Insurance

Big four banks to dish out refunds into bank accounts before June end

June 27, 2020 by Reporter Leave a Comment

No one gets money for free, but the refund from Commonwealth bank, Westpac bank, ANZ and National Australia Bank might be hitting your bank account soon.

Forget EOFY tax return refunds from the tax office, this is sweeter as you don’t have to apply for it, its your money getting refunded without any paperwork needed.

If you see this in your commonwealth bank account

Additional interest
refund
Value Date_ 25/06/2020

The refund posting may look different depending on which bank you bank with.

Fancy a $10,000 refund?

Refunds can be anywhere from couple of thousand dollars to even $10,000 or more depending on how many loans you have with the bank.

Why the refund ?

If you have a refund looking like above in your bank account you could have possibly got a refund related to remediation done on your home loan, refunding you amounts of interest that was wrongly charged by the bank.

This is due to the remediation the banks have been forced to do due to the government enquiry into banks and how they treat and charge their customers.

CBA Refund on home loan interest charges 2020 for COVID19

This is not a refund, but more like a payment for the interest on interest you get charged for your deferred home loan repayments. Australia’s largest bank will make payments to home loan customers impacted by coronavirus to offset interest charges.

When a home loan repayment is deferred for six months, interest is calculated and added to the loan balance each month which can result in customers paying interest on interest each month. Anyone having a home loan could possibly get this refund before end of June this year.

“This means for an average loan of $350,000, CBA will be refunding approximately $45 to offset the effect of interest on interest over the six-month period. Customer payments will vary based on their loan amount and interest rate.” Commonwealth bank representative said.

2020 – Big four’s Banks current relief packages for covid19

The four major banks in March announced they would allow home loan customers to defer mortgage repayments for six months as part of a $100 billion scheme with the Reserve Bank of Australia to alleviate stress on Australian households, as thousands are tipped into unemployment.

CBA – Following the end of the six-month pause, home loan repayments remain the same as before, with the loan term being extended. CBA will also make a one-time payment to offset the interest on interest being charged to customers over the deferral.

Westpac – Impacted customers are being offered a 3-month pause with the option for a further 3 months after review. Home loan repayments increase after the deferral, but the loan term remains the same.

NAB – Following the repayment holiday, home loan repayments increase, but the loan term remains the same.

ANZ – Customers can choose to keep the loan term the same or extend it by six months, with a review at three months, with both options likely resulting in mortgage repayments increasing after the pause.

Robodebt refund: June 2020

The Federal Government has announced it will refund more than $721 million dollars in wrongly issued Centrelink debts to over 373,000 Australians.

The incorrect debt collections made between the 2015/2016 financial year and November 2019 targeted individuals who had supposedly received more welfare than their income entitled them to.

The debts were automatically calculated by special algorithms without human intervention and became known as rob debts.

How do I get my robo debt refund?

If your eligible, the amount will get credited in your account, so update your details on mygov if not done already. Government Services Minister Stuart Robert said 190,000 individuals will be repaid starting from July 1.

Royal Banking Commission Australia

Started: 14 December 2017

Ended: 4 February 2019

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, also known as the Banking Royal Commission and the Hayne Royal Commission, was a royal commission established on 14 December 2017 by the Australian government pursuant to the Royal Commissions Act 1902 to inquire into and report on misconduct in the banking, superannuation, and financial services industry.

2018 CBA Junk Insurance Refund

After the royal commission, refunds for 140,000 were said to be issued to CBA customers

Commonwealth Bank will issue $16 million in refunds to 140,000 people who were sold add-on insurance right before the bank’s ‘junk’ products become the subject of royal commission hearings.

“Consumer credit insurance” has been pitched to customers as a safety net that’ll help them meet their credit card or loan repayments if they lose their job, become sick, injured or die. The financial regulator characterises them as not of much value and consumer groups simply describe them as ‘junk’.

Consumer Credit Insurance. Consumer credit insurance (CCI) covers you if something happens to you that affects your ability to meet your credit repayment. You may be offered CCI cover by your lender when it approves your credit (such as a credit card, personal loan or mortgage).

Find more about this here- https://www.choice.com.au/money/insurance/insurance-advice/articles/commonwealth-bank-refund-16m-junk-insurance-royal-commission-080318

2016 -Recent Fee for no service scandal:

The sweeping scandals – tagged by ASIC as “fees for no service” in its landmark report in October 2016 – saw the big banks and AMP targeted for practices dating back years where millions of dollars in fees were creamed off accounts for financial advice never given.

