Learn the types of cover available and what's right for you
Life insurance in Perth, Western Australia
Do you live in Perth? Find the right life insurance online or with an adviser's assistance.
Ongoing economic growth over the last 20 years has seen Perth become Australia’s fastest-growing capital with a growth rate of 2.5% per annum. Not surprisingly, most of Australia’s major life insurance companies and general insurance groups have offices based in Perth.
There is also a growing number of insurance advisers to help you find adequate cover. It is important for anyone looking to take out life insurance to consider both the benefits and drawbacks of buying from a national life insurance adviser or a regional adviser. This article will discuss what life insurance options are available to people living in the Greater Perth area.
Can I apply for life insurance here if I live in Perth, Western Australia?
Yes, the benefit of taking out life insurance through an insurance consultant through finder.com.au is that they work externally to the life insurance brands to provide product advice to people in all Australian states and territories.
Brands available on finder.com.au
The brands on our panel are able to provide cover for residents in Perth, Western Australia. An insurance consultant will help you review the different policy options that are available and assist you throughout the policy application process. Alternatively you can apply directly with a brand online.
Policy owners living in Western Australia do not currently have to pay any stamp duty on life insurance
Why do I need to enter my state when making a life insurance inquiry?
In order to give the most accurate preliminary quote possible, applicants are asked to enter the details of the state they currently reside in to account for stamp duty charges that are applied to their policy. Policy owners living in Western Australia do not currently have to pay any stamp duty on life insurance whereas other states have to pay as much as 10% on their premium in the first year of cover. Stamp duty on other general insurance in Western Australia is 10%.
How does stamp duty in WA compare to the rest of Australia?
|State||Term life cover||TPD||Trauma (standalone)||Income protection||Child cover|
|New South Wales||5%||10%||10%||5%||5%|
|Australian Capital Territory||3%||6%||6%||6%||3%|
Different types of life insurance to apply
- Life cover: lump sum benefit provided to policyholder or their estate in the event of their death
- Income cover: ongoing benefit payment of 75% of worker's regular income provided while they are unable to work due to illness or disability
- TPD cover: lump sum or ongoing benefit provided due to total and permanent disablement
- Trauma cover: lump sum benefit provided if policyholder suffers medical condition covered in their policy
- Funeral cover: lump sum benefit provided to cover final expenses following death of policy owner
- Keyman insurance: life, income, TPD or trauma cover for key workers in business. Covers business owner against financial loss that may be incurred
Which life insurance companies have offices in Perth?
The following providers that are currently featured on LifeInsuranceFinder have offices based in Perth. Each insurer featured on the site will have contact details featured on their website for any current policy owners looking to contact their provider.
Should I meet my adviser in person or on the phone?
As mentioned previously, Perth residents can take out life insurance through a local insurance adviser or via a national adviser that services customers Australia-wide. Deciding between the two will really come down to the buyers' preferences. Some customers prefer to arrange a face to face meeting with a locally- based adviser to discuss the different options available to them and to provide assistance through the application process whilst others prefer to go through the same process on the phone.
Life insurance for miners living in Perth
Continued economic growth in Perth WA means it has become the most rapidly-increasing state in Australia with statistics from the ABS reporting a population increase of 65,500 people (or 3.6%) between 2011 and 2012. Much of this growth can be accredited to the increase in employment from the mining industry in Australia tripling from 1986 to a staggering 276,300 in May 2012. Of these workers, 22% currently reside in Perth with many having taken up residence in the city with their families.
Best way to get cover?
Miners looking to take out life insurance or income protection insurance may benefit from working through an insurance consultant to help them find adequate cover. Many insurers consider mining carrying an additional level of risk to other occupations and may impose premium loadings or exclusions for certain workers. An insurance consultant can use their knowledge of the different providers on the market to help miners find providers with competitive products, helping them secure adequate protection at a good rate.
Make sure you disclose the nature of your job correctly
It is critical that any miners looking to take out cover are clear on their position's actual duties. Despite potentially being classed as a high-risk worker, they may be able to have this reviewed if their actual duties are low risk. For example, their position may be an administrative role that does not involve any onsite work.
Looking for cover?
If you are a Perth resident and interested in taking out life insurance or an income protection policy, a consultant can help you compare the different options available and explain any of the benefits and features that may suit your situation. It is critical that all applicants carefully read through all exclusions and conditions in the product disclosure statement before submitting their application.
You could be missing out on additional super returns.
Ask an Expert