Death and disability insurance
by Peter Lavelle
Death and disability insurance in Australia - is it worth it? What are the benefits?
Published 08/05/2003
[Image source: iStockphoto]
Term (Life) Insurance
Income Protection (Disability) Insurance
Trauma Insurance
Where do I get it?
More info
An illness can cost far more in monetary terms than just the value of the medical bills or health insurance premiums you pay. The disruption to your income stream can wreak havoc with your lifestyle (and/or that of your dependants), especially if the illness is prolonged or (yikes!) terminal.
Wherever there's a financial risk, the insurance industry is sure to be there with a product to cover you. And death and disability is no exception.
There are several different types of policy in the insurance marketplace, designed to maintain your financial security, and/or that of your family or other dependants.
You can get these policies directly from a life insurer – all the major general and life insurers offer them. Or you can use an intermediary, like a broker or an agent. They come as a stand-alone product, or several products bundled together.
Some policies are available via your superannuation fund – and usually at a very competitive price. But the amount of cover may be limited, so you may need to take out additional cover.
If you don't have dependants, or you wouldn't suffer financially from a disabling condition, then these policies probably aren't for you. Feel free to click your back button of your browser and visit another part of the site.
But if you do have dependants – and the consequences of your death and/or disability have been preying on your mind – then read on (we promise to keep it snappy).
Top
Term (Life) Insurance
This is a lump-sum payment in the event of your death, paid out to your nominated beneficiary. The payout can be used for any purpose – to pay off debts, or invested to generate an income stream for surviving family.
Premiums vary depending on age, sex, whether you smoke and your occupation – higher-risk occupations such as blue-collar manual work attract a higher premium than white-collar professional work.
Most policies will require you to have a medical examination and possibly blood tests. If you have a pre-existing medical condition you may have to pay an additional premium. Some policies won't pay out if death is from suicide.
Some financial institutions offer policies called accidental death cover, which covers you in the event of death from accidental injury. As only a small percentage of deaths are from accidents, these aren't really worth the money.
Our verdict – term (life) insurance is a must for anyone with dependants.
Top
Income Protection (Disability) Insurance
Life insurance industry statistics tell us that at the age of 35 you are 10 times more likely to be disabled from an illness or injury than you are to die from it.
How will you pay the bills? The mortgage repayments? School fees, etc etc?
You may get a limited amount of sick pay from your employer if you're salaried, but it won't last long. There's always workers' compensation, but that only covers you for work-related injuries – a small percentage of causes of disability.
But if you have an income protection policy it will pay up to 75 per cent of all income (salary/wages plus super plus any other benefits) allowing you to maintain your lifestyle pretty much intact, and to keep paying off the home mortgage and any other loans you may have.
The actual monthly income you are paid from the policy can be agreed on when you take the policy out (a so-called 'agreed value per month' policy). Or it can be calculated according to the income you're earning at the time when you make the claim. These so-called 'indemnity policies' are cheaper, but riskier – if your income has fallen at the time you make a claim, you risk a much lower payout.
Income protection polices aren't quite as cheap as term/life policies. The cost as a rule-of-thumb is two per cent of annual salary. But that buys you a lot of cover.
Just like term cover, premiums are higher the older you get, if you smoke, if you're male and if you are in a risky occupation. There is usually a waiting period between claiming and getting your first payment – the longer the 'no claim' period, the cheaper the premium. The premiums are tax deductible, but the income stream paid out by the policy is taxed.
A word of warning about these policies – there is a lot of variation from policy to policy and the devil is in the detail.
Look carefully at the definition of disability. Some define you as disabled if you're unable to do the sort of work that you normally do. Others define it as being unable to do ANY sort of work. With the latter type of policy,
Some policies are guaranteed renewable. Others don't automatically renew, but will only renew at the insurer's discretion. If you develop a condition that could lead to a later claim the insurer may choose not to renew the policy.
Our verdict – recommended for those with financial liabilities and dependants.
Top
Trauma Insurance
Otherwise known as 'crisis' or 'vital' cover, trauma insurance pays out a lump sum on the diagnosis of a range of about 30 nominated life-threatening conditions – like cancer, heart attack, stroke, heart bypass surgery, paralysis, and head trauma (but not for accidental death from injury). It's often bundled with term/life cover.
Trauma insurance is designed to pay the inevitable medical bills associated with a major illness, or fund a holiday, pay out a home mortgage, or allow the injured person to work part-time until retirement.
