When it comes to our loved ones, nothing is more important than ensuring their security and well-being. We do everything in our power to provide for them and keep them out of harm’s way, but sometimes illness or accidents happen. That’s where buying life insurance comes into play! Life insurance is a policy that provides financial security for your loved ones if you die. If you are no longer around, your loved ones can use the life insurance payout to help cover expenses like funeral costs, mortgage payments, and other bills. There are different types of life insurance policies available, so it’s important to do your research and find the right one for you. Some policies are more expensive...
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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Australian non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Australia's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Australian non-life (P&C) market as well as trends by line of business. Axco analysts also report on Australian economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies...
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The purpose of life insurance is to provide the policyholder and their families some level of financial protection should the life insured get seriously ill, become disabled, or pass away. With the right policy, this type of cover can help families pay off loans and debts, as well as provide them with the financial means to meet daily living expenses. How does life insurance work and what does it cover? Life insurance works by providing a lump-sum payment to the policyholder if they become terminally ill or suffer a disability, or to their families after they die. In Australia, life insurance policies are categorised into six main types designed to offer protection from different events...
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I've always thought of my super account as a mysterious, dusty vault. I know one day it will creak open, but that day seems so far away I've never bothered asking what's inside. But a little while ago I finally decided to get my head around my super. I logged on, and noticed that nearly $300 was being taken out each year to pay for various kinds of insurance. According to ASIC, there's a lot of people out there who "are not even aware that they have insurance through their superannuation, or that they are paying for it". I was one of them. Getting signed up for insurance can be a good thing. Nick Kirwan from the Financial Services Council says there's plenty of...
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We understand that it’s not the cheeriest topic, but life insurance is a key part of having a good financial plan. It means that if you or your partner die or become seriously ill, you might be able to help your family financially. Give me the main points The most important reason to consider taking out life insurance is to protect your family if you die or become unable to work. There’s a good case for anyone with dependants or people who plan to have dependants to take out life insurance. Life insurance policies can be bought through life insurance companies, financial advisers or brokers, or through superannuation funds. The amount you roughly need is the gap between what your dependants...
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We understand that it’s not the cheeriest topic, but life insurance is a key part of having a good financial plan. It means that if you or your partner die or become seriously ill, you might be able to help your family financially. Give me the main points The most important reason to consider taking out life insurance is to protect your family if you die or become unable to work. There’s a good case for anyone with dependants or people who plan to have dependants to take out life insurance. Life insurance policies can be bought through life insurance companies, financial advisers or brokers, or through superannuation funds. The amount you roughly need is the gap between what your dependants...
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The Australian Prudential Regulation Authority ( APRA ) has released the quarterly life insurance statistics for the three months ended December 31, 2021 (Q4). The data features aggregate summaries of the life insurance industry's financial performance and position investments, claims, solvency, capital adequacy and management capital, and details on the performance of individual product groups. In Q4, the life insurance industry's net policy revenue totalled $3.7 billion, down 4.5% from $3.8 billion in the three months to September 30, 2021 (Q3). By contrast, the industry's investment revenue during Q4 totalled $0.8 billion, up 13.3% from $0.7 billion in Q3. Both quarters'...
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iptiQ, ahm and Medibank create a straightforward life insurance for young Australians ahm is the fastest growing health insurance provider in Australia and part of Medibank, Australia’s leading integrated healthcare company with more than 3.7 million customers. Medibank and ahm were keenly aware that the 18-35 age group, the so-called “young savvies” posed a significant opportunity for insurers. This cohort are generally healthy and viewed public health insurance as a grudge purchase. As a consequence of their general disengagement around their health insurance, coupled with budget constraints, this age group tended to be underinsured. In fact, in 2018 young Australians...
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A white circle with a black border surrounding a chevron pointing up. It indicates 'click here to go back to the top of the page.' 2 ways to talk to your teenagers about life insurance, according to actress and mom Brooke Shields Three evenly spaced dots forming an ellipsis: "...". Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. Actress and model Brooke Shields. Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective. Actress and model Brooke...
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In one way, he feels the move was “great timing”. He explains: “The UK then was in a very different place. We hadn’t had the vote on Brexit back then and the polls were then looking like an easy win for the Remainers. “Yes, the move was great timing, but most of all it has given me the chance to live and work in a vibrant city (Sydney) with sunshine and beaches, and all the while learning about an entirely new market where things work very differently.” Now senior policy manager – life insurance for Australia’s Financial Services Council, Mr Kirwan says he has seen how regulation has shaped the UK and used this experience and knowledge to help...
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