Now a days No body knows what is going to happen in future that’s why it is very important to take life insurance. In this article you will get information about what is life insurance and life insurance Australia.
What is life Insurance
There are many unexpected things that occur in our lives we might pass away due to an accident or we might pass away due to an illness but there is one thing that we are 100% sure of that is we will pass away someday in our lives.
Insurance is a product designed to provide you a measure of protection at least financially should a disaster happen and life insurance is specifically designed to protect your beneficiaries financially should you pass away one day so what exactly is life insurance and how does it work?
Life Insurance is a contract between insurer and policy holder in which insurer guarantees payment of a death benefit to the named beneficiaries upon the death of the insured to put it simply you pay a sum of money called the premium to the insurer and when you pass away your beneficiaries usually your family members get a lump sum of money called the death benefit.
Now the next question is is should you to buy a life insurance?
You should buy a life insurance if you have anyone who made depend on you for financial support for example your kids or elderly parents however if there is no one that requires You to support financially then Life Insurance is not required.
Life Insurance Australia
Mental health is an issue that affect many Australian and certainly understanding of mental health is that has been evolving over recent decades the way that mental health interacts with insurance generally with Life Insurance is an issue that has attracted significant attention in your inquiry and of course more broadly than that I did want to mention that I think it that there is some significant values in having continued discussions about the role of insurers in respect of prevention when it comes to mental health obviously once send someone has developed I am mental health issue it’s a complicated thing to have insurers involved in rehabilitation for various reasons but the obvious one being the potential for conflict of interest if you are paying the claim and also responsible for determining whether somebody has been rehabilitation then that can give rise to some fairly obvious concerns but prevention is is I think different category of work and I do think it is a worthwhile continuing to give some thought to what might be able to be done by insurers to make a contribution to the work of preventing people from developing mental health issues in the first place and that’s something that certainly won’t be determined anyway in any kind of Hurry but it is something that it should be considered and further discussed we also had significant material before us about mental health exclusions so provisions in health insurance policies I should say that exclude pupil from coverage in respective mental health issues and obviously really the obligations to disclose pre-existing mental health issues I think that was a really useful discussion.
Types of Insurance in Australia
Australia has a sophisticated and well-developed insurance market, which can be divided into roughly three components: life insurance, general insurance and health insurance.
▸ Types of insurance
• Life Insurance
• General Insurance
• Health Insurance
Australian insurers are unusual in providing a lump sum Total and Permanent Disability insurance.
▸ Some of the life insurance Australia companies which operate in Australia are:
• AIA Australia
• AMP Limited
• Asteron Life (Suncorp)
•General insurance products sold in the Australian market can roughly be divided into two classes:
•Liability insurance and Property insurance.
The three large general insurer groups are:
• Insurance Australia Group
• QBE Insurance
• The Australian Government provides a basic universal health insurance, Medicare.
• Private health insurance in Australia is limited to those services not covered by Medicare or to services provided in private hospitals.
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