Insurance Hints

We provide insurance hints and education information - use the navigation to select a topic

The information provided is simply outlining the types of insurances available in the market place and their definitions.

To obtain independent insurance advice you should contact a qualified and experienced insurance broker or contact an insurance provider directly.


Home and Contents Insurance

Home and Contents Insurance is the protection of your home and all is contents. The insurance covers the policy holder should any damages occur to the home or its contents or if there is a complete loss of the home


 

Motor Vehicle Insurance

There are a number of different options available in regards to motor vehicle insurance. Below is an outline of the options

Comprehensive Motor Vehicle Insurance

Comprehensive motor vehicle insurance will cover the policy holder for loss or damage to your motor vehicle and it will include any legal liability for any loss or damage to another persons motor vehicle and or property

Third Party Motor vehicle Insurance

Third Party Motor vehicle Insurance options are available whereby individuals can choose to only insurer themselves to cover fire and theft only to their motor vehicle as well as any loss or damage to another person’s motor vehicle and or property.

There are also options available whereby a policy holder can choose to only insurer themselves against any liability due to loss or damage to another person’s motor vehicle or property can also cover


 

Income Protection Insurance

Income Protections Insurance is an insurance policy for you to insure your income should you experience any accidents, illnesses or traumas that prevent you from earning your income and providing for your family.

The policy holder is normally insuring a certain percentage of their income 

It is very important to receive advice and guidance from a qualified and experience insurance provider and or advisor


 

Life Insurance

This is not the greatest subject to be discussing however it is very important to consider.

A life insurance policy provides protection for your family and their financial requirements should you die before the end of the life insurance policy term.

Unfortunately many people die without life insurance. Then the family not only has to deal with the loss of a loved one but they are also required to continue to meet the ongoing  financial commitments and depending on who the provider was this can cause great hardship and sorrow.

The life insurance policy is insuring your own life in case of death.

It is very important to receive advice and guidance from a qualified and experience insurance provider and or advisor


 

Health Insurance

Health insurance is an insurance that covers medical expenses and a broader range of expenses that have to do with the health of a policy holder.

There are government funded health program or private insurance companies who provide health insurance.

In Australia we have a Government Medicare program that is available to all however many people seek to also have their health insurance with a number of the private companies available.

It is very important to do your research on all the components of health insurance and obtain qualified advice so you know which health insurance can be tailored to suit your specific needs


 

Mortgage Protection Insurance

Mortgage Protection Insurance is a product designed to assist policy holders should they experience difficulties in meeting their home loan repayments: mortgage commitments.

Should a policy holder experience death, permanent disability, temporary disability or involuntary redundancy mortgage protection insurance will covert the mortgage repayments for a specified period of time subject to the insurance policy taken out.


 

Mortgage Insurance

Mortgage Insurance is a commonly misunderstood phrase as the insurance does not cover the borrower but the home loan provider in which the consumers borrowers the funds from

A home buyer is subject to mortgage insurance on their home loan when:

  • you borrow more than 80% of the value of a residential property on a full documented home loan
  • you borrow more than 60% of the value of a residential property  on a lo documented home loan

The mortgage insurance premium covers the home loan provider in the event you are unable to repay your loan and the home loan provider makes a loss on the sale of your property.

For example if you borrow $360,000 on a $400,000 property and unfortunately are not able to pay your monthly repayments then your home loan provider can make a claim on your insurance before selling your home.

The mortgage insurance premium is a safety net that covers the home loan provider for any loss if your home sells for an amount less than what you owe on your loan.

If you are seeking to borrow above 80% of the value of your property on a full documented loan you will be subject to mortgage insurance.

The mortgage insurance premium can in some cases be added into your loan amount. This means instead of making the payment upfront you can add it to the principal amount and your monthly repayments are calculated so that you can pay it off over the term of the loan


 

Workers Compensation Insurance

Worker's Compensation Insurance is a compulsory insurance and it provides compensation for the workers and their families should an employee die, get injured and obtain an illness whilst working under their employers terms and conditions of employment


 

Professional Indemnity Insurance

Professional Indemnity Insurance is available for businesses especially those who provide advice or a service.

If a client suffers a financial loss due to mistakes or negligence of the business they can sue the business.

The professional indemnity insurance is a policy businesses take out as a protection measures should such action be taken against them


 

Public Liability Insurance

If you are a business owner public liability insurance is important insurance policy to understand.

If an individual, member of the public or an organisation suffers an injury or their property is damaged as a result of the negligence of your business then you can be sued for the losses incurred.

The insurance policy is a protective measure should any claims be made by the individual and or third party


 

Travel Insurance

Travel Insurance is an insurance policy available to anyone traveling for personal or business reasons.

The policy protects the policy holder against unexpected costs that occur as a result of any medical costs, hospital expenses, travel cancellation, any lost luggage and accidental death insurance


 

Disability Insurance

Disability Insurance is an insurance that protects the policy holder should they be unable to work and derive an income because of an illness or accident

Under the insurance terms the policy holder receives income benefits as they are unable to perform their normal employment duties


 

Business Insurance

Business Insurance is an insurance which protects a business should they experience costs and a loss of income associated to a defined event.

A business can protect themselves from many different types of events, which depending on who the policy is held, with may cover events such as

  • Fire
  • Burglary
  • Theft
  • Key person injury
  • Tools, machinery and equipments breakdown – may include motor vehicles and other transport vehicles
  • Fraud

Be sure to ask your insurance agent what other events or business interruptions can be include in the insurance policy

 

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