Life Insurance – Star Ratings
As a general rule, anything worth working for is worth protecting. For instance, we’re more likely to insure our car (beyond CTP cover) that we are to insure our income. Yet our income is far more valuable; it’s the very thing that allows us to buy cars in the first place. That’s why the suite of personal insurance products should be part of life, to protect what we hold dear should we either not be here or be unable to provide financially for the family.
The Australian life insurance industry paid more than $7 billion in claims in 2014, according to the latest figures from the Australian Prudential Regulation Authority (APRA).
Reporting on the performance of the life insurance sector for the period ending 31 December 2014, APRA’s figures show that $7.032 billion was paid in death and disability claims over the past year. This is up considerably on the previous year’s figure of $6.259 billion.
Every year, CANSTAR undertakes a mammoth research project to compare the products available to licensed financial advisers to help you get through life as seamlessly as possible.
This time around, we researched products offered by 13 insurance giants across the spectrum of stand-alone term life insurance, trauma, TPD or disability insurance, income protection and, of course, the full package containing all these products.
Our research spanned 64 profiles and encompassed gender, age groups, occupations, premiums and features offered after collating 635,240 quotes.
Life insurance is complex, no matter how you look at it and the DIY method is fine for those familiar with the product, but talking to a financial adviser is the way to go for many. Sometimes the fine print is bamboozling and leads us down the path we want to avoid at all costs – that of discovering we are not covered for what we thought we were when it comes time to make a claim.