurance providers may have declined cover for the mining industry in the past, despite the fact that in 1994, a study into…