Insurance Articles
Australians some of the most underinsured in the developed world
Posted by admin - 29/07/09 at 04:07:40 pmThe federal shadow minister for financial services and corporate law Chris Pearce has called on the federal government to address the short fall in the level of Life Insurance cover held by Australians.
“Australia is one of the most underinsured nations in the developed world, ranking 16th for life insurance density and penetration,” he said.
“Trauma benefits are generally used to pay medical costs and recovery. They can also be used for the payment of lifestyle adjustments which may be needed to a person’s home or vehicle,” Pearce said.
Unlike TPD insurance, Trauma Insurance is not an allowable benefit for superannuation funds as it does not conform to the release requirements of the Superannuation Industry (Supervision) Act, so most individuals have no cover at all.
Pearce said while most Australians have access to life insurance through their super fund, more needs to be done to ensure people’s cover sufficiently meets their needs.
As with other forms of insurance there was an inadequate take up of trauma insurance, Pearce said.
The federal government are expected to overhaul the superannuation and tax arrangements in the upcoming federal budget in May.
Insurance Articles
Advice on Home and Contents Insurance
Posted by admin - 29/07/09 at 04:07:40 pmNational Australia Bank state general manager retail banking Ann-Marie Chamberlain said recent events such as floods and bushfires highlighted that home and contents insurance was a “must-have” for householders.
“The cost of protecting your home and possessions with insurance is a fraction of what it would be if you were forced to pay replacement costs out of your own pocket,” she said.
“It is important that the level of cover provided by your home and contents insurance policy properly reflects the value of your assets.”
SGIC state manager Lee Jameson said when calculating the insured sum for contents insurance, people often overlooked items such as kitchen appliances, manchester, CDs, toys and clothing.
“It’s important to regularly assess your level of home and contents insurance cover – especially after renovating or making a big purchase, such as a new TV or whitegoods,” she said.
Source: www.adelaidenow.com.au 19 April 2009
Insurance Articles
Mother-daughter European dream holiday turns to nightmare
Posted by admin - 29/07/09 at 04:07:18 pmOne minute you’re sightseeing in Europe, the next minute you’re in a foreign hospital with a fractured leg. You’re having trouble communicating with the hospital staff and you’re not happy with the care you’re receiving. Where would you turn for help?
A mother and daughter where sightseeing in Europe, when the mother slipped and fractured her leg. So her daughter called Mondial Assistance, the Emergency Medical Assistance provider appointed by their travel insurance company, to advise that her mother had been admitted to hospital.
The customer received medical treatment in the Emergency Department, before being admitted to the general ward. During this time, Veronica Walker, our Medical Assistance Team Manager, contacted our agent in the country where the accident happened, to arrange help to translate medical reports and discuss the patient’s condition with hospital staff.
The customer and her daughter were becoming quite distressed and emotional, as they were not comfortable with the standard of nursing care in the hospital. Upon our Medical Assistance team reviewing the medical treatment records and examining the level of care, it was decided to transfer the customer to another hospital where the standard of medical treatment was higher.
Veronica also contacted the Australian Embassy, advising them of the situation, and ensuring that they were updated regarding the customer’s condition. As a courtesy, an Australian Embassy staff member visited the customer, to ensure she was comfortable in the new hospital.
Prior to repatriation, the Australian Embassy and our Medical Assistance team members maintained contact with the customer and her daughter on a daily basis, keeping them updated with amended flight information.
After the customer received further medical treatment, and due to their little mobility a Registered Nurse, Sophia Hauser was sent to escort the customer back to Australia. This way the customer could fully recuperate back in Australia with the appropriate medical care. Our Medical Assistance was planning to repatriate the customer back to Australia when our Registered Nurse, Sophia was admitted to hospital, with a stomach bug.
At first the customer was frantic, as she was desperate to get home and through our nurse, Sophia would be sick for a few weeks. However, Nicole Pridham, our Medical Assistance Case manager, reassured her that she would be on the plan home within 48 hours.
True to our word, Sophia recovered and was on the flight home with the customer within 48 hours. Upon their safe arrival back home in Australia, the customer was admitted to hospital to fully recover from her accident.
The customer saved around $21,000.
Thanks to their Mondial Assistance travel insurance policy, the customer saved approximately $21,000 in medical expenses.
You’re in good hands with Mondial Assistance.
Our ability to provide Overseas Emergency Medical Assistance through our Group presence around the world, means we are truly connected to the people we’re assisting in a caring way. In this case, our understanding of the customer’s distressed state prompted us to moved her to more appropriate facilities to ease her mind, until she was well enough to be repatriated home.
In Australia during 2007, we handled over 65,000 Travel Insurance claims and more than 9,182 Medical Assistance cases. Yet, in every case, we strive to provide a superior level of personal service, which sets Mondial Assistance apart.
Our Medical Assistance is the key to your safety, 24 hours a day, 7 days a week, 365 days a year – we’re here to help our customers.
Mondial Assistance Australia is one of the leading providers of Emergency Medical Assistance. Around the clock, around the world, we’re always ready to help you – whatever it takes.
Insurance Articles
Direct Life Insurance Taking Off…
Posted by admin - 29/07/09 at 10:07:27 amA Viable alternative for Australians looking for Life Insurance Options.
Cannex, the financial services ratings agency says direct life insurance is becoming popular among Australians seeking life cover.
More Australians are taking up the option of buying life insurance directly through insurance companies and banks rather than financial planners, according to financial ratings firm Canstar Cannex.
The ability to buy life insurance directly removes it from the “too-hard basket” for lots of people and makes it easier and therefore more reasonable option to consider, Cannex head of wealth management Stephen Mitchell said.
“The big attraction of direct life insurance is the fact that you don’t have to go through a financial planner and there is minimum to zero medical information needed,” he said.
“The cover is easy to apply for, applications can be done online, over the phone or in the branch and you will know straight away if you have been accepted.”
Canstar Cannex has released its first direct life insurance star ratings, which compared policies from 17 insurers.
1300 Insurance have a range of direct life insurance solutions, including both term life and select term insurance. Funeral Insurance is another “Life” product line that is proving very popular with Australians due to its security and low cost.
1300 Insurance was found to be up to 40% cheaper than other major “direct” insurances, making premiums very competitive.
Income protection is a much overlooked product by Australians. Most people don’t think to insure thier most valuable source of income – themselves. In reality most of us could deal with losing an uninsured car (as hard as that would be), but should we lose our income due to injury or sickness, it would be devastating, both emotionally and financially.