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Category » Insurance

There were 14 articles found in this category:

• Q1 What’s the benefit of taking out hospital cover?

  Hospital cover provides you peace of mind knowing that access to a hospital bed is available when you need it. Hospital cover will often come with cost reduction options ranging from co-payment, excess and per night capping, right through to premium packages that cover most hospital costs. Indiv ... Read more

• Q2 What is TPD Insurance?

  Total and Permanent Disability (TPD) cover is often taken out in conjunction with a life insurance policy. It provides a lump sum payment in the event that you become totally and permanently disabled. There are often 2 definitions of TPD available under TPD policies. One is an ‘any occupat ... Read more

• Q3 What is insurance loading?

  Insurance loading refers to the ability of insurance companies to offer you a policy but at an additional cost to cover perceived health risks. Loading may be applied to a policy’s premiums in response to your family health history, previous health conditions, your hobbies, or even due to ... Read more

• Q4 What is underwriting?

  Underwriting is the process by which you need to provide an insurance company with personal and health details in order for them to assess your application or for an increase in insurance coverage. As part of the underwriting process, you may also be required to undergo medical tests to enable ... Read more

• Q5 What is automatic acceptance?

  Automatic acceptance is an arrangement entered into by superannuation funds that enables members to receive an automatic level of insurance cover within their superannuation fund if they wish, without the need to be underwritten. Automatic acceptance can apply to Life, Total and Permanent Disab ... Read more

• Q6 Can I hold all of my personal insurance within super?

  At this time, you are only able to take out Life, Total and Permanent Disability, and Total Salary Continuance/Income Protection cover within superannuation. Whilst these types of cover are sufficient to provide for many insurance needs, you generally do not have the opportunity to take out a T ... Read more

• Q7 How much life insurance should I have through my super account?

  There is no magic formula. It depends on your individual situation. The amount of cover you will need depends on whether you are the main income earner, how much debt you have and the level of income you need to replace if you die suddenly and have dependants. If you are young, single and have ... Read more

• Q8 Why would I need to purchase Trauma Insurance?

  Trauma Insurance fills a gap between Income Protection, Life and TPD Insurance and pays a lump sum benefit on the occurrence of a specified condition such as cancer, heart attack or stroke. It often provides a benefit when neither Income Protection nor TPD Insurance claims can be made. Unlike In ... Read more

• Q9 What are the benefits of buying life insurance cover through my super fund?

  Most superannuation funds offer Life and Total Permanent Disability Insurance, and some also offer Income Protection cover, though often with limited benefit periods. Super funds can often negotiate wholesale insurance rates, so premiums for life insurance are often lower than can otherwise be o ... Read more

• Q10 How do I compare private health insurances?

  There are many online websites and consumer organisations that provide comparisons between private health funds. Whilst this is a good starting point you should also keep in mind the following: Some websites do not review all health funds that are available You need to prioritise what is import ... Read more

• Q11 What does Medicare not cover?

  Medicare will not cover: Hospital accommodation Medical expenses and theatre fees at private hospitals Emergency ambulance transportation and on-the-spot treatment Day-to-day health services including, optical, dental, physiotherapy, natural therapies, home nursing etc Medical and hospital cost ... Read more

• Q12 How do I work out how much insurance I need for my home?

  It is important not to under-insure your home so as to leave you out of pocket at claim time. It is also important to not over-insure and pay unnecessary premiums. You should contact your insurer to provide you with a checklist to assist you in determining the value of your home. You can also ut ... Read more

• Q13 I’ve just bought an investment property. What insurance should I get?

  It is important to insure your investment property as you would your principal place of residence. You should also consider taking out landlord insurance. This can be an add-on to the building insurance or taken as a separate policy. Landlord insurance is offered by most of the major general ins ... Read more

• Q14 Why will I need to pay lender’s mortgage insurance when I borrow money from the bank?

  Lender's mortgage insurance protects the lender in the event that you default on your loan and the outstanding value of your loan is greater than what they receive from selling the property. In nearly all cases, if you borrow more than 80 percent of what the lender considers to be the value of t ... Read more