Personal Insurance - Most Popular Types In Australia

Personal insurance became a main type of insurance held by typical Australian families in nowadays. Below you will find the most popular personal insurance offered in Australia.

Top three types of Personal Insurance

Life Insurance - Life insurance is essential for people with a family or dependents, who would not be able to survive without the main income and gets paid out on death directly to your estate or nominated dependants.

Life insurance provides you with the reassurance that your family will be looked after financially, if you're no longer there to provide for them.
A benefit would be paid to your family to help take care of everyday expenses like the mortgage, car repayments and bills.

Income Protection Insurance - Income Protection is for protecting your income. It covers you in the event of your being unable to work due to an illness or disability it pays up to 75 per cent of your wage.

Total and Permanent Disability Insurance - TPD Insurance means that because of a sickness or injury, a person is unable to work in their own or any occupation for which they are suited by training, education, or experience. This is a lump sum payment which can be used to pay debt, pay for medical costs and lifestyle adjustments as a result of the condition.

Other types of Personal Insurance

Trauma Insurance - Trauma insurance is also known as critical insurance, and will pay a lump sum if the insured is diagnosed with a medical condition. The main purpose of trauma is to ease the financial burden of a major illness by, providing capital to cover associated medical costs, debt repayments and living expenses.

The insured lump sum benefit is paid out on the diagnoses of a defined trauma condition, and is not dependent on whether or not the insured is able to continue to work.

Trauma Insurance provides you with cover in the event of you're being diagnosed with one of these common medical conditions - cancer, heart attacks, heart disease and paralysis.

Home & Contents Insurance - refers to a type of property insurance which cover the contents commonly found in homes and residential buildings. It is designed to cover the insured party against theft and fire. The policy will pay for you to restore the property to what it was before the event.

Car Insurance - Car Insurance is to protect your car and another vehicle that you may damage due to an accident or mishap.

Who offers best Personal Insurance in Australia?

If you want to find out who offers best personal insurance covers in Australia (except for Home & Contents Insurance and Car Insurance), please fill out the form on this page. We compare all major insurance companies for most popular types of personal insurance.

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Published on March 3-th, 2010 in Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.