Life Insurance

Australia, like all developed nations, has a very well developed market which has been in operation for over one hundred years. Whenever you read a newspaper, watch TV or browse online, you can easily find numerous policies and friendly societies and also credit unions. An unusual aspect of Australian life insurance is that you can get Total and Permanent Disability insurance which provides a lump sum rather than payment in instalments. This can be a great help with ongoing medical and care bills, as well as payment for necessary equipment and house adaptations.

To monitor the quality of the prudential parts of life insurance, there is the Australian Prudential Regulation Authority (APRA), set up in 1995 to scrutinize Australia life insurance companies and ensure their compliance with a national set of regulations. Following the Insurance ACT (1973) in Australia, it also offers guidance to the many companies in the business of life insurance Australia has to offer, so that they assisted to provide the best service so clients benefit. These aspects include solvency.

All Australian insurance companies are overseen by APRA. This offers the consumer peace of mind that they are dealing with a reputable company. The Australian Securities and Investments Commission (ASIC) regulates the advice that insurance companies offer you and the advertising and selling of their products.

Clients looking for Australian life insurance have benefited from premiums driven down by underwriters. They have also tended to lower deductibles and excesses, in order to attract more clients.

APRA investigate any insurance company in Australia that it believes is not performing its duties legitimately and professionally. The company’s assets can be frozen by APRA and they can also set in motion further legal proceedings if necessary. Clients can easily access online forms at the APRA website that allow them to report any Australia insurance companies about which they wish to complain of a breach of these standards. Australia, like many other countries, also has a system of Financial Ombudsmen to which you can take any issues, once you have given the insurance company a reasonable time to resolve any problems you may have.

For all companies offering life insurance Australia wide codes of practice exist so you can safely get life insurance from another part of the country and still get the same standard of service that you can expect for your local area. All Australia insurance companies, agents and brokers have to abide by this code of practice. With the help of the Internet especially, this opens up for you a huge range of possibilities for getting the best and cheapest life insurance Australia provides.

Life insurance in Australia is of a very high standard, largely due to the regulation of the industry and the integrity of those who operate within the industry. Clients can benefit from this by getting the life insurance cover they want and perhaps even saving money in the process.

Australian Health Insurance is also available from most health insurance companies.