People often wonder why life insurance when they already have health insurance, trauma insurance and other types of insurance plans. Health insurance only reimburses a percentage of medical bills when the policy holder falls ill or gets injured. Life insurance on the other hand provides a lump sum compensation amount to the deceased person’s family within a few days of the incident.
Many life cover plans also offer disability insurance for a reduced cost and this additional plan ensures that the buyer and his family are protected in case the buyer cannot work due to complete or partial disability. Life cover plans are flexible and can be customized hence the buyer can choose which features he wants.
Some of life insurance benefits are:
- Risk Cover
- Planning for life stage needs
- Protection against rising health expenses
- Safe and profitable long-term investment
- Mortgage Redemption
- and more
Life Insurance Types
Australian life Insurance is available from many reputable insurers and some of these offer flexible insurance plans. Listed below are types of life insurance offered to buyers who want to insure their life.
- Term Life Insurance
- Disability income insurance
- Short term and long term plans
What are the reasons people claim on insurance?
|32%||Accidents, poising and violence (external causes)|
|19%||Diseases of the musculoskeletal system and connective tissue|
|10%||Cancers (malignant or benign)|
|7%||Diseases of the circulatory system (including heart disease)|
|5%||Diseases of the digestive system|
|4%||Diseases of the nervous system and sense organs|
*** Asteron Insurance, 2006 claim statistics