Life insurance Comparison - Other Types of Life Insurance

In addition to the main types of life insurance available in Australia, there are a number of alternative life insurance products designed for people in varying circumstances. At Cover Australia we provide an effective and comprehensive, Australia wide, life insurance comparison, as well as expert advice and outstanding service before and during the life of your policy.

We are committed to ensuring your life insurance covers you the way you need it to. This is why we offer only the highest quality products with the most complete coverage, to give you the full benefits of the most effective and relevant life insurance solution for your circumstances and budget. Our products are carefully chosen for their quality and extent of cover, as well as their affordability.

Contact one of our professional insurance specialists for a full life insurance comparison Australia wide, to secure quality cover for you and your loved ones today. 


Alternative Life insurance Options

There are a range of other life insurance products available in addition to standard Term Life Insurance, Income Protection Insurance, Trauma Insurance, and Total and Permanent Disability (TPD) Insurance.

Please note, at Cover Australia we provide expert comparisons, advice and service for the products that we feel are most appropriate for you. Please speak to an adviser for more information about undertaking a life insurance comparison of the extensive range of solutions we offer.

 

Mortgage Protection Insurance

Mortgage Protection Insurance can either be Term Life or combined Term Life and TPD Insurance which is specifically sold to cover the outstanding balance of a mortgage if you were to suddenly die, lose your job, become ill or disabled.

In some cases, an Income Protection benefit equal to your minimum monthly mortgage repayment is also offered.

Typically this type of insurance is offered only by banks or mortgage brokers, and like funeral insurance is often very expensive. If you’re looking for Mortgage Protection Insurance, we do advise that you speak to us as it may well be unnecessary if you have a well-constructed insurance portfolio.

Share Purchase Insurance

This type of insurance is designed to provide a shareholder or shareholders in a business with the funds required to purchase the shares of a deceased or disabled shareholder, without having to borrow extra funds from a bank or liquidate business assets.

The methods of ownership of Share Purchase Insurance policies can vary, and it’s vital that these arrangements are always accompanied by a Buy/Sell or Shareholder’s Agreement which has been drawn up by a suitably qualified lawyer.

This is a complex area of insurance which is generally not offered by many advisers, but if you’re looking to secure Share Purchase Insurance or Buy/Sell insurance to protect your business and assets, the qualified advisers at Cover Australia can help.

Key Person Insurance

Key Person Insurance provides a business with reliable financial protection to ensure it can continue to operate successfully in the event of a key person’s death, disability or suffering from a major trauma.

These are standard Term Life, TPD or Trauma Insurance policies but naturally there are numerous methods of ownership and each has its own taxation consequences.

This type of insurance should not be effected without advice from a suitably qualified adviser as there are many different factors to consider in relation to your individual business circumstances.

Please contact the qualified advisers at Cover Australia to compare your Key Person Insurance options and obtain effective financial protection for your business.

Funeral Insurance

Funeral Insurance, as the name suggests, is a type of life insurance policy which will provide a lump sum benefit to your loved ones which can be used to meet your funeral and other final expenses after you die.

It is a Term Life Insurance policy under another name, but is typically offered with little or no medical underwriting for relatively small sums insured, and the premiums are normally very expensive in comparison to standard Term Life Insurance policies.

All our life insurance products come with a funeral benefit included, so if you have sufficient Term Life Insurance then you may well not require any additional funeral insurance. 

Group Life Insurance

Group Life Insurance in its simplest form is a life insurance policy covering a group of people; typically the employees of a company or members of an organisation. It provides similar cover to a Term Life Insurance policy, but with generally lower premiums because of the ‘bulk purchase’.

Often these types of policies would also have an ‘Automatic Acceptance Limit’ which is an amount of cover that each member would be eligible for without the need for any underwriting.

While Group Life Insurance is marginally substandard compared to Term Life Insurance, it is also paid for by your employer and effectively free cover, so if you have been provided with it as part of your employment then we don’t generally advise that you need replacement cover.

However, it is still vital to speak with an adviser as you could well require additional cover over and above what is being provided by your employer.

Group salary Continuance Insurance

Similar to the way Group Life Insurance provides a form of Term Life Insurance to a group of people, Group Salary Continuance Insurance offers members of the plan a form of Income Protection Insurance.

Generally the premiums are lower than what is available to the public and ‘Automatic Acceptance Limits’ are also likely to be offered.

It should be noted that Group policies such as Group Life Insurance and Group Salary Continuance Insurance are generally only available to large groups, and the minimum annual premium would typically be in excess of $50,000.



Get a Life insurance Comparison Australia Wide

At Cover Australia we are dedicated to helping you find the right type of life insurance for your circumstances and budget. There are many different types of policies available, and we are able to provide a professional advisory service to make sure you are choosing and obtaining the right one for you.

We offer an extensive range of high quality insurance products to deliver quality cover and financial protection when you need it most. So don’t put it off any longer – talk to one of our expert insurance specialists or get a life insurance comparison quote today!

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