Life Insurance

Life Insurance Benefits offered by insurance companies in Australia


Life Insurance Benefits offered by insurance companies in Australia

Listed below are some of the common benefits offered by many insurance companies in Australia.

Benefit 1

Life insurance policies protect the buyer’s family financially when he passes away due to a natural death or due to an accident. The insurance company will give the buyer’s family a compensation amount which will allow them to run their household, pay mortgages and loans. This compensation amount is given 7 – 14 days after the policy holder passes away and in some cases the compensation amount is given within 7 days.

Benefit 2

Life cover plans allow policy holders and their families to live life without worrying about financial problems in case something happens to the policy holder. Knowing that your family is protected by a reputed company can significantly improve the quality of your life and reduce your stress levels.

Benefit 3

Some life cover policies also offer additional benefits such as a disability benefit. In most cases the buyer will have to pay an extra amount for this benefit and usually insurance companies offer this benefit for a nominal rate. Disability protection or disability benefit ensures that the buyer receives a compensation amount when he is injured significantly and cannot work. The buyer has to file a claim to enjoy this benefit.

Benefit 4

Many insurance companies do not ask buyers a lot of questions nor do they ask buyers to go through many medical exams. This is one of the biggest benefits of life insurance plans since these fast track policies allow buyers to get the right insurance plan as soon as possible without going through too much trouble. Insurance companies that ask buyers to go through medical exams usually offer to pick up blood for tests. These days, insurance companies provide online quotes that save the buyer’s time.

Benefit 5

Life cover plans provide a sense of security to people who are the sole bread winners of the family or people who have dependants such as children below the age of 18 years. Life Insurance plans also provide a sense of security to people who have pre existing health conditions such as diabetes, heart problems or have a history of stroke and other fatal problems. Buyers who have dependants are usually advised to opt for long term plans that offer insurance till they are 99 years old.

These online quotes can be acquired from the insurance company’s website or through an insurance reseller. In addition, insurance companies that offer life insurance usually allow buyers to file claims online or via the phone. Buyers are also given various options to allow them to customize the selected plan. Some of the options provided include but are not limited to, monthly payments, yearly payments, stepped premiums, levelled premiums, adding benefits and the tenure of the policy.


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