For those people lucky enough to call Australia home, there are a few crucial elements of modern life that all responsible adults should consider. Like it or not, disaster can strike any time, and it is always better to hope for the best and prepare for the worst. This article looks at the finer details of life insurance in Australia, why it is an essential addition to any insurance portfolio, and any exclusions and caveats to be aware of.
Why consider life insurance in Australia?
Life insurance in Australia is one of those elements of adult life that nobody wants to have to think about too much. However, it represents a unique, critical opportunity to provide for our loved ones in a worst-case scenario where a key provider for the family expires or is diagnosed with a terminal illness. No catch-all solution applies across the adult population, and each individual has unique circumstances and priorities. However, it is safe to say that anyone responsible for caring for others would do well to avail themselves of quality life insurance in Australia.
Life insurance in Australia: eligibility criteria
Although life insurance in Australia is highly recommended, it is not available to all applicants, and there are specific factors that can lead to coverage refusal or amendments, namely:
- Age — Life insurance in Australia is unlikely to be provided for anybody outside the ages of 18 and 73.
- Citizenship — Only naturalised citizens or those with permanent residency status are eligible for life insurance in Australia.
- Occupation – Individuals who experience significant risk in the workplace may not be eligible. These occupations include but are not limited to electrical power-line engineers, aircraft pilots/flight engineers, iron/steel workers, miners, and construction workers.
- Pre-existing medical conditions – Although not always mandatory, a thorough medical check may be required before acceptance for life insurance in Australia is approved. Full transparency is essential regarding any health issues if no check is necessary. Any policy will be contested if it later transpires that a condition existed and was not declared.
Grounds for refusal of any claim against life insurance in Australia
The nature of any insurance policy is such that deviations from the exact written specification may be grounds for refusal of payment. A life insurance policy is no exception and may be denied for several reasons, including:
Suicide — If the policyholder ends their own life, any life insurance in Australia will automatically be declared null and void.
Misrepresented/false details – Any information associated with life insurance in Australia that is deemed incorrect is grounds for denial of any claim. This also applies to any failure to update the insurance company if the holder’s circumstances change mid-policy.
Conclusion
The knowledge that you will be providing exceptional care for your loved ones in the unfortunate event of your demise is one more weight to be lifted from shoulders that can sometimes feel the heavy burden of life’s many responsibilities. Life insurance in Australia is highly recommended for anybody with dependants who can afford the premiums, and you might be surprised to find it more affordable than expected.
