Author: Jeffrey Liu

A terminal illness can lead to severe financial and emotional consequences for you and your family. Typically, a terminal illness benefit is automatically included in your life insurance policy. It provides an early payout of your life insurance benefit to you or your beneficiaries if you are diagnosed with a terminal illness and have a life expectancy of 12 to 24 months. What qualifies as a terminal illness? A terminal illness is typically defined as a medical condition diagnosed by a specialist that is expected to lead to your death within the next 12 to 24 months (depending on your…

We understand that life evolves as we age. You might be retired, less active, and more susceptible to illness or injury. The most beneficial action you can take for yourself is to secure your financial future by selecting the appropriate life insurance for your present stage of life. Do you still need life insurance if you’re a senior? Securing a suitable life insurance policy during your senior years is essential, as it not only assists your loved ones with final expenses but also potentially provides your family with a financial cushion after your passing. It is advisable to review and…

Insurance is a critical component of Australia’s financial services sector, playing a vital role in protecting individuals, businesses, and assets against unforeseen risks. The Australian insurance industry is robust, well-regulated, and offers a wide range of products catering to different needs, including general insurance, health insurance, life insurance, and specialized policies. Types of Insurance in Australia 1.Health InsuranceAustralia operates a dual healthcare system: public healthcare under Medicare and private health insurance. 1.1.Medicare: Funded by taxes, Medicare provides free or subsidized medical services, including hospital treatment. 1.2.Private Health Insurance: Offers additional benefits, such as choice of hospital and doctor, shorter wait…

For customers needing financial ‘breathing space’, we’ve compiled a list of available options to ensure you have certainty in your life insurance, especially during these uncertain times. Making sure your plans match your situation With the world changing around us, so to do our needs, making it an ideal time to ensure to review you’re protecting what matters and ensuring it fits with your financial situation. If you’re in difficulty we can help Now more than ever may be a time for financial ‘breathing space’ – which is why we have compiled a list of available options to help you…

Our guide to Professional Indemnity Insurance covers essential information, including what it protects, what it excludes, and common scenarios that may lead to a claim. What is Professional Indemnity Insurance? Professional Indemnity Insurance safeguards your business financially if a claim of negligence or breach of duty is made against you. It provides protection in situations where a client may allege that you made an error, overlooked crucial information, misstated a fact, or were misunderstood during your work. If such a claim leads to financial loss for the client, they may take legal action to recover those losses. In these cases,…

What is Public Liability Insurance? Public Liability Insurance is a crucial safety net for businesses, offering protection against claims made by customers, suppliers, or members of the public due to injuries or property damage caused by your company’s negligent activities. As a business owner, you have a legal obligation to ensure the safety of everyone who interacts with your business and to protect their property. For businesses that sell or deliver products, having Product Liability coverage is essential. This insurance protects you from claims related to injuries or damages caused by your products, whether they are faulty or improperly used.…

What is Term Life Insurance? Term Life Insurance is widely recognized as a cost-effective way to obtain life insurance coverage for a specified period, known as the ‘term.’ It provides a lump sum payment to your beneficiaries if you die or are diagnosed with a terminal illness (typically with a prognosis of less than 12-24 months to live). The primary goal is to protect the financial future of your loved ones. At the end of the term, it is up to the policyholder to decide whether to renew the policy or let it expire. How Does Term Life Insurance Work…

Term life insurance payouts are generally not taxable if the benefit is paid directly to your spouse or a financially dependent beneficiary, as defined by the Income Tax Assessment Act 1997. However, there are specific situations where the beneficiary might face tax implications: Cashing In a Term Life Insurance Policy In Australia, you cannot cash in a term life insurance policy. While it was once possible to withdraw up to 15% of the policy’s value, this option is no longer available. Considerations Before Cancelling Your Policy Before deciding to cancel your term life insurance policy, consider the following factors: By…

Maximizing Insurance Inside Your Superannuation: A Comprehensive Guide Most Australians have some form of life insurance and Total and Permanent Disability (TPD) coverage through their superannuation, as it is often automatically included. However, it is essential to regularly review whether the cover amount and policy type continue to meet your specific needs—particularly after major life events such as marriage, divorce, starting a family, or changing jobs. If you have received a letter from the Australian Taxation Office (ATO) stating that your insurance may be cancelled due to an inactive or small super fund, contact your superannuation provider immediately. How Does…

IntroductionHealth insurance plays a crucial role in protecting us from unexpected medical expenses and providing access to better healthcare services. However, understanding the details of health insurance can be overwhelming, especially when it comes to what it covers, how often it can be used, its tax implications, and the potential risks of being uninsured. This article addresses common questions about health insurance, offering key insights to help you make informed decisions about your healthcare coverage. What happens if you don’t have private health cover? If you don’t have private health insurance, you may face the Medicare Levy Surcharge, an additional…