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IAG cuts earnings forecast
Insurance company IAG has cut its earnings forecast, blaming the impact of high storm costs and market conditions in the UK.IAG rejects QBE merger proposal
Shares in Australia's biggest general insurer, Insurance Australia Group (IAG), have surged on the Australian Stock Exchange after confirmation of a takeover approach from QBE.Flood recovery task force to meet insurers
The Central Queensland Recovery Task Force will meet representatives from the insurance industry next week to discuss issues raised by the community after floods earlier this year.MP worried ambulance costs may stop sporting events
There are fears the high cost of ambulance coverage will put future Upper Hunter sporting events at risk.Members to vote on .4b MBF merger
Australia's biggest private health insurer, MBF, says another key milestone has been reached as it prepares to merge with the local arm of the global healthcare group BUPA.Life Insurance
Life insurance is not about the person taking out the policy. A life insurance policy is solely about others and needs to be taken out with forethought for how much you can currently afford to pay, what financial challenges and situations your family or dependants may come up against in your absence, what needs they may have in the future and the effects of inflation.
Life insurance can now be obtained online with some companies offering online quotes to a specified amount without a medical certificate. While speed and convenience may be driving the creation of these online facilities, the quick quote can not address any personal financial goals and needs you may have, a fact these companies point out at time of quotation. Speaking with a qualified advisor will assist in establishing the best options and may raise other important considerations.
How Is Your Quotation Estimated?
Questions asked to estimate your quotation will include information about age, height and weight, history of smoking or alcohol abuse, medical history for defined illnesses, occupation, certain recreational activities and more.
Rates will vary according to your answers, and also between companies. Some companies offer a joint, or dual, cover discount when partners take out life insurance at the same time. After purchase, all companies should offer at least a 21-day cooling off period.
You can browse the various web sites or phone direct to get a life insurance quote or, if you find the process a bit overwhelming or time is an issue, a life insurance broker will have a range of information to hand.
Life Insurance Components
Death Cover – Paid out either when the life insured dies or if diagnosed with a terminal illness.
Total and Permanent Disability – A lump sum payment should the life insured be diagnosed with a permanent, total, disability, and can be critical in ensuring your mortgage and other bills are still paid.
Trauma – Includes debilitating heart attack or organ transplant, some forms of cancer, stroke, paralysis, dementia and many more. What conditions are included depends on the individual life insurance company.
There are many factors to take into account for each option and all aspects should be discussed with the life insurance company representative to determine what suits your, and your family’s, needs.
Most life insurance policies are not renewable after the age of 75. For more information on life insurance, Australia Government organisation, Australian Prudential Regulation Authority (APRA), provides broad information and advice.
