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Are you reassessing your finances now that life is starting to slow down? In your 50s and 60s (and beyond), life insurance may seem like an unnecessary extra expense – especially with premiums getting higher as you get older.

But the fact of the matter is, no matter how old you are, life is always going to be unpredictable. Whether you’re 20 or 60, there’s no way of knowing what’s going to happen and the best you can ever do is be properly prepared for the unexpected.

If you have a family that you don’t want to burden with debt, a partner who depends on you, or a legacy that you want to leave behind, it’s important to take steps to secure their future and their livelihood. And life insurance is designed to do exactly that.

There are life insurance options available for every stage of your life, including as you move towards retirement. If you’re between 50 and 75, you’re eligible for senior’s life insurance – a tailored insurance product for those in their older years, who have very different needs and motivations to the younger generation of Australians.

Still not convinced? Read on below to weigh up all the benefits!

 

The Benefits at a Glance

Financial protection is more important than ever as you get older. Not just for the family and loved ones that you’ll one day leave behind, but also for the assets and investments that you’ve worked so hard your whole life to accumulate.

Here’s why baby boomers should be taking out (and keeping) their life cover:

 

Securing the Best Value Cover

Are you concerned about the cost of senior’s life insurance? While you can’t avoid premiums getting higher as you get older, there are still plenty of ways that you can cut the cost of your policy and make it more affordable on your budget.

 

What if my Application is Refused?

Unfortunately, as you get older you become a higher risk for insurance providers, and there is a chance that your application may be refused. This can be because of a number of reasons, such as your health or any existing medical conditions, a dangerous occupation, and whether or not you smoke.

If this happens, it’s important not to be discouraged because there are still options available to you. You can apply with a different provider, or request a reassessment of your application where you may be required to provide additional information.

Going through an independent insurance adviser is also a great way to make sure you’re aware of all your options and are guided through the application process with the best chance of a favourable outcome.

 

Financial Security for Every Stage of Your Life

Life insurance is not just for the young. No matter what stage of your life you’re in, being properly protected and securing your family’s future is an invaluable asset to have.

If you’re over 50, life cover is more important than ever. Life may be slowing down, but your financial obligations will still be there – take the necessary steps to protect your family and investments today.

When it comes to living a long life, Australians will be glad to know that they have a higher chance at this than many other people around the world. Australians are among the longest living people in the world, with an average life expectancy of 82.15 years as of 2015 (the 13th highest in the world according to the CIA World Factbook).

With that said, this doesn’t mean you should let yourself go and not take care of yourself. Life expectancies, after all, are just that – estimates and expectations.

If you want to live a long life and have a shot at meeting the estimated Australian life expectancy, then you have to make sure you live healthy and constantly improve your lifestyle.

There are several ways to do this, but here are five small, simple ways to make a positive impact in your life:

 

1. Eat more fruits and vegetables

By now, it’s practically common knowledge that eating plenty of fruits and vegetables is good for you. But many still fail to do this consistently (or do enough of it) that it’s always worth a reminder. Several studies over the years have shown that eating more fruits and vegetables is good for you. So there is hardly any doubt about it now: if you want to live longer, add more fruits and vegetables to your diet.

But you don’t have to become a vegetarian to enjoy its benefits, either. You simply have to eat more of it and much more regularly. In fact, the Australian Department of Healthrecommends at least 2 servings of fruit and 5 servings of vegetables per day for adults – an amount that’s not too difficult to achieve.

 

2. Consume less meat (especially red meat)

One common trait among people from countries with the highest life expectancies is that they don’t usually consume a lot of meat. For many people, consuming less meat (especially red and processed meat) goes hand-in-hand with eating more fruits and vegetables, so it’s often a natural transition.

This bodes well for those who decide to do this because research has shown that higher consumption of red meat may lead to a shorter life.

Similar to adopting more fruits and vegetables, you don’t have to take it to the extreme and abstain from meat altogether. Aim for moderation instead, eating smaller portions and less frequently. You could also try substituting red meat and processed meats with other sources of protein like fish, poultry, beans, and legumes.

 

3. Get moving

It’s no secret that staying active is essential to a healthy lifestyle. Not only does exercise and physical activity help you feel younger, it also makes your body stronger and more resistant to ailments and diseases.

One recent studypresented at the European Society of Cardiology showed that moderate and regular exercise could slow down ageing and increase a person’s average lifespan. According to Sanjay Sharma, a professor of inherited cardiac diseases at St. George’s University Hospital in London, exercise can add as many as 3 to 7 additional years to your life. Not to mention it could help prevent the onset of dementia, which is one of the leading causes of death in Australia.

Even better news? You don’t have to be a marathon runner or a gym rat to get the benefits of exercise. The study also shows that just 25 minutes a day of moderate physical activity can have a hugely positive effect on our bodies.

 

4. Spend time with good company

When it comes to living a long life, relationships truly matter.

Research suggests that the more meaningful relationships you have in your life, the longer you’re likely to live. One study by researchers from the University of Cambridge showed that those with stronger social relationships in their lives were about 50% more likely to survive than those with weak social relationships.

This study is consistent with the findings of another study by researchers from Brigham Young University, which showed that social isolation and loneliness can be precursors to early death.

So spend quality time with family and friends, and you’ll be on the right track.

 

5. Get enough sleep (but not too much)

Sleep is one of the best ways our bodies rest, so it’s only natural to think that the more sleep you get, the longer you’ll live. This assumption, however, isn’t always true.

One 2002 study from the University of California in San Diego suggested that those who slept eight hours or more were more likely to die than those who slept around 6.5-7.5 hours a night. A 2015 study from the University of Sydney, meanwhile, has shown that oversleeping (i.e. nine hours or more per day) can be a significant risk factor, especially when coupled with a highly sedentary lifestyle.

