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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
Help protect your lifestyle with a new Virgin Income Protection policy. If eligible, you can earn 25,000 Velocity Points. Ends 1 July 2019. Min $80/month, min. 6 month policy to earn Points.


$10,000
85%
5 years
14, 28, 60, or 90 days
Cover up to 75% (to a maximum of $30,000) of your monthly income with NobleOak Income Protection. Plus, get your first month free. T&C’s apply.
$30,000
75%
2 years or to the age of 65
30 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
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
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
Get your first month free when you buy HBF Ezicover Income Protection.
$12,000
75%
5 years
30, 60 or 90 days
Cover up to 75% (to a maximum of $10,000) of your monthly income with Guardian Income Protection.
$10,000
75%
5 years
30 or 90 days
Fast online application - no phone call needed. Cover up to 85% (to a maximum of $42,000) of your monthly income with Aspect Income Protection.
$42,000
85%
5 years
14, 30, 60 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
$15,000,000
69
$50,000
Yes
99
Get a quote for up to $15 million in life insurance cover. Cover can be tailored to meet your personal needs. Plus, get your first month free. T&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, ahm health members can save 10% off premiums.
$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.
$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.
$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.
$1,500,000
65
$3,000
No
80
Protect what matters with a new Virgin Life Insurance policy. If eligible, you can earn 25,000 Velocity Points. Ends 1 July 2019. Min $80/month, min. 6 month policy to earn Points.
$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.
$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
99
Tailored life insurance so you know what you're covered for upfront. Take out a policy and get a $100 bonus gift after holding cover for 2 months. T&Cs apply. Ends 30 June 2019.

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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.

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

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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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