Life Insurance - Australia
Why premiums for life insurance in Australia differs depending on the state you live in?
Even though Australia is one country each state has different suicide and mortality rates. According to the Australian Bureau of Statistics in 2011, the Northern Territory had the highest standardised death rate (SDR) (7.3 deaths per 1,000 standard population), followed by Tasmania (6.5) and New South Wales and Queensland (each 5.7). Victoria had SDR of 5.5 and the Australian Capital Territory had the lowest SDR (5.1).
Given differing risks and statistics of accident and illness, insurance companies charge different premiums for life insurance in Australia depending on the state you are in.
How Life Insurance works in Australia?
As you probably know Life Insurance pays a lump sum benefit if the insured person dies or is diagnosed with a terminal illness with a life expectancy of less than 12 months. Typically life insurance cover is purchased by those with a mortgage, loans or financial responsibility for others. You must be an Australian resident aged between 18 & 65 to be eligible for life insurance in Australia.
To read more about the benefits of life insurance please visit our Life Insurance page. To find out which insurance company offers best life insurance in Australia for your situation - CLICK ON YOUR STATE ...
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Warren Lazarus has spent the last 10 years assisting clients with their Insurance. Warren holds a Bachelor of Commerce, majoring in accounting, marketing & finance, A Diploma in Financial Services as well as a certificate IV in Mortgage Broking.
Warren is committed to ensuring his clients receive the best outcome every time. When dealing with Warren you can be rest assured that you will receive the highest level of service in the industry.