Wealth management and financial advice industries were involved and investigated in the banking royal commission for this scandal.

Commonwealth bank Wealth package refund in 2015

This happened in 2015. If you held a wealth package, you could have got a refund. The Commonwealth Bank of Australia (CBA) was said to refund approximately $80 million to around 216,000 Wealth Package customers as compensation for failing to apply fee waivers, interest concessions and other benefits since 2008.

It equated to an average refund per customer affected of around $370, which includes interest. In this case bank staff had to manually apply many of the discounts available under the Wealth Package, which in some instances did not occur.

2017 – CommInsure refunding – CCP premiums

Commonwealth Bank and insurers QBE and Virginia Surety would repay a total of over $26 million to people who were mis-sold add-on insurance, including consumer credit insurance.

CreditCard Plus (CCP) Insurance protects customers’ credit card repayment obligations in the event of death, terminal illness, disability and involuntary unemployment.

Following a review of their records, they identified that CCP Insurance may have been sold to a number of customers who may not have been eligible for all the benefits when they bought their policy. Therefore, they were refunding the premiums paid by impacted customers.

More details here – https://www.commbank.com.au/insurance/creditcard-plus/faqs.html

2020 Westpac refund for small business – Merchant terminal fee relief

The Merchant terminal fee relief was a part of Westpac’s COVID-19 support package for Australian businesses, for 3 months, starting in April 2020.

All eligible merchant customers would have received their final refund payment and westpac are working to provide you with a GST adjustment note for tax purposes in the coming weeks.

Who is eligible? -Merchant customers with a total card spend of less than $5 million per annum.

More here- https://www.westpac.com.au/help/disaster-relief/coronavirus/business/merchant-terminal-fee-refunds/

2015 – 2019 Nab Refunds

NAB’s refund program was set up in 2015, however only about $300 million has been paid back to customers. IN 2015 National Australia Bank WAS SAID TOl refund A$25 million ($18.38 million) to around 62,000 wealth management clients who were wrongly compensated.

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2015-releases/15-194mr-nab-wealth-refunds-additional-customers-following-asic-action/

In 2019 Nab was ordered to pay back money to customers for junk insurance given to customers by shoddy financial advice. This came about by the royal banking commission.

It now expects another of its remediation Project Hunt to be finished in October.

ASIC is currently overseeing more than 100 remediation programs expected to pay out more than $2 billion to consumers on top of the almost $1 billion that has already been returned. About $10 billion has been set aside by the industry for remediation programs.

Qantas refund /Airline refund/ Flight Centre Travel agent refund

Qantas and Singapore airlines have many destination flights from Australia and there are thousands of customers still waiting for refunds directly from the airlines or then from flight centre or travel agents.

Airlines have given a mix of “travel credit” “travel vouchers” flights for future and money refunds. Flight centre has attracted court action and being looked into by authorities for delay in them giving refunds to customers.

Those customers who have accepted a travel credit voucher may not be eligible for a refund of money, however those whose flights got cancelled will be able to claim a refund.

Delayed air ticket and hotel accommodation refunds by travel agents and airlines could lead to further legal action being taken by irate customers due to interest charges escalating on credit cards.

Qantas Refunds

https://www.qantas.com/us/en/book-a-trip/flights/compensation-and-refunds-policy.html

Singapore Airline refund

https://www.singaporeair.com/en_UK/us/travel-info/charges-changes/cancellations-refunds/

Flight Centre Refunds

https://www.flightcentre.com.au/support/bookings#my-options

https://www.accc.gov.au/media-release/flight-centre-to-refund-cancellation-fees

The ACCC has received more than 6000 complaints from consumers dissatisfied with travel companies’ refund policies and cancellation fees, with thousands more contacting their local state or territory fair trading agencies seeking assistance resolving individual disputes.

Qantas is refunding customers for flight cancellations after the ACCC COVID-19 Taskforce raised concerns with the way the airline had handled claims

CRUISE REFUNDS

COVID-19 has been called one of the worst things to happen to the cruise industry in decades.

Thousands of cruise customers from big cruise companies like Caribbean Cruise, Princess Cruise, Carnival Cruises and P & O Cruises are awaiting their refunds due to cancellation of cruises all over the world.

Most cruise liners though American owned, operate from overseas tax haven countries and so has been denied by USA for financial bailouts in the COVID19 Crisis times.

Most cruise liners are offering cruise credits to their customers leaving not many options to disgruntled clients.

