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Personal Insurance

What exactly is personal insurance?

Personal Insurance is a type of cover that provides financial security to you and your family for events such as a serious injury or illness, loss of ability to earn, total and permanent disablement or even death.

People often get personal insurance in order to maintain their way of living, with financial support to cover any outstanding debts and everyday expenses.

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This protects your income in the event of a serious illness or injury.

Name Product Short Description Maximum Monthly Benefit Maximum % of Income Covered Maximum Benefit Period Waiting Period
Cover up to 85% of your Income (up to $10,000 per month) if you can’t work due to sickness or injury. Cover for 1,000 job types - full-time, part-time and self-employed.


$10,000
85%
5 years
14, 28, 60, or 90 days
Get cover up to 75% (to a maximum of $10,000) of your monthly income.
$10,000
75%
24 months
30 days
Join Qantas Income Protection and earn up to 100,000 Qantas points. T&CS apply including minimum premium and policy hold periods apply to earn points.
$12,000
75%
5 years
2, 4, 13 weeks or 2 years
Receive one month's premiums free if you pay annually. T’s and C’s apply.

$10,000
85%
24 months
14 or 28 days
Get income protection cover (up to 75% of your income) without a medical test. Plus, Medibank health insurance members can save 10% off premiums.
$7,500
75%
5 years
30 or 90 days
Take out a policy and get a $100 bonus gift after holding cover for 2 months. T's and C's apply. Offer ends 31 March 2020.
$10,000
85%
5 years
14, 28, 60 or 90 days
Get your first month free with Zurich Ezicover Income Protection. Cover up to $75% (to maximum of $12,000) of your monthly income.
$12,000
75%
5 years
30, 60 or 90 days
Receive up to 75% of your income (up to $10,000 per month) if you're unable to work due to serious illness or injury.
$10,000
75%
5 years
30 or 90 days

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This helps you go cover your family with a sum of money in the event of your death, disability and more.

Name Product Maximum cover Maximum Entry Age Minimum Sum Insured Guaranteed Future Insurability Expiry Age Short Description
$1,000,000
60
$100,000
Yes
99
Get life cover up to $1 million.
$1,000,000
65
$100,000
No
80
Receive one month's premiums off every year if you pay annually upfront. T’s and C’s apply.
$1,000,000
64
$100,000
No
No expiry age as long as premiums are paid
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™.
$1,500,000
65
$100,000
Yes
No expiry age as long as premiums are paid
Get life cover up to $1.5 million. Plus, Medibank health insurance members can save 10% off premiums.
$2,000,000
74
$100,000
Yes
99
Join Qantas Life Insurance and earn up to 100,000 Qantas points. T&CS apply including minimum premium and policy hold periods apply to earn points.
$1,500,000
69
$50,000
Yes
99
Receive a 10% discount on the second person when two applications are submitted at the same time, and both policies are issued.
$15,000,000
69
$50,000
Yes
99
Get a quote for up to $15 million in life insurance cover. Switch to the Best Life Insurance policy as awarded by Finder and save on average 20% (See NobleOak website for details).
$2,000,000
59
$50,000
Yes
99
Get flexible life insurance up to the sum of $2,000,000.
$1,500,000
65
$100,000
Yes
No expiry age as long as premiums are paid
Get life cover up to $1.5 million. Plus, ahm health members can save 10% off premiums.
$1,500,000
69
$50,000
Yes
99
Get your first month free when you buy HBF Ezicover Life Insurance.
$1,500,000
64
$100,000
No
No expiry age as long as premiums are paid
Cover up to $1.5 million with Guardian Life Insurance.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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The four types of personal insurance coverage

Four types of insurance can sum up all other insurance plans available in the market. They may have similar features and benefits, but they have all been designed for one purpose – to give you peace of mind and protection.

They can be purchased separately or as a package depending on your needs and the risks you are exposed to.

Types of personal insurance

The four main types of personal insurance include:

1. Life Insurance

Life insurance is one of the oldest types of insurance in existence. It was also the first to be made readily available to the general public. There are two types of life insurance; whole life policy, in which Australian life insurers offered in the past and term life cover.

With term life insurance, you have the flexibility to choose the period of time you would like to be covered for, from 5, 10, 20 or 30 years. When deciding the right term for your situation, it is important to assess your short and long-term financial commitments, future expenses, and the duration of time that you want to continue providing for your family.

  • Learn more about how life insurance actually works


    2. Income Protection Insurance

    Income protection insurance is the most overlooked type of insurance policy. A lot of people would purchase car insurance or home insurance without batting an eyelash; while not giving income insurance a thought. Contrary to what is circulating, income insurance can be a great help to you in one of the most stressful times of your life – temporary unemployment due to an illness or injury, which could often last for an extended period of time.

    Learn more of the benefits of income protection


    3. Critical Illness or trauma

    Critical Illness insurance pays you a lump sum upon diagnosis of a traumatic medical event, such as heart disease, cancer, or stroke. As it is a type of a living insurance, it does not wait for you to die before you can benefit from it. Also known as Trauma Insurance, Critical Illness insurance can be a great help when you are going through tough medical situations by providing an alternative source of funding to your financial commitments, so that you can focus on getting better.


    4. Total and Permanent Disability (TPD) Insurance

    TPD cover provides a lump sum payment to help you cover for the costs and expenses incurred when you have been rendered permanently disabled, due to a serious illness or injury, and it is unlikely for you to return to a full working capacity in the future. This lump sum benefit can be used by you and your family to:

    • Pay for medical expenses
    • Pay for your rehabilitation costs
    • Cover fees on hiring a nurse/housekeeper
    • Modify your home and vehicle to cater to your new condition
    • Keep up with daily living expenses and other immediate financial commitments.

    In short, Total and Permanent Disability insurance allows you the financial freedom that could otherwise be difficult to achieve when you become disabled. TPD insurance can ease the stress of the situation and you can have the peace of mind knowing that there is a financial backup to fall upon despite of your new condition.

    Learn more about how TPD Insurance actually works

    Compare quotes for personal insurance from Australian brands

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    4 Responses

    1. Default Gravatar
      RhiannonMarch 5, 2018

      I have been working on my car in a panel shop and the owner of the shop wants me to get insurance, so that if anything happens to me we are both protected,
      I’m not actually working for him but being on his business shed he wants to make sure we are both protected, what would be the best insurance for that?

      • Avatarfinder Customer Care
        MayMarch 6, 2018Staff

        Hi D,

        Thanks for your inquiry. Please note that finder is a comparison website and does not offer insurance ourselves.

        Your employer can actually get an insurance so any work-related incidents in your workplace will be covered. He can talk to a consultant about workers’ compensation insurance. On this page, he can find workers compensation insurance guide. Best to fill out the form on that page as well so your employer can be called by a consultant within a business day and discuss his options.

        Hope this helps.

        Cheers,
        May

    2. Default Gravatar
      AndrewJuly 6, 2017

      I would like to purchase personal insurance that would cover me for competing in the sport of rodeo- bull riding etc.

      • Default Gravatar
        LiezlJuly 7, 2017

        Hi Andrew,

        Thanks for reaching out. Just to confirm, you have reached finder, a comparison and information service and not actually an insurer.

        As this sport can be considered as high risk, so most insurers won’t be able to cover you. You might need a specialised professionals policy which may be taken out through your industry association or your employer.

        Cheers,
        Liezl

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