So how much sleep should you get?

Although there’s no single right amount of sleep for everyone, experts seem to agree that around 7 hours may be the sweet spot. So aim to get at least 7 hours of sleep every night.

As these tips show, improving your life to live longer doesn’t always require massive life changes. By making simple, positive tweaks to your lifestyle, you can effectively increase your chances of living longer.

Mortality is always a hard topic to discuss. Whether we like it or not, death is something that we all have to face, and although it’s a subject many of us try to avoid, it’s something we all should be planning for.

To paint a clear picture of death in Australia, we have rounded up the most recent Australian statistics from across the internet. By compiling this data together, we can get a better understanding of the risks we face in life and learn about how we are most likely to pass away.

This information should also prove to be a great resource for anyone looking to the future and hoping to plan out their life insurance policy to protect their family after they pass away.

 

Putting Death into Perspective

Before we get started on the topic of death, let’s look at something a bit more positive – how long we are expected to live.

According to 2013 statistics from The Australian Bureau of Statistics (ABS), life expectancy has continued to improve over the past ten years.

In 2013 the median age of death was:

• 78.4 years – Male
• 84.6 years – Female

The life expectancy is expected to improve even further for future generations.

A person born between 2011 and 2013 is expected to live:

• 80.1 years – Male
• 84.3 years – Female

 

Total Deaths in Australia

The most recent ABS statistics from 2014 show that in Australia there were 153,580 total deaths.

• 78,341 deaths were male
• 75,239 deaths were female

 

Common Causes of Death

When understanding the causes of death in Australia, we first have to look at the leading causes of death. This paints a pretty clear picture of how Australians are most likely to pass away.

According to 2014 ABS statistics, the leading causes of death in Australia attributing to 1/3 of total deaths are:

It’s also very common for people to have multiple causes of death. In 2014, there was an average of 3.3 causes contributing to death and 61.3% of deaths reported having three or more causes.

 

Death by Age

Although heart disease is the leading cause of death for the Australian population as a whole, the most common causes of death vary significantly depending on age.

The leading cause of death for the 15 to 44 age group is:

• Intentional self-harm (suicide)
• Accidental poisonings such as drug overdoses
• Land transport accidents

45 to 74 year-olds are more likely to die from:

• Heart diseases
• Lung cancer
• Chronic lower respiratory diseases

Anyone who is 75 and over is most likely to die from:

• Heart diseases
• Dementia including Alzheimer’s disease
• Cerebrovascular diseases

 

Cardiovascular Disease

The Heart Foundation shows that in 2013, 43,603 deaths were attributed to cardiovascular disease (CVD), which includes heart diseases, strokes and blood vessel diseases. CVD made up 30% of deaths in 2013 and one in six people are affected by this disease across Australia.

The leading cause of death from cardiovascular disease is heart attack. 54,000 Australians suffer a heart attack every year resulting in 8,611 deaths in 2013.

The threat of heart disease will not be going away anytime soon and is predicted to continue being a leading cause of death in Australia.

 

Cancer Deaths

According to Cancer Australia, in 2012, 43,039 deaths were caused by cancer in our country with a projection of 46,570 deaths in 2015. This means that cancer has recently overtaken cardiovascular disease as the leading cause of death in Australia.

Cancer has resulted in 212 deaths per 100,000 people for males and 134 deaths per 100,000 for females in 2014.

AIHW statistics show that 123,920 new cases of cancer were diagnosed in Australia in 2014. Cancer also contributed to 16% – 19% of total deaths in Australia.

The most common cancer deaths for men in 2014 were:

• Lung – 5,150
• Prostate – 3,390
• Colorectal – 2,210
• Pancreas – 1,360

The most common cancer deaths for women in 2014 were:

• Lung – 3,480
• Breast – 3,000
• Colorectal – 1,910
• Pancreas – 1,280

Thanks to increased awareness and improved treatment options, the mortality rate due to cancer has declined over recent years. Cancer Australia shows that there is now a 67% survival rate for cancer and it’s hoped that continued cancer research will further improve the survival rate in the future.

 

Suicide Deaths

Suicide is, unfortunately, an increasing problem in Australia. Statistics from Fact Check have revealed that seven Australians commit suicide every day.

Recent ABS statistics show that 2,522 people committed suicide in 2013 compared to 2,098 in 2004. Therefore the suicide rate has increased by 20% over the last 10 years. This figure could even be higher than reported according to a 2010 senate inquiry, due to uncertainty surrounding coronial inquests resulting in suicides being under-reported.

The suicide rate is higher than the rate of road deaths and unlike road fatalities and homicide, the number of people taking their lives continues to increase.

 

Road Deaths

According to Australian Government Department of Infrastructure and Regional Development statistics, 1,156 road users died on the roads in 2014.

The number of fatalities on the road in Australia consists of:

• 535 drivers
• 229 passengers
• 152 pedestrians
• 192 motorcyclists
• 45 pedal cyclists

The age group with the highest death toll is 40 to 64 with 362 deaths followed by 252 deaths in the 26 to 39 age group.

When dividing these statistics by gender, males are far more likely to be killed on the road than females with 824 men and 331 women passing away on our roads in 2014.

In more positive news, the annual road toll rate has declined by 39% over the last decade and is currently at the lowest rate on record. Therefore, the chance of being killed on the road is dropping thanks to enhanced safety features in cars and the enforcement of road rules.

 

Homicide Deaths

Australia has a low homicide rate compared to the rest of the world. The Homicide in Australia 2010 – 2012 report shows there have been 243 incidents of murder recorded between 2011 and 2012. Among the 243 incidents, 511 people were killed.