Things to watch out for: some policies have a narrow definition of what constitutes suffering from a particular condition. It may not be enough to have signs and symptoms of a heart attack – you may have to have certain changes in an electrocardiogram test, for example. The policy that covers the greatest range of conditions isn't necessarily the best.
Our verdict – optional.
Top
Where do I get it?
You can buy any or all of these insurance policies direct from the insurer or through an intermediary such as a broker or agent, who will advise you on which combination of policies and products are best suited to your needs.
Brokers are preferable to agents, as they are independent and have access to a greater range of products – insurance agents only deal with products from a limited range of insurers. Brokers charge a commission but they generally negotiate discounts from insurance companies, so in the end it costs no more to go through a broker than it is to buy direct from the insurer.
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Bextra lawyers are ready to help. If you can establish that you have been injured as a result of using Bextra, you may have the right to monetary damages including reimbursement for medical expenses, any loss of income, pain and suffering, and even punitive damages if special circumstances can be proven. Do you have a case? No matter what state you live in, click on a panel from the left or right side of this page. Pharmaceutical litigation (defect drug litigation) is governed by federal laws, so no matter where you live any of these featured LawInfo Qualified lead counsel Bextra attorneys can help you with your claim.
Did you know?
Two recent small studies run by Pfizer (the manufacturer of Bextra) have shown that heart bypass surgery patients taking Bextra (valdecoxib), an anti-inflammatory that serves a similar function as the recently withdrawn drug Vioxx, had a higher risk of stroke and heart attack. Recent evidence suggests that Bextra increased the risk of stroke and heart attack when it was given to very high-risk patients who had undergone coronary bypass surgery. Bextra is also being linked to Stevens Johnson Syndrome, a rare inflammatory skin disorder that can be life-threatening - up to 27 percent of those affected incur long term eye damage or vision loss, and up to 15 percent die.
Bextra has only been studied in arthritis patients for up to a year. Doctors said it is too early to quantify the potential risk of Bextra or of Pfizer's other COX-2 inhibitor Celebrex as neither have tested for long enough. Pfizer said it is conducting longer term trials in arthritis patients. Serious safety concerns about the entire class of COX-2 inhibitors, including Bextra, have been raised due to the recent Vioxx recall.
Have you been taking Bextra? If so, you may have a claim for a lawsuit. Contact a Bextra attorney in your area now!
Additonal Bextra Information
If you'd like more information regarding Bextra, including clinical studies and Food and Drug Administration (FDA) resources, please see the following Bextra links:
Bextra Heart Attack
Bextra Side Effects
Bextra Class Action
Bextra Lawsuit
Lawyers Ready to Take Your Bextra Case
On this site, you will find law firms staffed with qualified and experienced Bextra attorneys who specialize in cases such as these. These bextra lawyers are Lead Counsel members, which means, among other things, that they have been practicing for several years, dedicate themselves to this type of legal issue, and are in good standing with their local bar associations.
Plaintiffs in cases such as these typically seek to recover damages for medical costs, lost wages and pain and suffering. Click through on any of the firms listed on both sides of this page, and feel free to ask questions regarding your particular situation. The Bextra lawyers featured here will handle your inquiry quickly and responsibly. If the attorney feels that further discussion and investigation is warranted, he or she will guide you through the process and provide you with quality representation when necessary.
If you have suffered a personal injury as a result of taking the drug Bextra, now is the time to assert your rights. Contact one of our experienced Bextra lawyers now to file your claim.
Welcome To The Mesothelioma Center
Asbestos.com is committed to providing the latest, up-to-date information to our visitors in the hopes of spreading awareness about the dangers of asbestos cancer (mesothelioma). Our goal is to offer a one-stop resource on all asbestos and mesothelioma-related issues ranging from occupational exposure to treatment options.
With over 3,500 pages of content, our mission is to do whatever we can to help promote asbestos and mesothelioma awareness.
Mesothelioma & Suggested Steps Following Diagnosis
Exposure to asbestos has proven to result in a wide range of health conditions, including mesothelioma, a deadly cancer that attacks the lining of the lungs, heart or abdomen. This rare form of cancer is almost exclusively caused by asbestos exposure.
A range of tests are used to diagnose mesothelioma, such as imaging scans & biopsies.
Mesothelioma Topics
Mesothelioma Overview
Mesothelioma Types
Mesothelioma Diagnosis
Pleural Mesothelioma
Mesothelioma Symptoms
Pericardial Mesothelioma
Mesothelioma Life Expectancy
Peritoneal Mesothelioma
Due to a long latency period, mesothelioma symptoms (shortness of breath, severe cough, chest pain) may not appear for 20 or more years. For this reason, mesothelioma is often diagnosed in later stages of development, which severely complicates treatment and chances of survival.