Princess cruises

https://www.princess.com/news/notices_and_advisories/notices/refunds-and-future-cruise-credits.html

Royal Carribean Cruises

https://www.royalcaribbean.com/faq/questions/booking-cancellation-refund-policy

P&O cruises

https://www.pocruises.com/request

Carnival Cruises

https://help.carnival.com/app/answers/list/search/suggested/1

Reference Websites

Banks:

Westpac Bank – https://www.westpac.com.au/

ANZ Bank – https://www.anz.com.au/

National Australia Bank – https://www.nab.com.au/

Commonwealth Bank – https://www.commbank.com.au/

Government:

ASIC – https://asic.gov.au/

ATO – https://www.ato.gov.au/

APRA – https://www.apra.gov.au/

ACCC – https://www.accc.gov.au/

Search Keywords to Article:

Refund from CommBank 2020

Commonwealth bank refund

Credit in bank account

When do I get my cruise refund

Drone Insurance Guide: Is It Really Worth the Money?

December 4, 2019 by Reporter Leave a Comment

Drone insurance is a relatively new concept and there is not much awareness about drone insurances among people. There are a lot of questions regarding insurances of drone and whether it’s worth the investment. To ease your confusion we have created this guide to help you with some of the most common questions related to drone insurance. So, let’s take a look.

Do I need drone insurance?

The first and foremost question which comes to most people is do I really need to insurance for my drone? Well! The right answer to this question is yes if you’re involved with businesses using drones. It is highly advisable to have insurance for your drone while conducting any kind of business. So if you’re planning any kind of commercial drone operation then drone insurance is absolutely necessary.

Getting drone insurance will significantly reduce the potential risk while purchasing drones. Since drones aren’t really cheap products, getting insurance can save a lot of money in case of a crash, malfunction, fly away scenario. Also, you will need to research local, state and federal regulations about insurances before you get your commercial operation off the ground.

Potential risks in commercial drone operations

Setting up commercial drone operations at your workplace comes with a lot of obstacles and potential risks. You must always follow federal regulations and safety precautions to avoid any chance of an accident and insurance is a crucial part of this process to conduct business in a safe and risk-free environment.

Types of drone Insurances:

There are primarily two types of insurances available for drone users:

1. Hull Insurance:

This type of drone insurance comes into the picture when you’re operating with expensive cameras, GPS units, sensors etc.. Hull insurance only covers the damage to the drones itself.

2. Liability Insurance:

Liability insurance comes into the picture when the damage is caused to a third party by your drone which includes property damage, injury to the body etc.. So, before conducting any drone outside services make sure you have valid liability insurance and show proof of liability insurance before conducting any drone operations.

Cost of Drone Insurances:

There are a lot of factors which come into the picture which affect the cost of drone insurances like:

l Total number of drones

l Type of drones

l Type of cameras and sensors

l Experience in operating drones

l Safety measures

l Maintenance records

Insurance policies can range from $1000 to 10000$ per year (for each drone) given you have a good track record and follow all documented safety procedures.

How to get insured:

For drone insurance, you will need to get quotes from multiple companies by filling forms. After getting quotes you will need to compare prices and coverage to find the deal that best suits your business.

Conclusion:

There are a lot of players in the evolving drone markets worldwide. Big giants like DJI drone Australia offer some of the best drones available in the market. Always research thoroughly before making such a huge investment.

As far as drone insurances go, we’ve covered all the aspects which u will need to look into to keep your investment safe and avoid any unnecessary trouble for your company. We hope this guide helps you with everything you need to understand about drone insurance. Protect yourself and your company by getting insured.

One last piece of advice for recreational users is to confirm if you are covered by homeowner’s insurance if you wish to continue to fly recreationally in a safe environment with no issues whatsoever.

The Benefits of a Freight Forwarders Liability Insurance

May 13, 2019 by Reporter Leave a Comment

Transporting cargo across national and international borders is now easier than ever. Many shipping companies even operate across continents with ease. However, everyone involved in the delivery of these products always experiences worries on whether the cargo will arrive on time and whether it will get damaged in transit. In case the goods get damaged, everyone involved will have to pay huge sums of money in legal settlements, and that can be very bad for business. To reduce the stress involved in the transport of cargo, you should consider taking out an insurance plan for freight forwarder.