Here are some more insightful statistics about homicide in our country:

• 39% of homicides were classed as domestic
• 36% of homicides were carried out by acquaintances
• 58% of these deaths were caused by the intimate partner in domestic cases
• 70% of these murders took place at residential properties

The three highest causes of death by homicide include:

• Stab wounds – 187 deaths
• Beatings – 125 deaths
• Gunshot wounds – 69 deaths

30% of the victims were aged between 35 and 49 and 21% were 25 to 34 years of age. 85% of the offenders in all homicide cases were male.

On a more positive note, the homicide rate continues to decline in this country with Australia currently seeing the lowest murder rate since records began.

 

Alcohol Deaths

There is a continuing drinking culture problem in this country that has ultimately lead to a high number of alcohol-related deaths.

The Alcohol’s Burden of Disease in Australia Report by VicHealth shows that there were 5,554 alcohol-related deaths in Australia in 2010.

According to these statistics, the conditions resulting from long-term and excessive consumption of alcohol ultimately leading to death include:

• Cancers
• Digestive diseases
• Cardiovascular diseases
• Infections and parasitic diseases
• Injuries
• Neuropsychiatric diseases

Cancer and cardiovascular diseases are considered to be the leading result of alcohol deaths. For more information on alcohol-related deaths, take a look at this article from ent wellbeing providing an informative summary and infographic on the topic.

 

Death by Drowning

There’s no doubt that Australians and tourists alike love taking advantage of our beautiful beaches and waterways during summer. Whether it be the ocean, river, lake or a pool, it’s important to stay safe as there is a risk of drowning in any body of water, especially if a person doesn’t know how to swim.

A report conducted by Royal Life Saving in 2014 has shown that there have been 735 drowning deaths over a 10 year period between 2002 and 2012. The highest instances of drowning were in rivers.

The state with the highest rate of drownings is New South Wales with 246 deaths, followed by Queensland with 219 deaths over this period. Alcohol was also involved in 37% of these cases.

 

Potentially Avoidable Deaths

Data shows that many deaths in Australia could have been avoided if appropriate preventative measures and treatment options were taken.

ABS statistics show that there were 26,283 preventable or treatable deaths in 2014.

The major examples that fall into this category include particular types of cancers, infections and intentional injuries, just to name a few.

This is why it’s important to keep up with your regular health checks, lead a healthy lifestyle and minimise taking part in dangerous activities where there is a risk of death.

 

External Causes of Death

The ABS shows that 9,136 Australians died of external causes in 2013.

The three leading causes of external death are:

• Accidental deaths – 5,867
• Intentional self-harm – 2,522
• Assault deaths – 216

The top three ways death occurred in this category are:

• Falls – 2,055
• Poisoning – 1,724
• Hanging – 1,608

 

Deaths Around the Home

We all consider our home to be a safe haven, but accidents can happen in our very own home that can lead to death. This article from news.com.au provides an excellent summary of common threats to your life that you’re likely to encounter in your home.

This article and further ABS statistics show that in 2011:

• 715 people died from slipping, tripping and tumbling
• 58 people died from falling out of bed
• 26 died after falling off a chair
• 34 died falling from a ladder
• 59 died from choking on food

 

Other Causes of Death

Some other causes of death worth pointing out from 2011 ABS statistics include:

• 99 people died in water transport accidents
• 26 people died after being struck by thrown, projected or falling objects
• 27 people died from being caught, crushed, jammed or pinched between objects
• 81 deaths from exposure to smoke, fire and flames
• 26 people died from flood waters

 

Life Insurance to Cover Your Family after Death

When considering all of these statistics, it makes you realise how truly fragile life is and how your death could impact on your friends and family. Although we can’t control how and when we will pass away, we can be prepared when the time comes by ensuring we have life insurance in place.

Contemplating death is a little too existentially morbid for most of us on a day-to-day basis. However, giving some thought to the financial situation of your loved ones if and when you do die can ensure that they are not left with significant debts or are unable to continue to support their standard of living. At a time when your family will be overcome by grief, life insurance can provide financial stability to help your family manage. Knowing that your family will be provided for in the event of your death is a way to give yourself peace of mind in the present.

Many Australians may not realise that most life insurance policies cover the most common causes of death, so there is really no excuse not to protect your family by taking out a life insurance policy. Stay a few steps ahead and prepare for your eventual death by visiting Cover Australia to get a quote on a life insurance policy.

Step 1: Decide What Kind of Life Insurance You Want

Gone are the days when life insurance was simply a way to pay your family a lump sum when you pass away. These days there are dozens of types of life insurance on the market, from your basic term life insurance through to TPD, income protection and trauma insurance.

An overview of all the types of insurance on the market would take days to read, so we’ve written a brief guide to the four main types of life insurance Australians need:

 

Step 2: Choose Your Insurer

Getting a life insurance quote is easier than ever. You don’t even have to pick up the phone!

To get an idea of the cost of cover, simply use our live online quote calculator. All we need to know is:

• The types of cover you’d like
• The amount of cover you are interested in
• A few personal details (age, gender, smoking status and occupation)

Alternatively, if you’d prefer to speak to a real person you can just fill out our “Get A Quote” section and one of our expert advisers will call you to discuss your coverage options.

 

Step 3: Apply For Your Insurance

Applying for life insurance is an easy, straightforward process. Below are a few common questions about applying for cover:

 

Step 4: Make a Claim

Unlike most life insurance comparison websites, Cover Australia aren’t just here to help you choose the insurer that’s best for you; we also offer ongoing support if and when you need to make a claim.

Our office is licensed to handle your claims from the initial claim through to the day you are paid out, and we have over 35 years of industry experience. This means that, with us, you’ll be able to get the money you need as quickly as possible, so you don’t have to experience any extra stress and hardship.

