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Insurance News

New Alliances for Restoration: RACQ Joins RIA Australasia New Alliances for Restoration: RACQ Joins RIA Australasia
24 Dec 2024: Paige Estritori

In a significant development for the restoration industry in Australia, RACQ Insurance has become the latest insurer to align with the Restoration Industry Association (RIA) Australasia. This follows closely behind Suncorp's recent membership, highlighting a trend of increased insurer involvement in the sector. - read more
Building Resilience: ICA Aligns Floods Inquiry Plan Building Resilience: ICA Aligns Floods Inquiry Plan
19 Dec 2024: Paige Estritori

The Insurance Council of Australia (ICA) is strategically addressing the recommendations from recent inquiries into flood responses and code of practice in its latest updates. Acknowledging the variety and complexity of the suggestions, ICA supports 78 out of the total recommendations presented, tackling them in a staged and structured manner. - read more
Major Acquisitions Shake Up the Australian Life Insurance Sector Major Acquisitions Shake Up the Australian Life Insurance Sector
18 Dec 2024: Paige Estritori

In a significant move estimated at $13 billion, MLC Life Insurance and Resolution Life’s subsidiaries in Australia and New Zealand are set to merge. This development is part of an acquisition involving Nippon Life, a major player in the global insurance industry. - read more
Sure Highlights Coverage Gaps in Cyclone Zones Sure Highlights Coverage Gaps in Cyclone Zones
17 Dec 2024: Paige Estritori

An alarming gap in insurance coverage has been spotlighted by Queensland underwriting agency, Sure, as it drew attention to underinsurance among cyclone-susceptible areas. Their comparison of coverage across the state reveals stark contrasts that could have dire consequences for residents. - read more
Term Life Insurance Fuels Customer Grievances Term Life Insurance Fuels Customer Grievances
13 Dec 2024: Paige Estritori

New insights from the Australian Securities and Investments Commission (ASIC) highlight that term life insurance sparked the most grievances among consumers last financial year. ASIC's newly released internal dispute resolution report indicates that 41% of the complaints were linked to term life policies. - read more
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Life Insurance Articles

Understanding Your Insurance Needs at Every Life Stage Understanding Your Insurance Needs at Every Life Stage
Navigating the complex world of insurance can often feel daunting, but understanding the importance of life stage consideration when choosing life insurance is essential. As we journey through the various chapters of our lives, our financial responsibilities, dependents, and personal circumstances evolve. These changes invariably have significant implications for our insurance needs. - read more
Life Insurance Audit: Regular Check-Ups for Your Policy's Health Life Insurance Audit: Regular Check-Ups for Your Policy's Health
Life insurance serves as a crucial safety net, guarding your loved ones against the unforeseen. Just as you would take care of your health through regular check-ups, it is equally important to ensure that your life insurance policy remains in sound condition to provide the necessary protection. - read more
Life Insurance Essentials: Protecting Your Growing Aussie Family Life Insurance Essentials: Protecting Your Growing Aussie Family
Life insurance remains one of the most crucial considerations for new parents aspiring to provide a secure future for their growing families. The arrival of a child marks a transformative moment, redefining priorities and responsibilities. At its core, life insurance is a safety net, designed to offer financial protection and stability to loved ones in the event of an unforeseen tragedy. - read more
Understanding the Role of Life Insurance in Your Estate Plan Understanding the Role of Life Insurance in Your Estate Plan
Estate planning is a critical process that often goes overlooked, but it's essential for securing the financial future of your loved ones and ensuring your assets are distributed according to your wishes. It involves the careful organization and protection of an individual’s estate to minimize uncertainties and facilitate the smooth transfer of assets after their passing. While it may seem complex, understanding the basics of estate planning is necessary for every Australian adult, regardless of wealth. - read more
How Much Life Insurance Do You Really Need? A Family's Guide to Assessment How Much Life Insurance Do You Really Need? A Family's Guide to Assessment
Life insurance is one of those cornerstones of financial planning that often gets overlooked. Yet, the importance of life insurance in safeguarding your family's future cannot be overstated. It's a robust financial instrument that provides peace of mind, knowing that your loved ones will be financially secure in the event of your untimely passing. This introductory section lays the groundwork for understanding why life insurance is pivotal in your family's financial health. - read more
Covering the Unexpected: A Guide to Trauma Insurance for Australian Families Covering the Unexpected: A Guide to Trauma Insurance for Australian Families
Trauma insurance, also known as critical illness insurance, is a type of coverage that provides a lump sum payment in the event that the insured suffers from a critical illness or injury. Unlike health insurance, which covers medical expenses, trauma insurance is designed to provide financial protection by helping to cover the additional costs associated with recovery from a severe illness or injury. - read more
How Much Life Insurance Do You Truly Need? Assessing Your Personal Coverage How Much Life Insurance Do You Truly Need? Assessing Your Personal Coverage
There's often confusion surrounding the amount of life insurance one truly needs. Common misconceptions cloud our judgment, leading some to undervalue their coverage, while others may overinsure, unnecessarily straining their financial resources. It is a delicate balance to strike, and understanding the nuances of life insurance is pivotal to making informed decisions. - read more
Life Insurance Audit: Regular Check-Ups for Your Policy's Health Life Insurance Audit: Regular Check-Ups for Your Policy's Health
Life insurance serves as a crucial safety net, guarding your loved ones against the unforeseen. Just as you would take care of your health through regular check-ups, it is equally important to ensure that your life insurance policy remains in sound condition to provide the necessary protection. - read more
Understanding Life Insurance: Securing Your Family's Future Understanding Life Insurance: Securing Your Family's Future
Defining life insurance and its importance: Life insurance is a pivotal financial product designed to protect your loved ones from economic hardship in case of your untimely death. It acts as a safety net, ensuring that your family can maintain their standard of living, cover outstanding debts, and afford future expenses like education and retirement. - read more
Strategies to Use Life Insurance in Funding Shareholder Agreements Strategies to Use Life Insurance in Funding Shareholder Agreements
Shareholder agreements lay the cornerstone for stable business relationships and continuity in Australia. Acting as a contract among business owners, these agreements set forth the expectations, rights, and obligations of all parties involved. They are particularly vital in delineating clear paths for dispute resolution, succession planning, and the transfer of ownership shares under varied circumstances, including the untimely death or departure of a shareholder. - read more


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Umbrella Policy:
An additional insurance policy that provides extra liability coverage beyond the limits of the insured's primary policies.