Benefits of a Freight Forwarder Liability Insurance

Here are some of the reasons why you should take a freights forwarder liability insurance policy:

It Protects You from Legal Liability

Your company could stand to lose a lot of money if a client takes legal action on the loss or damage of their cargo. Since you are not in direct control of the goods, you can reduce the potential losses from such cases by taking out an insurance plan. With such a policy, the insurance company will be responsible for the payments resulting from the loss or damage of the goods. In fact, they will also cover business interruptions arising from the events. In other words, a freights forwarders liability insurance plan will transfer the legal risks to the insurance company.

2. It Protects Your Property and Contents

Natural calamities may strike at any time, and there’s no telling whether they will affect your business. The only sure way to make sure you don’t suffer losses when these events occur is by taking out a freights forwarders liability insurance plan. These insurance policies typically cover all services offered by the distribution, storage, and transport of cargo. Your property is used to performs some of these functions, and that means it is automatically covered in the plan.

3. It Protects You From Employer Liability

Very few things can stress an employer more than the threat of getting sued by an injured or sick worker. These compensation claims are usually very high, and they can easily cause financial stress in your company. With a freights forwarders liability insurance plan, you will be covered from this liability. That means any employee who gets injured because of their work will be compensated by the insurance company.

4. It is Affordable

Unlike many other forms of insurance, freights forwarders liability insurance is able to cover many things under a single umbrella. As mentioned earlier, the insurers endeavour to cover all the services offered on the cargo, and this includes its transport and storage. The result of this is that you will not have to pay multiple fees for different types of covers. You will eventually eliminate the duplication of services, and that will keep the pricing as low as possible.

Conclusion

Freights forwarders liability insurance is essential to all parties involved in the delivery of goods, particularly if the transaction is made across international borders. With this insurance, you will be protected from legal issues that may arise from the damage of loss of the goods. You will also protect your property and will receive coverage for any injuries on your workers. You can visit insurance brokers to get the best deals on the market.

Featured Photo © Pixabay

About The Author:

Caroline Bird is a creative writer and digital marketer. She loves sharing her perspective, tips and how-tos related to home improvement, productivity, business, technology, and SEO through her writing. Connect with Caroline via @bCarolinebird12

Getting a insurance quote for your car

September 8, 2013 by Reporter Leave a Comment

Insurance for your car is one of the things that people don’t plan for when they plan to buy a car Buying a car can be a difficult task with heaps of research to be done and lots of different factors to be taken into account , like the mileage the car will give , the space inside the car and the what kind of car are you seeking sedan , 4 door , 5 door, small car , Hatch and many other factors. Often people don’t realise but just buying a car is not the only thing that you need to plan for when you decide to get a car, but there are things like Insurance for your car, servicing contract for your car also that needs to be planned and researched. Insurance for your car can be one of the major things you will need to research even more as this ensures the safety of your car in case of accident theft and incidents out of your control.

^{BMW Hommage car}

Insurance for your car often comes as an afterthought after the car is bought and often ignored, however if proper research is done regarding what sort of insurance you want you can save money over the long term with proper planning. Nowadays getting a car insurance quote has been made easy by many online websites that just allow you to just input details of the car you are buying and get a approximate quote for insurance instantly, rather than doing the old fashioned way of visiting or calling insurance company.

With a car insurance you are protected in the event of unforeseen events and you can hit the road secure in the knowledge you have reliable and cost-effective comprehensive car insurance

Things to keep in mind while getting car insurance

You can vary your excess or simply adjust your excess on the online quote form or with insurance company, and see the change in price on your premium.

Some companies give you discount or provide cheaper quotes when your policy is bought online as they tend to save on processing and manpower costs.

Some insurance companies offer a new car discount if you get a policy before your car turns two years old

How are Insurance Premiums for cars worked out?

The “insurance company” gather large amounts of historical data so that the patterns of insurance payouts can be calculated accurately in case of a payout is needed. When you enter your individual details into the insurance company automated system, the computer databases compare this with other people who match your profile and the also the risks that are associated with them.

Factors that re taken into account when your quote is given

· Your age

· The make and model of vehicle

· Annual mileage

· Whether the driver is male or female

Getting a car insurance quote online is simple if you do a little preparation for the questions you’ll need to answer. Refer questions above. To obtain your instant car insurance quote online and purchase a policy, you’ll need to provide information for each driver on the policy you are taking including address, driving record, and driver’s license number. You will also need to provide the Vehicle Identification Numbers for the cars you want to insure, if not available automatically based on your address and vehicle records. Get a online car insurance quote here

Pros and Cons of Getting Life Insurance from Your Employer

March 7, 2013 by Reporter Leave a Comment

Benefits offered by your employer are always a plus; it helps show that your employer cares about you and wants to help reward your time and effort dedicated to the company, and with the economy fluctuating all the time, it probably seems unreasonable to turn down any offers. Life insurance coverage offered from your employer may be tempting to accept without any hesitation, but before you sign on too quickly, it’s important to consider both the advantages and disadvantages of employer sponsored life insurance plans.