Making a claim involves:

• Completing a claim form and returning it to your insurer for assessment
• Making sure you lodge your claim within the time frame specified in your policy
• Providing any additional information the insurer requires. This could include the results of medical testing, statements from medical professionals, or answers to specific questions.

Have you avoided adding life insurance to your to-do list? Many Aussies are in the same boat and put off buying life insurance because they think it’s too expensive, but in reality, life insurance can be much more affordable than most people realise.

When you think about it, protecting the financial security of your family should be a priority for everyone. And when you consider the actual cost of life insurance, you will soon realise that it’s not as out of reach as you may think.

 

How Much Does Life Insurance Cost?

To give you an idea of how much life insurance will cost, we have entered some basic information into the get a quote section of our website to provide you with the cheapest premiums currently available for different demographics.

Our results have shown that life insurance can be obtained for as little as $23 per month which is an outstanding price to pay when compared to other living expenses.

We’ve summed up the lowest amount you are likely to pay for life insurance in the table below:

*Please note that all quoted premiums are stepped and subject to underwriting

Doesn’t look so bad, does it?

Please keep in mind however that there are a number of different factors that affect the premium you will have to pay, but in general, this is a pretty good benchmark to go by. All premiums are also stepped and subject to underwriting.

Now let’s compare this with other typical expenses you are likely to pay in your day-to-day life. You may be surprised to find how many everyday tasks end up costing a lot more than a life insurance policy.

 

Running and Maintaining Your Car

We all know how expensive it can be to drive and maintain a car. According to statistics obtained from RACQ, the average weekly cost of running a medium sized vehicle is $225.

And then you also have to add on the cost of car registration. Depending on what state you live in and what vehicle you drive, the cost to register your vehicle can range from $200 up to $800 for 3 years.

But the costs don’t stop there. You also need to take into account servicing and repairs, tyres, fuel, parking and any other unexpected expenses that may occur – all in addition to your basic running costs. With every aspect of maintaining and running a vehicle taken into consideration, depending on what car you drive, the annual cost is likely to range from $6,000 to $15,000 per year.

 

Rent and Mortgage Repayments

The biggest asset and cost that we will ever have in our lives is likely to be our home. Data obtained by ABC from the CBA shows that the average monthly mortgage repayments on a median priced home of $459,000 at an interest rate of 5.18% is $2,458, or about $615 per week.

Even if you’re not paying off a home loan, rent alone is still pricey for many Australians – especially in inner city locations. Property data obtained by news.com.au shows that the average cost of rent across Australia is $485 per week.

 

Your Daily Coffee

Australia’s love of coffee can’t be denied, which is why this expense had to be included on our list.

Coffee is a necessity for many people, with one cup costing about $4 a day and an average of 9 cups of coffee being consumed every week, according to Roy Morgan Research. Therefore, Australians on average are spending $36 a week on coffee. Yet despite the cost, it’s often a price that many people are happy to pay.

When considering the price of a simple cup of coffee, life insurance doesn’t seem quite as expensive after all, with life insurance policies available from as little as $5.31 a week!

 

Other Necessary Living Expenses

There are so many other expenses we have to pay to go about our day-to-day lives. According to the most recent data gained from The Australian Bureau of Statistics (ABS), the weekly spending by Australians on average is:

• Housing Costs – $223
• Transport Costs – $193
• Recreation Costs – $161
• Furniture and Equipment – $59
• Clothing and Footwear – $44

 

Other Additional Costs

But the costs don’t stop there! They keep adding up and it’s no wonder why so many people have such a hard time keeping track of where all that money goes. Here are a few other areas that many of us put money towards every week:

• Restaurant Meals – $32
• Mobile Phone – $12
• Personal Care – $11
• Animal Expenses – $11
• Holidays – $52
• Household Appliances – $13

 

Comparing these Weekly Expenses with Life Insurance Costs

When comparing all of these living expenses to the cost of life insurance and weighing up the benefits it can provide, its worth can clearly be justified.

So to put this into perspective, let’s look back at the average cost of life insurance and compare this to the cost of our average household living expenses.

 

Life Insurance Costs

*Please note that all quoted premiums are stepped and subject to underwriting

 

Living Expenses

Once you see these figures side by side, you soon realise that the cost of life insurance – especially for younger, healthier individuals – is very affordable and much cheaper than almost all the other living expenses listed. Even if you’re a middle-aged smoker, the cost of your life insurance policy is still much cheaper than most monthly costs.

 

How to Fit Life Insurance into Your Budget

Take a look at all of the costs we’ve outlined above and consider this:

Do you spend more or less than the average in any of these areas?

Are there any costs that you could cut back on to make way for life insurance cover?

If you think you would struggle to include life insurance in your budget, your first step is to figure out where you can go without. The best way to identify which living expenses can be reduced is by considering the areas where you spend more than the average Australian.

Whether that means cutting back on meals in restaurants, purchasing household appliances, or reducing personal care expenses, you will be grateful that you made these sacrifices when the time comes for your loved ones to claim on your life insurance policy if something tragic were to occur.

 

Work out How Much Cover You’ll Need

Now that you better understand the real cost of life insurance, you can get an idea of how much cover you’re likely to need and how much it’ll cost with this life insurance calculator.

Once you know what to expect, you then need to determine the level of cover you need as well as the inclusions and optional extras that you want included in your policy. It’s also always a good idea to gain further advice from a professional and qualified adviser regarding your particular situation.

The Real Cost of Life Insurance – An infographic by the team at Cover Australia

We’ve all heard the line about how important it is to have life insurance, to make sure your loved ones are looked after and that the future is planned for.

But what does it really mean to have life insurance? Is it just an extra cost going towards an intangible thing that you’ll never really need?