To learn more about this elusive and often puzzling disease, please review our extensive resources, featuring information on mesothelioma causes, symptoms, diagnosis and more.
Mesothelioma Treatments
We've compiled the most comprehensive and updated information on mesothelioma treatments, including traditional and unconventional treatments, other therapies, and the latest in clinical trials and mesothelioma research.
Radiation & chemotherapy are common mesothelioma treatment options.
Treatment-Related Topics
Treatment Overview
Treatment Centers
Top Doctors
Surgery
Clinical Trials
Chemotherapy
Highlighting topics such as top doctors, associated tests, and cancer centers, our treatment section offers the most helpful information available to mesothelioma victims.
Recent clinical studies have found that caffeine may prove to be beneficial in mesothelioma treatment and that the efficacy of current chemotherapy options is not as effective as once presumed. Make sure to check back frequently for current research and advancements in mesothelioma treatments.
Mesothelioma Cancer and Asbestos Exposure Among Veterans
From the 1930s through the 1970s, the U.S. Navy used hundreds of asbestos-contaminated products in all of its vessels, which led to hazardous asbestos exposure among thousands of veterans.
Millions of veterans have been exposed to asbestos while serving the country.
Veterans & Mesothelioma Topics
Veterans Overview
Shipyard Exposure
Navy Veterans
Navy Ships
VA Claims
Many veterans who worked in shipyards and aboard warships and submarines were heavily exposed to asbestos through standard operations.
As a result, more than 30 percent of mesothelioma victims are veterans. In addition to mesothelioma, Navy veterans account for 16 percent of asbestos-related lung cancer. To learn more about when, where, and how veterans were exposed, visit our informative veterans and mesothelioma section.
To enhance our resources for veterans, we have recently added a comprehensive index of Navy ships that have a history of asbestos contamination. In addition, the Mesothelioma Center now offers free assistance to veterans with VA claims, which can often be a complicated and exhausting process.
Asbestos-Related Cancer Resources
For many decades asbestos exposure has been known to cause asbestosis, lung cancer, and mesothelioma cancer. However, a battery of scientific studies linking asbestos to an assortment of other cancers and illnesses has failed to be addressed within the community of asbestos awareness.
A number of various cancers have been linked to asbestos, including gastrointestinal and colon cancer.
Cancer-Related Topics
Cancer Overview
Cancer Centers
Lung Cancer
Nutrition & Cancer
Cancer Facts
Through extensive research efforts, the Mesothelioma Center has gathered comprehensive information from a multitude of clinical studies that have observed a link between asbestos exposure and a range of serious diseases.
Please take a moment to visit our new asbestos cancer section, featuring scientific and clinically based information on a variety of cancers and diseases that may share a causal relationship with asbestos exposure.
Hazardous Jobsites: Mesothelioma and Asbestos Exposure
Despite growing numbers of asbestos-related illness among those who have never worked with asbestos, the majority of people diagnosed with an asbestos-induced disease received exposure in an occupational setting. This is largely due to the likelihood of repeated exposures, as well as elevated levels of exposure, that occur throughout a range of occupations, industries, and jobsites.
Numerous occupations, ranging from electricians to firefighters, share a history of asbestos exposure.
Asbestos Exposure Topics
Asbestos Exposure
Occupations
Metal Works
Asbestos Products
Power Plants
State Index
Some jobsites are widely known to be occupational sources of asbestos exposure, such as asbestos mines, processing plants, and manufacturing plants where asbestos products are produced. But a variety of other jobsites, ranging from shipyards to chemical and power plants to oil refineries, also bear a history of asbestos exposure.
If you think you've been exposed to asbestos and have developed mesothelioma you can visit our mesothelioma lawyer section for more information on how you can receive compensation.
Asbestos.com is committed to providing the latest, up-to-date information to our visitors in the hopes of spreading awareness about the dangers of asbestos cancer (mesothelioma). Our goal is to offer a one-stop resource on all asbestos and mesothelioma-related issues ranging from occupational exposure to treatment options.
With over 3,500 pages of content, our mission is to do whatever we can to help promote asbestos and mesothelioma awareness.
