Australia Life Insurance, Australian Life Insurance, Life Assurance Australia, Australia Life Ins

Australia life insurance ensures that a policyholder’s family or dependents have financial protection in case of the policyholder’s death. However, the financial benefit is available during the term of the policy. If the policyholder outlives the term, the policy expires and the insurance cover ceases to exist. However, if a policyholder does not want the insurance cover to vanish on the expiry of the insurance term, s/he should opt for life assurance Australia, which is a variant of the former policy. Considering the financial support offered by this policy, this insurance is highly critical for everyone.

Australia Life Insurance: Growth

Australia’s life insurance industry has evolved significantly since the mid-1990s. Not only has the industry grown rapidly, but there has also been a shift away from traditional life insurance products to wealth management services. Jim Minto, the CEO of Tower Australia, the fourth largest Australian life insurance company, said at the annual shareholders meeting in February 2009 that the industry had trebled in size over the last decade to A$7 billion and the market is expected to triple in value to A$22 billion by 2017.

Australia Life Insurance: Add-Ons

While the reason behind buying a life insurance policy is to provide financial security to the family in the event of the policyholder’s death, these policies offer some optional benefits that can significantly boost the value of the coverage. Some of these are:

Accidental death – Certain policies pay twice the death benefit if the death is caused by specified accidents.

Premium waiver – In the event that the policyholder becomes disabled and can not work, this rider waives life insurance premium payments for up to six months.

Disability income rider – This benefit waives life insurance premium payments if the policyholder is disabled beyond six months.

Critical illness cover – This rider makes the policyholder eligible for receiving a part of the maturity amount of the policy as a lump-sum in case s/he is unable to work due to a serious illness.

Accelerated death benefits – This option makes the policyholder eligible for receiving a part of the maturity amount of the policy as a lump-sum in case s/he is diagnosed with a terminal illness.