Did you know that over 60% of Australians will be disabled for more than one month during their working life? Do you think you could continue with the lifestyle you lead now if you were injured or ill and could no longer work?
Most everyone around the world finds comfort in insurance. It never hurts to have a greater peace of mind. The deeper issue is that in certain communities, coverage simply isn’t available. In others, it’s expensive and challenging to get. Whether we’re talking about people over in the U.S. scrambling to figure out the new Obamacare system or people here in Australia considering options from providers like Suncorp, the principle is the same: people want a security net.
Arlene Chandler is a freelance writer who enjoys helping others sort through their personal finances. She currently writes about Life Cover from Suncorp.
3 Factors that Will Make Your Life Insurance Premiums Rise
Choosing to invest in life insurance is a decision many people gravitate towards after they accrue a large amount of debt, get married, or, what seems to be the most common motivator, have children. However, while it would be nice to think that all life insurance premiums are equal for those who want to invest in a policy, that’s simply not the case. There are many factors that help insurance advisers determine what a premium will be on a case-by-case basis, and it’s good to inform yourself of what lifestyle habits and health issues you have that might make your premiums higher. Knowing what to expect makes investing in a life insurance policy much easier to plan for, and if you’re about to apply for your first one, here are a few factors that can make your premiums rise.
What is an income protection policy?
Before looking specifically at income protection policies for farmers it makes sense to quickly look at exactly what this type of insurance policy provides the insured. In short, the person named on the policy can claim for a percentage of their income each month should they become unable to work due to illness or injury. There are of course limitations to every policy and criteria do have to be met before a claim can be made but when an illness or injury qualifies then up to 75% of the normal income from employment can be claimed on a policy.
Why Australian farmers need income protection
Farming is more than just a job, it’s a way of life. If you, as a farmer, become sick or injured to the extent that you can’t work your farm then everything grinds to a halt. You might miss your crop planting season, or you might be unable to harvest what you’ve grown and as a result you’ll struggle financially for years to come, literally.
In the short term, an income protection insurance policy can provide a guaranteed income to pay your bills and put food on the table. Long term though it can also pay to hire a farm labourer to complete the tasks you can’t because of your illness or injury. This way your crops get planted and harvested, your cattle get milked or taken to market and you don’t have to worry about your immediate future while you recuperate.
Just the words “life insurance” can make many of us want to run for the exits! You might be picturing a grim insurance salesman dressed like an undertaker, predicting only doom and gloom. It’s perfectly understandable to want to put off thinking about insurance for yourself, but you might not know that there are actually a number of different policy types available, with many specifically designed to support you through recovery from serious life-changing events such as illness and serious injury.
The twilight years can be the most exciting and rewarding of your life, and the last thing you want to deal with is the worry of becoming a financial burden to your family and loved ones in your later years and beyond, so life insurance is important to consider. You’ve spent your whole life paving the way for a comfortable retirement, but if tragedy occurs, then at least secure life insurance cover can help relieve some of the stress.
If you are out shopping for a brand new insurance policy or are looking to trade up from an old one to a better deal then you’ll want to make sure that you choose not only the right company but also the right insurance advisor.
You have every right as a consumer to make the choices that you want and by making sure you ask the right questions you’ll have all the information you need to make an informed choice. Many insurance company host websites with a suite of services available even if you are not a client, such as the ability to check out life insurance quotes on their sites.
Annuity products boost Challenger profit
Challenger’s life insurance business – Australia’s largest provider of annuities – achieved total sales for the half-year of $1.98 billion, an increase of 55 per cent on the previous corresponding period.
ClearView makes senior appointments
ClearView Wealth has appointed Mike Pope and Elliot Singfield to the senior management team as it continues to build on its life insurance, wealth management and financial planning offering.
Sharing the secrets of SharePoint success
Partners Life, New Zealand’s fastest growing life insurance provider, will share how they have used SharePoint to do their business in the cloud. The solution involved transferring and tracking hundreds of thousands of policy-related documents from paper-based to electronic, to make them easily available to their staff.
SMSFs need insuring… or do they?
Despite legislation being introduced late last year in an attempt to boost the life insurance quota of SMSFs, hundreds of thousands of Australians managing their own super continue to risk their retirement nest-egg. The legislation was introduced in response to the Cooper Review, which found that fewer than 13% of SMSFs had insurance. It required trustees of SMSFs to indicate that they’ve considered life insurance for members of the fund.
Clive Levinthal leaves ClearView
Clive Levinthal has left ClearView and accepted a chief executive officer position at Experien Insurance Services.
Under-insurance gap a kiwi problem too
New Zealanders are under-insured by about $650 million and face serious financial risk in the event an income earner dies or suffers serious illness.
The findings are part of a two-year research project commissioned by the Financial Services Council (FSC) and undertaken by Massey University which examined levels of cover for permanent disability, income protection, trauma and life cover.
Euro brokers feel the heat from direct insurer
Direct insurers continue to take large bites out of insurance sales with more than 40 per cent of motor or household policies purchased online across six European countries – France, Germany, Italy, Poland, Spain and the UK.
ClearView makes $561,000 loss
ClearView has made a $561,000 first half loss, mainly due to costs related to CCP Bidco’s takeover of the financial services company. The company, which also provides superannuation and life insurance, announced that it had made a net loss of $561,000 million for the six months to December 31, down from a $12.2 million profit in the previous corresponding period.