Mesothelioma & Suggested Steps Following Diagnosis
Exposure to asbestos has proven to result in a wide range of health conditions, including mesothelioma, a deadly cancer that attacks the lining of the lungs, heart or abdomen. This rare form of cancer is almost exclusively caused by asbestos exposure.
A range of tests are used to diagnose mesothelioma, such as imaging scans & biopsies.
Mesothelioma Topics
Mesothelioma Overview
Mesothelioma Types
Mesothelioma Diagnosis
Pleural Mesothelioma
Mesothelioma Symptoms
Pericardial Mesothelioma
Mesothelioma Life Expectancy
Peritoneal Mesothelioma
Due to a long latency period, mesothelioma symptoms (shortness of breath, severe cough, chest pain) may not appear for 20 or more years. For this reason, mesothelioma is often diagnosed in later stages of development, which severely complicates treatment and chances of survival.
To learn more about this elusive and often puzzling disease, please review our extensive resources, featuring information on mesothelioma causes, symptoms, diagnosis and more.
Mesothelioma Treatments
We've compiled the most comprehensive and updated information on mesothelioma treatments, including traditional and unconventional treatments, other therapies, and the latest in clinical trials and mesothelioma research.
Radiation & chemotherapy are common mesothelioma treatment options.
Treatment-Related Topics
Treatment Overview
Treatment Centers
Top Doctors
Surgery
Clinical Trials
Chemotherapy
Highlighting topics such as top doctors, associated tests, and cancer centers, our treatment section offers the most helpful information available to mesothelioma victims.
Recent clinical studies have found that caffeine may prove to be beneficial in mesothelioma treatment and that the efficacy of current chemotherapy options is not as effective as once presumed. Make sure to check back frequently for current research and advancements in mesothelioma treatments.
Mesothelioma Cancer and Asbestos Exposure Among Veterans
From the 1930s through the 1970s, the U.S. Navy used hundreds of asbestos-contaminated products in all of its vessels, which led to hazardous asbestos exposure among thousands of veterans.
Millions of veterans have been exposed to asbestos while serving the country.
Veterans & Mesothelioma Topics
Veterans Overview
Shipyard Exposure
Navy Veterans
Navy Ships
VA Claims
Many veterans who worked in shipyards and aboard warships and submarines were heavily exposed to asbestos through standard operations.
As a result, more than 30 percent of mesothelioma victims are veterans. In addition to mesothelioma, Navy veterans account for 16 percent of asbestos-related lung cancer. To learn more about when, where, and how veterans were exposed, visit our informative veterans and mesothelioma section.
To enhance our resources for veterans, we have recently added a comprehensive index of Navy ships that have a history of asbestos contamination. In addition, the Mesothelioma Center now offers free assistance to veterans with VA claims, which can often be a complicated and exhausting process.
Asbestos-Related Cancer Resources
For many decades asbestos exposure has been known to cause asbestosis, lung cancer, and mesothelioma cancer. However, a battery of scientific studies linking asbestos to an assortment of other cancers and illnesses has failed to be addressed within the community of asbestos awareness.
A number of various cancers have been linked to asbestos, including gastrointestinal and colon cancer.
Cancer-Related Topics
Cancer Overview
Cancer Centers
Lung Cancer
Nutrition & Cancer
Cancer Facts
Through extensive research efforts, the Mesothelioma Center has gathered comprehensive information from a multitude of clinical studies that have observed a link between asbestos exposure and a range of serious diseases.
Please take a moment to visit our new asbestos cancer section, featuring scientific and clinically based information on a variety of cancers and diseases that may share a causal relationship with asbestos exposure.
Hazardous Jobsites: Mesothelioma and Asbestos Exposure
Despite growing numbers of asbestos-related illness among those who have never worked with asbestos, the majority of people diagnosed with an asbestos-induced disease received exposure in an occupational setting. This is largely due to the likelihood of repeated exposures, as well as elevated levels of exposure, that occur throughout a range of occupations, industries, and jobsites.
Numerous occupations, ranging from electricians to firefighters, share a history of asbestos exposure.
Asbestos Exposure Topics
Asbestos Exposure
Occupations
Metal Works
Asbestos Products
Power Plants
State Index
Some jobsites are widely known to be occupational sources of asbestos exposure, such as asbestos mines, processing plants, and manufacturing plants where asbestos products are produced. But a variety of other jobsites, ranging from shipyards to chemical and power plants to oil refineries, also bear a history of asbestos exposure.
If you think you've been exposed to asbestos and have developed mesothelioma you can visit our mesothelioma lawyer section for more information on how you can receive compensation.
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