Essential Life Insurance Tips for Women

Majority of women in Australia are underinsured. This is despite the fact that they play a significant role in society, as they are often both homemakers and part of the workforce. Thus, if you are a woman seeking the right type of personal insurance, this article is for you.This is essential since you and your loved ones deserve to be adequately protected during your times of need. Here are some of your insurance options:

  1. Income protection insurance. If you work at an office or run a business, then you need this. This type of insurance protects you when you become sick or injured by providing you with monthly payouts of up to 75% of your monthly income. You could then use the funds to settle your financial obligations, pay your bills, and even cover your hospital expenses.
  2. Trauma insurance. What would you do if you suddenly contract or suffer from a serious illness? Trauma insurance (also called, Critical Illness Insurance) provides you with a lump sum payment should you suffer from any specified condition, which can range from a heart attack to cancer, depending on your insurance provider. It is also up to you how you will use the payment. You can use this to cover your hospital expenses as well as for paying your bills and other expenses.
  3. Term life insurance. Should you die, the needs of your loved ones will be covered by a term life insurance. In this type of insurance, the insured is covered for a fixed period, based on what is specified in the policy. The term is usually offered to either age 65 or all the way to age 99.

Determining How Much Cover You Need

You can use Rate Detective's insurance calculator to help you estimate the amount of cover that you need. While you may take into account basic things such as your family's daily expenses, utilities and mortgage payments, also consider the type of lifestyle your family has. This means you also need to include occasional holiday expenses, if possible.

Better yet, contact the qualified advisors at Rate Detective today. They will help you find the right insurance coverage for you by providing you with insurance quotes from Australia's top 9 insurance companies. After all, you deserve to get only the best coverage for you and your family. Contact us today for more details!

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Published on January 1-th, 2013 in Life 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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