Trends in Insurance You Need to Check Out

The world of life insurance is a dynamic one. While it remains basically about providing benefits for the insured and his or her family in case of the insured's illness, injury, or death, insurance companies constantly try to improve their insurance products. This is important for these companies because they have to attract more and more consumers as the industry becomes increasingly competitive for them.

On the other hand, change is good for us consumers because it provides us with better options than in the past. Thus, we will share with you some of the recent changes in the industry you need to look out for and how it can benefit you, starting with...

  1. Improved benefits. Income protection insurance provides you with benefits if you're unable to work due to an illness or injury. However, some high-risk occupations receive shorter benefit periods of up to a maximum of 2 years compared to their low-risk counterparts. But it has changed significantly, with more and more occupations getting longer benefit periods.
  2. Cover for more occupations. In the past, only a limited number of occupations were eligible to apply for term life insurance and income protection insurance. It's different now, as insurers constantly add more occupations to their list.
  3. More varied ratings for miners. Miners used to fall only under one rating, leaving some to pay higher premiums even if they only did low-risk work. Insurers today make more specific ratings depending on the type of work one has in the mining industry. For example, an office-based engineer has a different rating from, say, a driller.

Why These Changes Matter to You

Keeping track of the changes in the life insurance industry is more than just about knowing how you will benefit from these developments. Aside from that, it will benefit you immensely when you are doing a review of your life insurance policy. By being aware of the changes, you will be able to find out if there's anything you need to tweak in your policy. You would then be able to save more or get more adequate coverage, depending on your requirements.

Looking for the right policy for your needs? The consultants at Rate Detective are thoroughly updated on the trends in the life insurance industry, so they can provide you with information and help you find a policy for you. They will even provide you with rate comparisons of up to 12 Australian insurance companies, so contact us today!

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Published on June 6-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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