Earlier this year, ANZ Wealth and Ipsos Australia conducted a study into the impact of a parent’s death on their children and partner. Other than the devastating emotional impact, the study found that the financial impact on many families was just as distressing, with 47% of parents without life insurance rating their financial position after a partner’s death as ‘Struggling’.

When compared to families with life insurance, 56% of parents covered by insurance rated their financial position after a partner’s death as ‘Adequate’. This highlights the crucial role of life insurance on the home life, financial stability and mental wellbeing of children and their families after a parent’s death, the study broke down the very real costs of not planning for your future.

For example, a third (33%) of parents without insurance had to move house due to financial pressure, while half (50%) of the children whose parents didn’t have insurance felt that they were not financially supported as well as they could have been. This is compared with 36% of children covered by insurance who agreed with that same statement.

 

“My mother had to have boarders to help make ends meet”

 

These heartbreaking words came from an interviewee who took part in the study, and whose family was not covered by life insurance after one parent died.

Many families were forced to make drastic lifestyle changes to try and achieve financial stability, with 1 in 10 parents taking a second job and 1 in 3 children over the age of 14 taking on a job within 2 years of their parents’ death just to help with household finances.

The financial strain is a heavy burden to bear. Homes lives were heavily impacted, with almost half (49%) of children taking on more responsibilities caring for siblings, and 67% taking on more household chores and tasks.

Furthermore, more than half (53%) of children whose parents weren’t insured reported a decrease in family outings and a third (33%) reported a decrease in overall time spent together as a family.

Death has an understandably damaging impact on children, but with the added financial pressure then faced by the whole family, the effect is hugely intensified.

Many children had to move house and change schools, disrupting their education and social life. 41% of children saw a worsening in academic performance and 46% lost contact with some friends, while a little more than half (51%) of parents would have liked to be able to provide their child with better educational opportunities.

One interviewee sadly reported “a devastating emotional effect” and “an enormous workload upon me for many years” after losing their mother at a young age. In a number of cases, the social and emotional impact on children further developed into a mental health condition or drug/alcohol abuse as they went through adolescence.

 

How life insurance can help

While there isn’t much you can do to prevent or prepare for the emotional heartache and inevitable flow-on effects that children experience when they lose a parent, life insurance has proven to be incredibly helpful in dealing with the sudden financial pressure placed upon the whole family.

It protects against the impact of the unexpected, and makes it easier to maintain your lifestyle if something were to happen. Having a plan for the future can help pay for your children’s school fees, your mortgage and daily living expenses, and as a result, ease the financial stress, allow you to stay in your family home, and reduce the likelihood of disruption and upheaval in your children’s lives.

If they can stay in the same school, surrounded by their friends and a familiar lifestyle, they will have the best chance possible of getting a good education. Having enough life insurance may also allow parents to spend more time with their children, raise them in their family home and give them the support they need to deal with the loss in a constructive, healthy way.

It plays a valuable and very important role in helping both children and parents after a death in the family. In fact, according to the study, 75% of families without a life insurance policy agree that in hindsight, having cover would have helped.

 

Over 40% of families had no warning prior to the death

In a lot of cases, death comes unexpectedly. 64% of families had less than a week’s notice of their partner or parent dying, which meant having to deal with a huge amount of sudden emotional stress and suffering.

The last thing anyone would think about in such a situation is finances, which is exactly why it’s so important to think about them beforehand. If there’s anything that can be learnt from this study, it’s just how crucial life insurance is to help a family pick up the pieces after the death of a parent.

Planning for your long-term financial future is something every family needs to do, and that includes preparing for the possibility of losing a parent and the contribution they make to the family. While life insurance won’t be able to ease the pain and grief of losing a loved one, it can make stabilising your home life a little easier by making sure you’ll have the funds to protect your family’s future.

Death is a natural part of life, and it needs to be discussed – so have the conversation.

 

This blog was written according to research in ‘Impact of death and disability on Australian families’ from the 2015 edition of New Perspectives magazine, as reported by Covered Magazine

It is very important for business owners to maintain a steady cash flow, especially in the early years of its inception. Any downtime a business experiences can have a negative effect on its future success, which is why it is imperative to seek advice and compare Income Protection Insurance options for you and your business. But what exactly does Income Protection Insurance provide, and why is it important?

 

Financial Security

A steady income is vital for the smooth operation of any business; without a steady and dependable flow of income, you may struggle to cover your fixed costs and maintain ongoing operations.

A situation where a business owner is unable to work due to long term illness or suffering a serious injury, can regrettably cause a business to suffer. Not only will the business owner be unfit to continue running the business during this time, but it is also likely they may need to withdraw from the business’ account to pay for their personal and living expenses.

Having a comprehensive Income Protection Insurance policy in place can prevent the business suffering.

Financial security and being able to maintain your current lifestyle and business operations are some of the main reasons why it should be a priority to compare Income Protection Insurance with Cover Australia.

It is helpful to know that an ongoing benefit can be received from the chosen insurance provider to cover bills and house expenses, which in turn keeps money in the pocket of a business owner. This money is also able to assist a business in remaining up and running.

 

Medical Bills

When health becomes an issue, the business is not the only thing that suffers – personal finances will also be negatively affected.

Depending on the treatment received, medical bills can amount to thousands of dollars, and most people don’t have enough savings to pay for such an expensive bill. Thankfully, Income Protection Insurance payments can also be used to settle medical bills, so as soon as any health conditions are taken care of, the cost of care will be one less issue to deal with.

Some comprehensive Income Protection policies also have ancillary benefits which provide payments to assist with rehabilitation expenses to help you recover and get back to work as soon as possible. It is always important to compare Income Protection insurance policies and the extra benefits they offer as some are far superior to others.