The Perks

Life insurance offers financial peace of mind to you and your family, and it allows your employer to be better able to continue the company if something were to happen to you. There are many advantages for having your employer sponsor your life insurance policy. Not only is it paid for (or at least greatly reduced), but most life insurance policies provided by employers require no medical evaluation of your personal insurability. Factors such as smoking, weight, current health conditions, and health history that would usually make your premiums skyrocket, or even cause you to be deemed uninsurable, aren’t considered when a group life insurance policy is taken out. It’s a one-for-all kind of a deal, and it’s a great incentive for those who wouldn’t qualify for or otherwise couldn’t afford their own individual policy.

If the life insurance is offered at a discounted rate, it’s much more convenient to pay off. Most employers will deduct the amount out of your pay check, or more recently, right out of your super fund. That way, you don’t have to worry about keeping up with payments as the administrative duties are already handled for you.

The Kinks

As with most things in life, there are both negative and positive sides to accepting employer-sponsored life insurance. As nice as it is saving money on life insurance by going through the company’s policy, there are a few things to consider; it’s important to really sit back and think about you and your family’s needs. Many group life insurance policies don’t offer adequate coverage for employees with dependents, and if the purpose of having a life insurance plan is to be able to allow your family to pay off your debts as well as be financially provided for in case something were to happen to you, group life insurance probably won’t cut it.

One other thing to think about is that your company insurance plan covers you for the time you’re employed there; it does not protect you if you should decide to find employment elsewhere, if the company goes under, or if you’re laid off or fired. Having to start a policy over again can be more costly, and if you decide on term insurance, your cycle will start all over again. Some insurance companies offer a continuation plan in the event you lose your employer sponsored coverage, but those generally come with significantly higher premiums. If you’re working at a company with a strong reputation, and if you plan on sticking with it for a while, this might not be of too much concern. On the other hand, if you don’t like the feeling of being tied down, then getting an individual plan would probably be the best option.

A group life insurance policy is owned by the employer, and therefore, he/she is the only one who can make any changes or additions to the plan. Often times, employers do this without consulting their employees, so if there are certain things that you strongly want or need to stay consistent with your plan, it’s best to own your own policy and have full control over it.

Evaluate Your Needs

After weighing the pros and cons associated with what insurance plan your employer is offering, it’s time to make the decision. Many experts recommend using any free or discounted life insurance policy being offered as a supplement to your own plan, but not as the sole provider. You can never have too much coverage, but you can certainly have too little. It’ s best to work out your individual needs , compare it with what is being offered by the company, and make sure to cover the rest yourself. An individual policy is usually the best choice because it allows for mobility, adequate coverage, and freedom of changing or modifying the policy. After all, it’s best to be the one in control when it comes to matters regarding the future safety of you and your family. Mark Haberfield writes for AAMI life insurance when he’s not spearfishing off the NSW coast.

Life Insurance for Young Adults

December 31, 2012 by Reporter Leave a Comment

Life insurance isn’t something that many young people take into consideration. In fact, most people don’t even think about purchasing life insurance until after they’ve gotten married and had children first. However, being a young, single adult doesn’t mean that it’s not in your best interest to look into life insurance. There are many reasons why it’s a good idea to explore your options at a young age.

Take the Weight off Your Family

Accidents and illness can strike at any moment, and being young doesn’t mean you’re bulletproof. Think about what you’d be leaving behind if something were to happen to you. Chances are you have some sort of debt collected that someone in your family would fall responsible for. Medical and funeral costs aren’t cheap, and many families spend more than they can afford to in order to make sure that their loved ones have a proper ceremony. Life insurance would help make sure that your family doesn’t have to take on any added stress at an already difficult time. If you don’t have much debt or close family, your money could always be left to a favorite charity or cause as well.

Provide for Yourself

Accidents and illness can put a halt on your ability to earn a living. Think about the resources you’d have if there wasn’t a way for you to provide for yourself. Government assistance can be a lengthy process and is rarely abundant, and most families don’t have a plethora of extra cash to fund medical bills as well as lifestyle habits. Income protection insurance can help guarantee your independence if you were suddenly unable to return to work for a long period of time. It can cover up to 75% of your monthly income to ensure that you don’t lose everything you worked hard for.

