subject: Do I Need Additional Life Insurance If My Superannuation Fund Provides Life Insurance Too? [print this page] The latest market study performed by the Tower Australia organization states that there is a large insurance market opportunity in Australia and more than 18% increase is expected by the year 2018 in the insurance market. This research emphasizes the value of getting a professional and dependable life insurance to protect all families in Australia. Today as a result of global economic crisis and increasing unhealthy lifestyle, numerous families experience various kinds of monetary and health risks. In the eventuality of death or accident of the main family earner, everyone in the family will likely suffer serious economic problems. To avoid this kind of economic crisis, one has to have the dependable and risk-free life insurance policy to support the family members in difficult situations.
The fact regarding the life insurance by means of superannuation fund
Australians are acknowledging the need for having a dependable life insurance cover. Numerous people choose life insurance cover obtained through superannuation fund and reckon that this insurance is adequate for their needs. In reality, it is different. Most people disregard the significance of having whole life insurance policies through reliable and preferred life insurance companies in Australia. There are various reasons behind this ignorance.
The first reason is the notion that the life insurance cover secured through superannuation fund is sufficient for their needs. This is definitely a fallacy. Superannuation fund is just some other financial retirement planning scheme which offers economic assistance in the event that the individual dies or gets diseased as a result of various health problems. Many people get less expensive insurance policy on the market by way of this superannuation fund since it is very easy to get and no certain limitations are there when getting accepted for such life insurance cover.
But many people do not know the fact that the insured value they are receiving at the moment of actual claim is normally very small which is not sufficient to meet the necessary expenditures. Another issue with such life insurance is that people don't get wide variety of life insurance policies like Trauma Cover, Income Protection Insurance, Term life insurance, and Total Permanent Disability Insurance. Various popular online insurance companies offer various kinds of insurance covers based upon the exact requirements of the insurance firm.
Another major problem with superannuation fund life insurance policies is the amount of time delayed so as to get the desired insurance benefits. There are lots of rules and processes set up that lengthens the whole procedure of claim approvals. Just in case you don't have proper binding named beneficiary then there is no assurance that the insured amount of money will be given to the legitimate beneficiary. These are the fundamental issues with the life insurance cover obtained via superannuation fund.
Because of all the above reasons, it is often a good idea to obtain the reliable life insurance in Australia through renowned life insurance firms in the country.
The best method to have the reputable and professional life insurance policy in Australia
Now when it comes to obtaining reputable life insurance quotes in Australia, a lot of people become baffled because of the availability of several kinds of insurance policies and a large number of insurance companies in Australia. One could spend hours and hours attempting to speak to insurance company representatives and with insurance brokers basically to have reliable information concerning the best life insurance policy around.
Instead of wasting countless hours meeting with insurance representatives, it's possible to find reliable and very affordable life insurance quotes in Australia through the help of famous life insurance comparison sites. There are lots of prominent life insurance comparison websites that can help you get quick life insurance quotes online and offer you the ideal assistance during and after the insurance approval process.
Many of these online life insurance comparison websites are totally free to get into and offer easy and quick online life insurance quotes to their end users. You need to simply give little important personal details and you could obtain life insurance quotes from the most reputed life insurance companies in Australia within a short while. Their support is normally first-rate because such life insurance comparison websites also provide more services including verifying your application, medical checkup in your residence, support and guidance provided during actual claims, online comparison of several life insurance policies and support to determine the most beneficial life insurance policy for your own needs.
by: Jessie Andrews
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