 

Lack of Benefits

While being the owner of a business certainly has its positives, there are also benefits employees hold that business owners don’t have the luxury of partaking in.

Some of these benefits include the company providing paid sick leave, or employees receiving payments for extended leave periods due to illness. Also, many people may be unaware that self employed business owners are not covered by worker’s compensation, even if they sustain the injury during business activities.

Therefore obtaining Income Protection insurance is essential so that if you do happen to suffer a serious injury at work you will still have an ongoing income stream following your selected waiting period.

Being a business owner can be tough in circumstances where you are sick or injured because you only have yourself to depend on when running into financial trouble. This is why it is so important to compare Income Protection Insurance to ensure you have that an alternative means of income should you need it.

 

Business Expenses Cover

If you are self employed or in a partnership and running a small business, then you may be eligible to apply for Business Expense insurance.

If a business owner chooses to purchase business expenses cover, they are aiming to cover the fixed operating costs of the business. Proceeds from making a claim can be used to cover rent, debt repayments, employee salaries and any other fixed expenses whilst you are unable to run your business for a period of time.

That means that when the immense benefits of income protection and business expenses cover are combined together, the ability to maintain a steady income to support both your family and your business will be enhanced when you need it. Income Insurance is the best way to cover all areas and maintain a steady flow of income.

 

Tax Deductable Premiums

There are many benefits for business owners who take the time to compare Income Protection Insurance and purchase the appropriate policy to suit their needs. One of the biggest of these benefits is related to tax.

Insurance premiums paid towards income protection policies are also usually tax deductable. Having the security of Income Protection Insurance in place combined with the ability to lower tax liabilities are big positives to having an income insurance policy.

 

Compare Income Protection Insurance with Cover Australia

Cover Australia has the expertise to help you find the Income Protection Insurance policy and the Business Expense Insurance policy that you and your business deserve. Don’t go it alone to compare Income Protection Insurance policies when our reputable insurance advisers are on hand to help you out.

Our advisers are extremely knowledgeable and ready to assist you 7 days a week. Take the time to visit our Cover Australia website to compare Income Protection Insurance online, and together we can find the best policy for you.

When we think about the best insurance options to protect our family’s financial future, the first policies that usually come to mind are income protection insurance or life Insurance. Life insurance comparison is vital for sound, financial planning but it’s not the only coverage you should consider when organizing your financial future. There is another vital insurance plan that should be seriously considered – Total and Permanent Disability (TPD) Insurance.

TPD Insurance is an insurance policy that is not often considered but it really can be a key piece of insurance to protect your financial future. In this post, we will share some of the top reasons why TPD insurance should be part of your life insurance comparison plan. Before we get into that, you may like to know exactly what TPD Insurance is.

 

What is TPD Insurance

Total and Permanent Disability Insurance, also known as TPD insurance, is a type of insurance that protects a person who suffers from a disability that renders them unable to return to the workforce. TPD insurance ensures you will be financially protected should you become permanently disabled and require extensive rehabilitation.

It is a very regrettable circumstance that none of us hope to find ourselves in, but you can have peace of mind knowing a TPD insurance policy is there to financially protect you and your family if and you may need it.

It sure is great to know that there is an insurance policy out there to cover permanent disability and there are lots of benefits TPD Insurance can provide you and your family with.

 

Lump Sum Payment

An important difference between TPD Insurance and Income Protection Insurance is that TPD insurance policies offer you a lump sum payment when you are deemed no longer able to ever work again due to a serious injury or illness. With income protection insurance you will receive monthly payments instead that will cease when your policy passes its benefit period or when you return to work.

A benefit period is a predetermined period of time that is agreed at the outset of the plan. So payments will have a specified end date where your payments will cease. With a lump sum payment, you will have the full amount of money up front to do with what you wish over a long period of time.

 

Financial Support

The lump sum you receive should you make a claim on your TPD Insurance policy can be used to cover a number of expenses. This policy will provide funds for clearing debts, medical costs and annual income streams to ensure you and your family are able to maintain the same quality of life.

 

Long Term Coverage

TPD insurance is designed to cover you if you are unable to return to work due to a permanent disability or illness. Income protection insurance, on the other hand, only provides you with a portion of your income if you are unable to work, temporarily, due to either a disablement or illness.

Therefore, with TPD Insurance, it is expected that the lump sum paid to you will provide more comprehensive coverage with enough money to be able to help you out for the long term.

 

Combine Policies

When you come to us for income protection and life insurance comparisons online, it is worthwhile considering comparing TPD insurance policies too so that you have comprehensive coverage. Furthermore, your TPD insurance can be linked to your life insurance and this is the most cost effective structure of arranging your insurances.

We also offer TPD plans as a standalone policy if you do not wish to purchase any additional insurance. At Cover Australia, we can help to tailor the best coverage for you and your family to suit your needs.

 

Own or Any Occupation

When comparing TPD insurance policies it is essential to consider the definition of the cover and which definition best suits you and your occupation. If you are working, you are eligible to take out cover under one of two definitions, “own occupation” or “any occupation”. If you are not working, you can still take out TPD insurance however your cover will come under a home duties or activities of daily living definition.

Own occupation will cover you if you are unable to ever work again in the occupation you were in immediately prior to the disability. Any occupation on the other hand will cover you if your disability means you will be unable to perform any occupation for which you are suited by training, education or experience.

The policy you choose will depend on your budget, occupation and lifestyle. Our team are happy to recommend the best policy for you and guide you through the selection process.

 

Let us help you Choose a TPD Insurance Plan

Selecting the right TPD coverage can be very complicated, we can simplify this process for you.

Everyone needs to consider their financial future and set real financial goals. Don’t just rush in to buying life insurance. Get the adviers at Cover Australia to give you an in-depth life insurance comparison. Trust your financial future with a reputable company such as Cover Australia and receive your tailored insurance solution today.