The Price is Right

When you’re young and healthy, insurance rates are at their lowest. Also, you’ll have had less time to accumulate driving citations and other offenses that might affect the cost of life insurance. Term life insurance is a good choice if you don’t want to pay a lot at once. It typically has lower premiums but only covers you for a set amount of time. Permanent life insurance is more expensive but gives you longer coverage and more benefits. Most insurance companies can change your term life insurance to permanent insurance with a fee, so you can get the fuller coverage when you can afford to pay more.

Experience

It’s beneficial to already have a policy if you do get married and have children. Most people jump into deciding on life insurance with hardly any knowledge on the subject. By starting early, you’ll have a good grasp on what decisions to make when you have more than yourself to look out for. Having life insurance when you’re young can also help guarantee your insurability later on in life.

Unfortunately, tomorrow is not guaranteed. It’s an uncomfortable thing to face, but life insurance really is a selfless decision. It helps to ensure that the people you care about are taken care of and left without any burdens in a tragic time. Many people act as though living to be ninety is set in stone. The reality is that anything can happen in an instant, so it’s important to be ready at a young age. There are many options available and talking with a reliable life insurance agent can help you find the right policy to fit your lifestyle.

Arlene Chandler is a freelance writer who focuses on preparing for the unexpected turns life can take. She currently writes for the Australian life insurance provider http://www.suncorp.com.au/insurance/life-insurance.

What is a “Means Test” and how it affects your health insurance costs

December 21, 2012 by Reporter Leave a Comment

Kevin Murphy is a freelance writer and former insurance industry professional. He spends most of his time in his native Australia, and he writes about Health Insurance for Frank Health Insurance.

The Australian healthcare system changed forever on July 1st, 2012. To many, it was just another July day, but to others it significantly changed the way their health care costs were structured. Among other things, the government passed a law through the Senate that will require Means Testing for many Australian families with private health insurance in order to determine their eligibility for the 30% health care rebate. Along with that, they also reorganized the way that rebates are paid out. They are now in separate tiers that will provide a lower or higher rebate depending on factors like your age and income level.

The day everything changed

Prior to July 1st, 2012, as we all know, there was a rebate of 30% across the board for anyone with private health insurance. This was mercifully uncomplicated and made it so a lot of those families with middle to lower middle class income levels could pay less out of pocket each year for their private health care coverage. The downside was that if you were a family who made $168,001 per year or more, you would have to pay just as much out of pocket for private health insurance as someone who earned millions of dollars a year, making the burden a little bit harder on those on the lower end of the income spectrum. The government wanted to both lighten the load on lower income families and ensure that those who couldn’t afford private health insurance weren’t negatively affected.

Paving a path with good intentions

As with many things that the Australian or any government does, they start out with good intentions. The health care rebate Means Test is meant to help the government be able to more accurately payout health care rebates and prevent overpaying to those who could otherwise afford the treatment they received. The purpose of which was to save the government money and, in turn, put less strain on the already overburdened public health care system. This looks great on the surface, but it could have far-reaching unintended consequences for the entire health care system as it stands.

Is it a fair shake for everybody?

Of course, there are two sides to this coin. Many people feel that putting a higher monetary strain on those with the most money would be an appropriate measure to ensure that those with little to low income have access to affordable, adequate health care. While that looks good on paper, it may do just the opposite, warns Dr. Michael Armitage, Chief Executive Officer of the Australian Health Insurance Association, who predicts that “means-testing the 30 per cent rebate will force people out of the private healthcare sector.”

Dr. Armitage has spoken out against Means Testing since the bill was in its infancy a few years ago. He also warns that “The costs of treating consumers in the public hospital system are expected to rise substantially above what is currently anticipated by the government, with an estimated rise of $3.8 billion over five years, and an estimated 850,000 person increase in public hospital admissions.” If you look at it that way, then the July 1st restructuring could force people out of private health care and back into the public system, clogging an already clogged infrastructure.

Change, good or bad, is happening

While it will be a while before we can truly see the effects of the Means Test on our health care system, we do know that change is in the wind. Whether it’s for better or for worse, only time will tell. Until then, the best advice would be to keep your private health insurance coverage as long as is feasible in order to provide the best possible care for you and your family.

