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What is the difference between health and life insurance?

Both health and life insurance can seem complicated. We look at the differences  in benefits and the value of having the protection of both. 

What is health insurance?

Health Insurance is a personal insurance that helps cover the costs of medical and surgical care. The right health insurance product can protect you against a range of medical costs and surgical expenses. This might include emergency requirements – like stays in private hospitals, ambulance services and time spent in intensive care – or more everyday health expenses, like optical, dental or chiropractor appointments.

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What the Federal budget means for you

With a federal election approaching us shortly, the 2019/2020 Federal Budget aims to deliver tax cuts to low and middle income workers and small businesses, superannuation tweaks for older Australians, and energy assistance payments.

Keep in mind that a number of the below policies depend on the Coalition government winning re-election in May – although Labor has announced bipartisan support for some of the listed me policy recommendations.

But here’s what this year’s Federal Budget essentially means for you and your family.

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5 steps to make income tax easier

The EOFY period isn’t really a time most people relish, but it does offer an excellent opportunity to review your income and finances to possibly free up funds for more important and enjoyable pursuits through any credits or tax savings.

Below we’ll show you, in 5 easy steps, how to streamline the income tax return process and possibly free up funds for the more important things in this great Australian life.

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Protecting Your Super Legislation and Mailout

 Protecting Your Super package

Recently, the Federal Government introduced the Protecting Your Super legislation, designed (in theory) to ensure that members of Super funds(particularly those with low balances) are not paying for insurance cover that they do not know about or premiums that inappropriately diminish their retirement savings over time.

The biggest risk is that people who don’t hold Life insurance benefits elsewhere and don’t respond will lose the only insurance cover they have.

Applying for the cover again once this is cancelled will result in a application process in most circumstances which could become an issue if you have pre-existing medical problems.

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Workers Compensation vs Income Protection

Workers Compensation will cover you for some things, but have you also considered Income Protection to ensure you are covered when you need it most?

Whether you’re a white-collar worker hammering away at your keyboard from 9 to 5, or a tradie getting your hands dirty day-in and day-out, you run the risk of getting sick or injured at work.

That’s why every Australian workplace has health and safety obligations: they must provide safe work premises, assess risk and have workers compensation insurance.

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What determines the cost of an insurance policy?

There are a number of factors that determine the cost of an insurance policy. A cheap life insurance or income protection insurance policy doesn’t necessarily mean it’s an inferior one, and by the same token, the most expensive policy may not be the best to suit your needs.

The price of an insurance policy is generally a reflection of how the underwriter views the risk of you claiming on that policy. As each insurer will attribute their own measure of risk to each element of your lifestyle, personal habits and work situation, your overall risk profile can fluctuate between one insurer and another. An Insurance policy should NOT be selected based on price and should be evaluated on how it meets your personal situation and if there is anything specific you may want to cover. A Risk Specialist or Financial Adviser can help determine what insurance is most appropriate and how to best protect yourself and your family.

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