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Life Insurance Australia Articles

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Life Insurance Articles

Understanding the Differences: Income Protection vs Total and Permanent Disability Insurance Understanding the Differences: Income Protection vs Total and Permanent Disability Insurance
Income protection insurance is a type of policy that provides financial support to individuals who are unable to work due to an illness or injury. The insurance company will pay a portion of the policyholder's earnings, which can be used to cover everyday living expenses and bills. This type of insurance is different from total and permanent disability insurance (TPD) in a few key ways. - read more
Who Needs Disability Insurance? Who Needs Disability Insurance?
If you are like most people on this planet, you are not financially free. You would not be able to stop working and still support yourself and your family from your financial resources. Your continued ability to work to earn an income would therefore be one of your greatest assets. - read more
Why life insurance is a necessity in tough times Why life insurance is a necessity in tough times
With household budgets under pressure ... and consumer confidence weak, many families are wondering whether life insurance is worth the expense. Or maybe it is something they can do without? - read more
The importance of Income Protection Insurance for Employees The importance of Income Protection Insurance for Employees
While some people might think that income protection insurance is only for self-employed individuals, this is not accurate. This type of insurance is just as beneficial for employees, because accidents and illnesses can happen to anyone at any time. Workers' compensation provides only limited coverage, and most employees don't have much more than a few weeks' sick leave accrued. Of course, if you have more than one job, the situation becomes more of a concern if you are injured at one workplace resulting in being unable to work at either. - read more
Life Insurance: How much is enough? Life Insurance: How much is enough?
When considering life insurance, you're planning and preparing for an event that most of us would rather not think about. But life insurance represents a critical step in managing your personal finances and ensuring your family's well-being. - read more


Insurance News

Ensuring Insurance Availability and Affordability in the Face of Natural Disasters Ensuring Insurance Availability and Affordability in the Face of Natural Disasters
03 Feb 2023: .financialservicesonline.com.au

The Australian government is taking action to tackle the rising cost of insurance in areas prone to natural disasters. The insurance industry is working in partnership with the Albanese government to provide solutions that make insurance more accessible and affordable for households. - read more
Life Insurers Under Scrutiny: The Consequences of Failing to Meet Obligations Life Insurers Under Scrutiny: The Consequences of Failing to Meet Obligations
02 Feb 2023: .financialservicesonline.com.au

The regulation of insurance claims handling and settling as a financial service under the Corporations Act 2001 in Australia has far-reaching implications for both consumers and life insurers. As per the Australian Securities and Investments Commission (ASIC), the handling of claims must be done efficiently, honestly, and fairly, and any breaches in these obligations can result in severe consequences for life insurers. - read more
Flood victims receive $6 million in compensation from insurance companies following complaints Flood victims receive $6 million in compensation from insurance companies following complaints
27 Jan 2023: .financialservicesonline.com.au

The recent flood disasters in Victoria and New South Wales have resulted in nearly $6 million in compensation to policyholders affected by the floods, according to the Australian Financial Complaints Authority (AFCA). Data from the AFCA revealed that 1,064 flood-related complaints were recorded as of December 31, with the majority of complaints related to home building insurance (74%) and home contents insurance (9%). - read more
Suncorp's AAMI and GIO fined for breaches of internal review timeframes Suncorp's AAMI and GIO fined for breaches of internal review timeframes
27 Jan 2023: .financialservicesonline.com.au

The New South Wales State Insurance Regulatory Authority (SIRA) has recently imposed a fine of $100,000 on Suncorp's compulsory third party (CTP) brands AAMI and GIO for failing to meet their internal review timeline obligations. This marks the first time that a civil penalty has been imposed on CTP insurers under the Motor Accident Injuries Act. - read more
Undisclosed debt agreement results in rejected insurance claim Undisclosed debt agreement results in rejected insurance claim
25 May 2022: .

A motorist lost her insurance claim dispute after failing to disclose a debt agreement while renewing her insurance policy. - read more

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