Life Insurance - Debunking The Myths

Billy Explores really hates ‘adulting’ sometimes. You know, when you have to worry about things like insurance. It’s one of those horrible things you actually have to decide whether you need it or not. That’s the same with life insurance. Billy hates even thinking about life insurance cover, but the fact that life cover is there to make sure everything will be fine financially in case the unexpected happens, then we’re happy and secure in that fact.

Of course, there is a lot of myths about life insurance, and whether or not Aussies actually need life insurance. You wouldn’t decide to insure your car or house for half the value, would you? Why then do the majority of Australians only have half the required level of life insurance coverage? There are several causes for this, including the perceptions that one has adequate resources, that one doesn’t require insurance, and that insurance is too expensive. You must base your future decisions on facts rather than myths for the sake of both you and your family. In this article, we will respond to some of the myths that surround life insurance, and why life insurance is a good idea.

Of  course, if you want to compare life insurance cover through Billy Explores to see if you can get a better deal on your life cover through our panel of life insurance providers, then all you have to do is click the link below to start your life insurance comparison journey! It’s so easy and it’s free!

Myth 1: My super fund contains more than enough life insurance

Unfortunately this is more than likely not fact. Keep in mind that the automatic amount of coverage offered by your super fund is determined with the consideration of all members, so it is unlikely to be the exact level of coverage you and your family require.

Myth 2: I’ll be covered by Workers’ Compensation So I’ll be fine

This can sometimes be true, but usually not. Only accidents or illnesses that happen during working hours or that are directly related to your employment are covered by workers’ compensation. And even then, not all accidents are covered that happen during working hours (for example, going out to get a bottle of water from your car). The bulk of illnesses and accidents take place away from the place of employment. It is therefore foolish to rely solely on workers’ compensation if you want to safeguard your way of life and that of your family.

Myth 3: If I get sick or hurt, the government will take care of me. I don’t need insurance.

The opposite might be true. Aussies aged 21 and older are eligible for a maximum disability pension from Centrelink, which is $797.90 for individuals and $601.50 for couples every week. The question is would this income be enough to keep your way of life now? Visit www.centrelink.gov.au for additional details about the Disability Support Pension.

Myth 4: Life insurance is way too expensive.

The majority of Australians can afford life insurance, so there is no reason to say ‘I can’t afford life insurance’. Finding out how much insurance you have and figuring out how much is right for you basically boil down to the fact that the majority of working Australians already have some type of insurance in their superannuation. This could imply that you only need to top it off minimally, which could cost as little as the cost of a daily cup of coffee. The best way to compare life insurance is to do it through Billy Explores.

Myth 5: Claims aren’t paid by life insurance providers.

Insurance companies do pay claims. In reality, $7.8 billion is paid out annually by life insurance firms!

Myth 6: Many people either can’t afford life insurance or have to pay higher premiums.

It is a fact that insurers are in the business of making insurance accessible to consumers at reasonable prices. They wouldn’t have a business if they didn’t succeed in doing this. However, this only applies to a small percentage of people. People who have a higher chance of developing a chronic illness or who work in high-risk occupations typically have to pay an additional premium to cover this risk.

Myth 7: Most individuals have adequate insurance.

Fact: Regrettably, this is untrue. According to the most recent studies, families with dependent children’s fundamental needs are only 61% met by the median level of life insurance. Furthermore, the median life cover is just 37% of the level needed to replace the insured’s predicted nett income and maintain current standards of living until the insured would have reached age 65. Many Australians experience unnecessary hardship as a result of this.

Compare Life Insurance Through Billy Explores

So, now we’ve debunked the myths about life insurance, it’s time to start comparing life insurance and making sure we can find the best life insurance policy for your needs through our panel of providers. To get started, all you need to do is click the ‘compare life insurance’ button and start your journey to make sure you’re secure in the fact you’re covered in case the unexpected happens.

Of course, while you’re looking to compare life insurance, why not do a health insurance comparison health check as well? A private health insurance comparison is just as important and just as easy through Billy Explores.

Important Links For Health Insurance Comparison

Insurance Comparison
Compare Health Insurance
Compare Life Insurance
Difference Between Medicare and Private Health Insurance
Compare Private Health Insurance
Compare Health Insurance In Australia