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Insurance

The insurance market in Australia can be classified into three broad categories – life insurance, general insurance and health insurance. Each market is quite different from the other and it is common practice for a particular insurance company to specialize in any one of these three categories. Lately however, many an insurance company is seen to diversify into regular financial services in the face of competition from global banks and branches of financial conglomerates worldwide.

Advantages of Life Insurance

In Australia, life insurance is available in the form of different products which provide advantages in different aspects of insurance requirements. The categories are as follows:

Term Life Insurance: This is a fixed-term product where premiums are paid for an agreed period. The advantage of this type of insurance policy is that a benefit in the form of a lump sum or regular income is guaranteed even in the case of early death, after a minimum lock-in period.

Disability Insurance: Here, for a nominal monthly premium, a person is paid a monthly income on becoming disabled and is unable to earn a regular income. The advantages depend on the terms and conditions.

Superannuation Products: The advantages of these products are many. The main advantages are the flexibility of payments and a guaranteed income during the golden years of retirement in Australia.

Prices of Australian Insurance

The system of taxation in Australia is such that the middle and upper classes are encouraged to take private general insurance and health insurance. The prices of Australian insurance in the higher income group are higher than the regular taxpayers who only have to pay 1.5% Medicare levy. The higher income group pays higher prices with an additional 1% surcharge being levied.

Australian Insurance Quotes

While there is no short supply of insurance quotes on the internet, it would be worthwhile to do a bit of research as some good rebates and discounts can be obtained due to the high degree of competition from one insurance company to the other.

Australian Insurance Policies

As in other parts of the world, before going in for insurance policies, it is advisable to identify existing needs. This exercise will help to locate the most suitable policies that are required suitable to the appropriate risk levels. There is a lot of information available on the official website of the Australian government on the various types of insurance policies available in Australia.

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