When you are researching insurance plans, be sure to educate yourself on the various differences between TPD insurance and Income Protection Insurance by speaking to one of our knowledgeable representatives.

Calling a respected insurance adviser such as the representatives at Cover Australia is imperative. Our advisers can help you decide what type of life insurance policies and rates are right for you. You also may want to consider life insurance for your entire family, not just yourself.

Extra expenses following a death or serious illness can put additional pressures on a mourning family.

Many other comparison companies offer TPD insurance plans, but few can bring the expertise to the table like Cover Australia. Trust us to take care of the life insurance comparison process to protect your family’s financial future.

Everyone has a basic idea of what life insurance and income insurance are all about. These are vital insurance options many people obtain, however trauma insurance is another option that many people are unaware of that must also be considered.

So what is trauma insurance?

Trauma Insurance will provide you with a lump sum payment if you are diagnosed with one of a number of traumatic medical conditions such as cancer, heart attack or stroke. In this blog post we will seek to answer this question in more detail and provide you with all the information you need to see the value in having trauma insurance for you and your family. Then, simply make an enquiry with Cover Australia for your no obligation trauma insurance quote and allow us to arrange a policy for you to protect you and your family.

 

Why Do I Need Trauma Insurance?

Being in good health is a valuable commodity that should be cherished. It is one of the best gifts that life has to offer. Being healthy ensures that you are able to look after yourself, go to work and earn an income and lead the lifestyle you enjoy. You can take care of the most routine of activities, without needing any support or assistance from someone else.

So what is trauma insurance and why do you need it if you are a perfectly healthy person? Unfortunately, as you age, your health also starts deteriorating and your immunity level drops. You can also become more susceptible to catching illnesses of various kinds. Occasionally, even seemingly healthy people could develop critical illnesses that have a significant impact on their lives. All of a sudden you may have unexpected medical costs, rehabilitation costs and you may be unable to work as regularly or efficiently as you usually do. This is why there is clearly a need for trauma insurance.

Below is a list of some of the common critical illnesses and traumatic conditions covered under trauma insurance policies.

• Heart attack
• Coronary artery bypass surgery
• Stroke
• Multiple sclerosis
• Paralysis
• Parksinson’s disease
• Cancer
• Loss of sight, speech or hearing
• Sever rheumatoid arthritis
• Occupationally acquired HIV, Hepatits B or Hepatits C
• Loss of independent existence

Worst of all, any of the critical illnesses above could even have life-threatening repercussions. Any illness creates a situation of doubt and uncertainty on the most commonplace of things in life. This could include details like how soon you would be able to resume work or how you would be able to pay for the treatment. A critical illness only aggravates the situation further.

This is why obtaining a trauma insurance quote and taking out a policy to protect yourself is very beneficial for you, especially if you should unfortunately suffer a serious illness.

 

How the Numbers stack Up for Trauma Insurance

How does trauma insurance stack up against other insurance options?

In 2013, an industry survey was conducted to get a gauge for the levels of consumer awareness that exist regarding the differing insurance products in the market place. The results found that:

• About 60 percent of their clients owned a life insurance policy
• Around 10 percent of their clients had a life disability insurance cover
• Only seven percent of their clients had a trauma insurance policy

The survey highlighted the fact that many Australians did purchase life insurance.

This might sound like good news, however the survey did not investigate the amount of cover purchased by the people surveyed. Nor did it check whether the cover the clients purchased was adequate or not. In addition, some of these people also safeguarded their incomes by purchasing income protection insurance.

The low rates of purchase of TPD insurance and trauma insurance policies in Australia remains to be a matter of concern. The survey shows that 93 percent of Australians would probably have no recourse if they suffered from a critical illness.

It also highlighted that around 90 percent of people would struggle to keep themselves afloat financially, if they were to suffer from any total and permanent disability.

 

How Does Trauma Insurance Cover Work?

Trauma Insurance is not often the first form of Insurance you turn to, but that is no reason to underestimate its importance in a time of need.

When you buy a term life insurance policy, you receive the benefits when you die or when doctors diagnose you with a terminal illness. People in Australia buy income protection insurance to offset the financial difficulties of the time when they cannot earn their salaries, because of an illness or an injury.

Disability insurance pays a lump sum benefit if you suffer from a disability that renders you unfit to work for the rest of your life. Similarly, if you want to gain immunity from the risks of a critical illness or an injury, you would purchase trauma insurance.

This cover pays a lump sum benefit if you suffer from one of the trauma conditions, as defined by the insurance company. Insurance companies came to realise that certain trauma conditions had a high survival rate of up to 80 percent. However, their treatment processes lasted for a lifetime, increasing the everyday financial expenses of the individual.

Therefore, this cover was developed to provide relief to people suffering from various conditions of trauma.

The best part about trauma insurance cover is that it gives you financial freedom when you experience a major medical crisis. In addition, it pays the benefit during the lifetime of the insured individual, so you can use the proceeds to best meet your needs at the time.

The payment you receive can be used for financing your medical treatment expenses, funding additional care if required or compensating for a loss in income experienced by you or your spouse during your recovery period. Receiving this payment can also help meet your everyday living expenses, paying bills and meeting loan repayments. There are many great reasons to seek out a trauma insurance quote today with Cover Australia.

 

What are the Exclusions Stipulated by Trauma Insurance

Each insurance company covers a different range of trauma conditions. Typically, many insurers would cover conditions like blindness, deafness, dementia, coma, Alzheimer ’s disease, lung disease and heart attacks for example. Some life insurance companies could cover as many as 30 trauma conditions. Others might only cover 10 – 15. Therefore, you would need to study the policy document carefully. Alternatively, you could consider taking the assistance of your life insurance adviser. At Cover Australia we are able to identify the most comprehensive trauma insurance cover that is affordable for you.