Life Insurance Policies – Ins and outs

August 22, 2012 by Reporter Leave a Comment

With the so many uncertainties in life,Everyone needs to find a way of ensuring that they have their lives well secured. We never know when a tragedy like death or an illness might strike.

Is life insurance cover a necessity ?

When death comes, it might be of a spouse or a father who is the breadwinner of a family and when this happens, it means that the family is left with no one to cater for their basic needs. That is why it is very very important to have a life insurance cover policy that will ensure security for the future.

At the work place, we have employers getting relevant life insurance policies for their employees. They ensure that these policies are well explained before any agreements are made. We have different insurance companies that deal with different insurance services eg cars, businesses, health and many others.

This article will look at life insurance policies. Life insurance policies are simply contracts signed by an individual and an insurer with the individual agreeing to be paying an agreed amount of money to the insurer either annually or at a lump sum. The insurer on the other hand agrees to pay the benefits to the beneficiary just in case the insurer dies or is stricken by a terminal illness and are no longer in their healthy state. The beneficiary is chosen by the insurer, it can either be a spouse, children, brothers or sisters, grandchildren etc.

Employer / Eemployee Life insurance

When an employer decides to offer insurance to his or her employers, they go for the life policies insurance. This is where we have the employer subscribing to an insurance company on their behalf and he pays the premiums to the insurance company. The employer has the money used to pay the premiums deducted from their salaries but these money is not counted or considered to be benefits and these premiums do not determine employers annual allowances.

When an employer decides to go for the life policy, they should have all the relevant life policies well explained to them before going ahead with the venture.

One thing they will need to know is that A Relevant Life Policy will not in any way benefit or profit them just in case their employee dies. Some employers can decide to insure their workers with the misconception that this will in a way bring a personal profit to them. This is however not the case because in the contract, the employee has beneficiaries listed down and so there is no chance of them getting the benefits. Another important thing they should know is that this policy is only available to their employees and cannot be extended to their family members, if they need to insure them, they will need to go for a different life insurance policy. The employer needs to play a role also in ensuring that the scheme succeeds by for example ensuring that the benefited fall into the right hands when death strikes.

They should also provide tax efficient benefits on death to make sure the beneficiaries do not end up paying half of their benefits to the tax collectors. However, there are circumstances where the policies cannot be used. Such are for example when the cause of death is not death or a terminal illness, there can be no benefits e.g. if the beneficiary who is the employee commits suicide, they will not get any benefits. In such a case, the policy is declared null and void Another is when one is not an employee of the insurer or is beyond employment age which is 75years old.

A life policy has benefits to both the employer and the employee e.g. to the employee, it assures them that when they die, their families will not be left to suffer or live in poverty because they are insured. A gain they are guaranteed of having their hospital bills catered for just in case they get some terminal illness. Last but not least, they have the advantage of choosing a beneficiary or beneficiaries of their choice. For The employer one of the most important benefit is that they will pay for the premiums with friendly tax deductions which will guarantee them of not getting losses at the cost of insuring their employees.

After having the Relevant Life Policies Explained. It is upto the employer to go ahead and get their employees insured.

Guest post by youell for relevantlifepolicyinsurance.co.uk

Buddy, Can You Spare a Life Insurance Policy?

July 25, 2012 by Gposter Leave a Comment

Anything at all would really help; maybe a little Hartford? MetLife? or Deloitte? Bless you, kind sir.

Dennis Grayson

Not Enough Life Insurance Agents

We recently reported that the number of agents selling life insurance products is dwindling at an alarming rate. At least some are alarmed by it, most notably those captains in the insurance industry who are certain that American’s don’t have enough life insurance and should have more. (Not Enough Life Insurance Agents?)

Now comes corroborating news that “the prime reason many uninsured individuals don’t have insurance coverage is that no carrier has invited them to purchase their products.” That’s according to a new survey published by Deloitte, LLC, or the subsidiary of Deloitte that is big on insurance and that sort of thing, at any rate. “Even insured individuals who are open to buying additional coverage often say that they have not been solicited by carriers.”*

I would humbly suggest, at the outset of this discussion, that the real reason many uninsured individuals don’t have life insurance coverage is because they simply don’t want it or feel the need for it. As a consequence, they don’t feel even slightly compelled to buy it.

Deloitte study on consumer insurance

The title of the Deloitte study, “The Voice of the Life Insurance Consumer,” is a little troubling in that while consumers may have indeed lent their voices to Deloitte, the company and other captains in the industry may have either been a little tone deaf, or perhaps they only heard what they wanted to hear.

