Life Insurance Australia

Australian Life Insurance Quotes and Resources

Life Insurance Australia :: News

Share this news item!

How to Navigate Health Insurance Premium Hikes

Strategies to Manage Rising Health Insurance Costs

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

In a challenging cost-of-living environment, Australians are bracing themselves for another wave of health insurance premium hikes, with Medibank and AHM customers already facing an average 2.96 per cent increase from June 1, 2023.

However, scouring for competitive coverage that suits you best can help ease the economic squeeze.

Understand Your Coverage

With the current increase in health insurance premiums, it's essential to evaluate whether your health coverage is serving your needs or not. Elizabeth Deveny, chief executive of the Consumers Health Forum, recommends taking time to understand what your policy covers and which extras are essential to your circumstances.

“Private health insurance is transferable so it’s worth shopping around and given the current cost-of-living pressures, it’s more important than ever to compare options and get the best deal”, remarks Dr Deveny.

To do this, she recommends visiting privatehealth.gov.au, where individuals can compare policies, get premium quotes, and take advantage of the coverage calculator. By using the website, you can determine which insurer offers the best deal based on your coverage needs.

For instance, basic hospital coverage without any specialist requirements or extras in Victoria can be as low as $104 per month or as high as $376 per month.

Think Switch, Not Ditch

With public wait times for elective surgeries getting lengthier, it is advisable to think twice before forgoing private health insurance to escape hikes in policy premiums. Lana Hambilton, head of health insurance at Compare the Market, encourages switching health policies rather than ditching them altogether when experiencing sizable policy hikes. This is especially important because specialized healthcare services like dental and optical expenses are not covered under public Medicare schemes; thus, private insurance is the only way out.

When assessing whether your policy suits your needs, consider consulting your GP regarding your medical and family records to ensure you're adequately insured. For families with children, adding extras like dental and optical to your health plan may make it more valuable in the long haul.

Published:Thursday, 1st Jun 2023
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Queensland Strata Owners: Act Now to Lower Your Insurance Premiums

05 Dec 2025: Paige Estritori

Strata property owners in North and Central Queensland are being urged to take advantage of new federal and state initiatives designed to reduce insurance premiums and enhance cyclone resilience. These programs provide financial incentives for property upgrades that can lead to significant savings on insurance costs. - read more

Strata Living in Australia: A $1.4 Trillion Market and Growing

05 Dec 2025: Paige Estritori

The insured value of strata properties in Australia has reached an estimated $1.4 trillion, underscoring the growing significance of strata living in the nation's housing landscape. This substantial valuation reflects the increasing number of Australians choosing strata-titled properties as their preferred mode of residence. - read more

CHU's 2025 Report: Strata Insurance Premiums Remain Stable Amidst Industry Shifts

05 Dec 2025: Paige Estritori

CHU, Australia's largest strata insurance underwriting agency, has released its 2025 State of the Strata Market report, providing a comprehensive analysis of the current state of the industry. The report offers valuable insights into premium movements, the impact of weather events, regulatory developments, and emerging risks affecting strata insurance. - read more

Surge in Mental Health Claims Reshapes Australia's Insurance Landscape

02 Dec 2025: Paige Estritori

Australia's insurance industry is experiencing a significant shift as mental health conditions have become the leading cause of total and permanent disability (TPD) claims. Recent data from the Council of Australian Life Insurers (CALI) indicates that mental health issues now account for nearly one-third of all TPD claims, marking a substantial change in the industry's claim patterns. - read more

Australian Insurance Premiums See Notable Decrease

02 Dec 2025: Paige Estritori

Recent data indicates a notable decline in life and income protection insurance premiums across Australia, providing consumers with more affordable coverage options. According to the latest Direct Life Insurance Report from Rainmaker Information, direct life premiums have decreased by 7% since 2024. Similarly, direct income protection premiums have seen significant reductions, with average premiums for waiting periods of 30 days and 90 days decreasing by 12% and 13%, respectively. - read more

Click for more Insurance News

Life Insurance Articles

Life Insurance Comparison: Key Questions to Ask Your Insurer

Life insurance is a crucial consideration for middle-aged to older Australians. It provides financial security for your loved ones in the unfortunate event of your death. Understanding the various options available is vital to making an informed decision. - read more

A Millennial's Guide to Life Insurance

For many millennials, navigating the complexities of personal finance and future planning can feel like a bewildering journey. Among these financial responsibilities, life insurance emerges as a paramount consideration. More than just a safety net, life insurance can be the cornerstone of a sound financial strategy, providing peace of mind for both the policyholder and their loved ones. - read more

Top 5 Reasons to Consider Life Insurance While You're Young

When you’re young, life is all about new experiences and making plans for a promising future. While factors like travel, career, and relationships often take centre stage, one aspect often overlooked is life insurance. It might seem like something to consider later in life, but starting a policy while you're young can be a savvy financial move. - read more

How Pre-Existing Conditions Influence Life Insurance Premiums

When it comes to life insurance, a pre-existing condition refers to any medical condition or illness that you have been diagnosed with before applying for a life insurance policy. - read more

Life Events That Should Trigger a Life Insurance Review for Aussie Families

Life insurance is a cornerstone of financial planning for Aussie families, offering protection and peace of mind. But what happens when the bustling flow of life brings changes? This is where a life insurance review comes into play. A life insurance review is a thorough analysis of your existing policy to ensure it aligns with your current life circumstances and financial goals. - read more

Start Here !

Apply now for your free Insurance assessment and price comparisons!

Knowledgebase

Claim:
A formal request made by the policyholder to the insurance company for payment of a loss covered by the insurance policy.

This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.

IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.