However, trauma insurance also specifies various exclusions. Some of these state that the insurer would not pay any benefits if the insured event:

• Occurs directly or indirectly as an intentional self-inflicted act or attempted suicide
• Arises from a medical condition or event, which the insurer has specifically excluded from the policy
• Is not life threatening or benignant or temporary in nature

In addition, a 90-day qualifying period also applies to trauma insurance. Therefore, you would not receive any benefits if certain conditions occur within 90 days of:

• Your policy start date
• Your policy’s latest reinstatement date
• The date on which you applied for an increase in cover

These conditions could include events like angioplasty, leukaemia, stroke, heart attacks, cancer etc.

 

Compare Policies and Receive a Trauma Insurance Quote from Cover Australia Today

At Cover Australia, we specialise in providing you with the best insurance cover options available and we hope that you will consider the benefits that trauma insurance can provide.

From income protection insurance comparisons and quotes to cheap life insurance, Cover Australia is a provider of insurance solutions. Several insurance advisors only help you to compare life insurance products whereas we give you access to a wide range of insurance products and quotes.

With us, you get much more. We have the relevant expertise and knowledge to give you specialist advice you can count on. In addition, we tailor insurance products so that they suit your needs and objectives too.

Please don’t hesitate to call us at 1300 366 817. Alternatively, visit our website to receive your trauma insurance quote. Get the security to face the future with confidence and assurance thanks to Cover Australia.

Every day we see stories of people who have triumphed over adversities, and it is always heart-warming to see these people overcome difficult hurdles in their lives.

It is easy to sympathise with their stories, but at the back of your mind you wonder if that could ever happen to you – if you were faced with the same adversities, could you overcome those obstacles and hurdles and also achieve a positive outcome? Would you have the support in place to help you back up on your feet and provide you with assistance to jump over those hurdles easily?

From a financial perspective, many Australians purchase life and disability insurance to provide them with the financial support they need to help overcome hurdles when an adversity strikes.

In this article we will share with you the benefits of having insurance to support you in times of need and specifically how disability insurance is a great choice to consider.

 

Insurance Options

life insurance, which helps you to insure your life in case any incident occurs. In Australia income insurance is another popular insurance solution to provide you with assistance. Income protection entitles people to a replacement salary in case they cannot work because of an injury or an illness. Similarly, a trauma insurance policy entitles the insured to a lump sum payment, in case the insured suffers a critical illness like cancer, stroke, heart attack, etc.

People usually purchase the first two as a matter of choice. In some cases, they purchase trauma insurance depending on the likelihood of contracting a critical illness. However, not many show the same foresight when it comes to purchasing Total and Permanent Disability Insurance (TPD). TPD insurance is a valuable option to consider when planning to protect yourself and your family from any potential circumstances that could result in personal injury.

 

Entitlements when Purchasing Disability Insurance

Purchasing TPD insurance will provide you with peace of mind knowing that you have cover for the risk of living life with a permanent disability. When you are covered by a TPD insurance policy, life insurance companies would pay you a lump sum benefit if you suffer a disability because of an illness or an accident and medical experts declare that you would not be able to ever return to work.

Living life with a disability is bad enough. However, the realisation that you would not be able to earn your livelihood thereafter, exacerbates the situation further. In situations like this, any financial help becomes a godsend. With the money that you obtain from your insurer, you could:

• Pay off any debts or loans, alieving your financial stress
• Pay for home care expenses, should you require additional medical care once you leave the hospital
• Pay for making alterations to your house, vehicle etc.
• Use this money as your source of income at a time when you’re unable to earn your livelihood

 

TPD Insurance Options and Information

When you purchase TPD insurance, you have the option to purchase TPD cover as an additional feature of your existing term life insurance policy. Alternatively, you could procure it as a standalone policy too. However, opting for the former has a disadvantage. If you file a claim on your TPD (which is a part of your life insurance policy), then you lose your death cover benefits too. In addition, you can only file a TPD claim once.

When you file a claim under your disability insurance policy, the insurer determines your benefit payable based on the severity of your disability and the cover you applied for. Usually insurance companies pay no benefits for partial or temporary disabilities.

Most TPD insurers provide disability insurance under two definitions. These include:

• Any Occupation: This defines your inability to perform any kind of job that you are suited to by previously education, training or experience.
• Own Occupation: This defines your inability to perform the job for which you were educated, trained and gained experience from.

It is also possible to have “any occupation” TPD cover under your superannuation fund.  However this needs to be carefully structured so it is important to discuss this in detail with your Cover Australia adviser.

 

Things to Consider Before Determining whether You Need TPD Insurance

Do you have a sufficient level of savings to cover any medical expenses if you become ill or injured? Are you currently paying for any outstanding debts?

If your savings are low and you have considerable debts outstanding, it would be wise to consider purchasing TPD Insurance. This insurance can help you and your family out significantly in times of need.

All of these options and considerations can be discussed in full with one of our Cover Australia advisors. We are here to help ensure you receive the very best cover to suit your needs and assist you in triumphing over adversity if faced with a disability.

 

Cover Australia – The Leading Provider of Insurance Solutions in Australia

If you want to buy total and permanent disability insurance, life insurance or compare income protection insurance quotes, you can depend on the experts. For over 30 years, Cover Australia has been a leading provider of insurance products and solutions in Australia.

Our insurance advisers offer guidance on all matters of insurance. These could range from income protection insurance to steps for purchasing life insurance online.

Give us a call us today at 1300 366 817 and obtain peace of mind along with an insurance solution that meets your requirements perfectly.