The survey was conducted to provide life insurers with insights into how people perceived the value of life insurance, including where coverage ranked among their other financial priorities, as well how consumers preferred to be reached.

“From our survey it is clear that life insurance is very much on the minds of many consumers,” said Rebecca C. Amoroso, Vice Chairman and U.S. Insurance Leader for Deloitte LLP. (Deloitte was of course the survey’s executive sponsor.)

While there is little data in their study which might actually suggest this, I support Ms. Amoroso’s natural inclination to protect the industry, and her six figured income (I’m only guessing). I would be inclined to replace the word ‘many’ with the word ‘some’.

Guest post by Nicholas for Structured Settlement of www.sellingyourstructuredsettlement.com

Australian Insurance under scrutiny due to floods

January 18, 2011 by Reporter 2 Comments

With massive floods damaging large parts of Queensland and currently in Victoria , the insurance companies are surely going to come under more scrutiny than any other corporate sector due wide damage done to houses and businesses in Australia due to the floods.

The floods will not only leave many of the people with nothing much to hang on too ( specially those who are not covered) , but will also deliver a massive blowout to the insurance companies and their profits as well.

So, Are you covered for floods ? what are the different type of food Insurance covers ?

Irrespective of the damage that has wrecked many households , the insurance companies are here to run a business , and run it profitably, so they are not going to pay out claims if it is not covered out of good generosity. In fact many will be willing to argue that they will not cover floods even if the insurance cover is a sort of a grey area ( like different type of floods Insurance covers).

http://www.facebook.com/pages/Australian-Floods-Disaster-2011

Riverine or inland floods

Consumer group Choice examined 45 insurance policies available nationwide and found only 13 – about 30 per cent – cover riverine or inland floods, or the swelling of river and creek banks, problems commonly seen as rains battered Queensland. Riverine flooding is caused by rivers and creeks swelling “due to long duration rainfall over large catchment area.

What is my flood cover with insurance company ?

Because flood cover is not offered in most house and contents insurance policies, people may find out too late that they are not covered for the losses caused by a flood. Floods occur when rivers; creeks; lakes; dams; reservoirs; and other natural watercourses (even if modified by humans) burst their banks or overflow.

However your policy will probably cover you for stormwater and possibly rainwater damage. Insurance companies generally define these events differently.

Different type of flood covers

storm water damage occurs when the storm makes an opening in the roof or walls and lets water in; and
rain water damage occurs when the rain gets into your building because it cannot drain off the land any other way; and
flood damage occurs when rivers, dams, lakes and natural watercourses (even if they are often dry) overflow.

You should check with your insurance company if you are unsure whether your existing policy covers damage caused by storm and/or flood. Ask them to clearly explain that part of your policy where flood cover, or flood exclusion, is contained. This will allow you to work out whether to change your policy if you need insurance for flood damage.

Of the three types of flooding, the type most commonly covered is flash flooding or storm water flooding, according to the Insurance Council.

It has become common for some insurers to provide cover against ‘ flash flooding’ which is a more popular insurance that the insurance companies have sold recently. This occurs when the damage to your property occurs within 24 hours of the rain that caused the flood. This cover may be optional (you have to pay more, and it may only cover you for a smaller amount eg 20% of the sum insured).

Deciding whether you need flood cover ?

Flooding may occur only rarely, say once ever 50 or 100 years, and reliable facts can be hard to come by. Here are some likely sources of information:

your Council may be able to tell you straight away if you live in a flood prone area. (Even if the Council cannot answer this question directly, Council staff or elected members of the Council may at least be able to tell you if flooding has occurred in the area.);
the local water authority
local newspapers;
local solicitors or conveyancers who handle property matters;
insurance companies who do business in the area;
local insurance brokers; and

Insist on getting the policy in writing before you buy, because you need time to understand and compare the wording of different policies to make sure you get the right protection. Its is best not to buy flood insurance over the phone without reading the policy first.

The Queensland floods may cost insurers and reinsurers worldwide as much as $6 billion in what might be Australia’s costliest disaster in history, Bloomberg has reported and it is still growing.

More information

Technorati Tags: Purchase home flood insurance,Buy insurance,flods,storm floods,Different flood insurance,Best Flood insurance,Full cover flood Insurance,Australia,Auto,CAR,Queensland,Victoria

Insurance

Big four banks to dish out refunds into bank accounts before June end

Drone Insurance Guide: Is It Really Worth the Money?