Author: Jeffrey Liu
The devastating wildfires in Los Angeles (LA) highlight the destructive power of natural disasters, leaving many homeowners grappling with the emotional and financial toll. While LA might seem far from Australia, the similarities between the two regions—both prone to intense fire seasons—make the lessons from these events highly relevant to Australian homeowners. Comprehensive home insurance is not just a safety net for homeowners; it is an essential tool to protect against the financial devastation caused by bushfires, which are becoming increasingly common in Australia. Lessons from LA Fires for Australian Homeowners 1. The Rising Threat of Bushfires Both LA and Australia…
An increasing number of Australians under 50 are being diagnosed with cancer, as reported by the Australian Institute of Health and Welfare. Although survival rates for common cancers in individuals in their 30s and 40s have increased, the cost of treatment can reach thousands. The AIHW cancer report additionally discovered: The insurance giant Zurich has released a 2024 report detailing the costs of care for prevalent cancers, including out-of-pocket and lifetime recovery expenses. For bowel cancer – which is one of the top five most commonly diagnosed cancers in Australia* – the average out-of-pocket cost in the first 12 months…
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…