insurance

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Understanding Insurance: Important Words You Need to Know

Introduction to Understanding Insurance: Insurance Definition

Your first step toward understanding insurance is to know what the word means. Insurance is an agreement that you put money towards every month.That way, if there’s an emergency, then your insurance can help you cover the cost. So insurance is like a special type of savings. But you can only get the money if you need it.

Understanding Insurance Language

A very important part of understanding insurance is the words companies use. You need to understand them so that you can compare different insurance plans.

  • Claim – a request asking your provider to pay for expenses after something happens.
  • Co-insurance – the part of the expenses that you pay. For example, your insurance pays 80%, but you have to pay the other 20%.
  • Co-payment – the fixed amount of fees that you pay for an expense that’s covered by your insurance.
  • Deductible – the amount of money you need to pay before insurance will pay any claim. After you pay this amount, insurance will help you with expenses. But this is only for a certain period of time. You need to pay deductibles every year.
  • Liability – your insurance pays liability if you’re responsible for someone else’s damages. This can also include injuries. For example, if you cause an accident, you pay the liability.
  • Limit – the most money your insurance company will pay over a certain period of time. After you reach this limit, you have to pay for everything again. But there are also two types of limit. A total limit is for the policy period. For example, your health insurance will only pay $50,000 a year. You also have a per-claim limit. In other words, how much money your insurance will pay for one claim.
  • Out-of-pocket expenses – expenses that you pay for yourself. These include your co-payments and deductibles.
  • Out-of-pocket max limit – you are only expected to pay this much for expenses. After you reach this limit, your insurance has to pay 100%. But they’ll only pay 100% until you reach your total limit.
  • Premium – the amount of money that you have to pay every month for insurance.

What Type of Insurance Should I Have?

There are many different types of insurance available. You should have at least four:

  1. Auto insurance
  2. Health insurance
  3. Personal liability insurance
  4. Property insurance

Understanding Insurance: Conclusion

Now you know the different terms that are important for understanding insurance. You also know which types of insurance everyone needs to have. But it’s also very important that you have the right risk protection. As time goes by, you should ask an insurance agent to help you review your insurance policies. They’ll help you make sure that you aren’t wasting money on any insurance that you don’t actually need.

How to Get Southern Cross Insurance for Travel in 2019

Every year, many people travel for pleasure or business. Only in 2017, the outbound trips by Australians were 9,118,000. According to the Australian Tourism Statistics 2019, 5,115,000 people went for international trips for holiday in 2017. Southern Cross Insurance is a premium brand in Australia for providing travel insurance.

The winner of so many awards in the travel insurance sector, Southern Cross is providing travel insurance for many years. The company has won the MOZO exceptional Travel comprehensive award. It has also won the Mozo Exceptional Value Cruise Award 2018. Southern Cross is the winner of the Product Review Travel Insurance Award 2017. Finder.com.au has also kept the company in the finalist of 2017 Best Travel Insurance comprehensive.

Why Do You Need Travel Insurance?

Insurance whether for life, motor, travel or any other, is a protection against the monetary loss during any misshapen. We live in a world of uncertainty where anything can happen the next second.

During travel to an unknown town, travel insurance is always handy. In any loss or damage, accident or death, an emotional loss is hard to cover. But, the financial loss is also significant. Imagine you have to bear both the emotional loss and financial loss simultaneously in an unknown destination. How will you manage when everyone is a stranger?

Travel insurance helps you to get the financial help immediately when you are in dire need. It saves you from the burden of arranging finances when you are already going through the bad phase.

Types of Insurance Southern Cross Insurance Offer:

Southern Cross Insurance offers International travel covers under the comprehensive Travel Care Insurance. Some of the salient features are:

  • The company covers unlimited medical and evacuation expenses if there is an unexpected event during the journey.
  • The company also allows travelers to increase the cover based on the cost of the journey.
  • The travelers also get the cover against the damaged or lost baggage.
  • If someone steals or damages the personal item, Southern Cross also covers the loss.
  • In case of an accident, the company also cover the rental car excess
  • The travelers get emergency dental treatment
  • In the case of a mishap, the company also covers the funeral costs.
  • The company covers the journey up to 12 months for multiple destinations. For that, Southern Cross offers Annual multi-trip policies.

What Else Does the Southern Cross Insurance Cover?

  • The company also covers the loss of travel documents. If you have lost or damaged your passport or travel documents, the company offers claims up to $1000 per person. It will cover a maximum of $2000 per family.
  • In the case of an overseas accident that results in death within 90 days of a journey, the company pays $25,000 per person. The maximum limit is $50,000 per family between the ages of 16-80 years.
  • It also covers the permanent and irreversible disability causing inability to work after the journey.

The optional cover:

  • Moped and Motorbike Cover
  • Skiing and snowboarding

What Facilities Does the Southern Cross Insurance Provide for Senior Citizens?

Southern Cross Insurance

For old travelers, finding the right travel policy is a headache. They have to face many hazards like age-limits, pre-existing conditions, additional premiums, and cover restrictions.

Here, Southern Cross insurance is a big relief to the old age travelers. It provides all the travel insurance facilities to the old people as for the general people. Of course, the pre-existing conditions applied to elderly people. They have to submit the required medical certificate and pay the extra cost in terms of excess premium to get the cover.

Can Pregnant Women Get the Insurance Cover?

Many insurance companies hesitate to provide travel insurance to a pregnant woman. The health hazard, the risk of miscarriage or death and other complications restricts insurance companies to cover pregnancy.

Thankfully, Southern Cross Insurance covers pregnant women for some extents. They cover the cost or losses relating to the pregnancy only up to the 20th week. Of course, pregnant women must have any complications before the start date of the insurance cover.

TravelCare cover for pregnant women is only limited to medical complications. The company also covers single and multiple-fetus pregnancy. Even if you conceived through fertility treatment, the company covers you.

Apparently, the company covers both old age travelers and pregnant women under the TravelCare cover. This includes the benefits of comprehensive covers.

What Are the Documents You Need?

Documentation is an integral part of any insurance. In the lack of documents, getting travel insurance is almost impossible. The documents requirement depends upon the individual insurance companies. However, some general documents that every travel insurance companies demand are:

  • Your identity proof
  • Your permanent address proof
  • The passport
  • Medical certificate
  • Doctor’s permission if you have a chronic disease, you are an old age person or you are pregnant.
  • The duration of the trip
  • Bank details for the premium

Things Needed to Check Before Buying Travel Insurance:

When you are buying travel insurance, it is important to check certain things. Here, I have listed some essential checklist before finalizing a travel insurance company:

  • You must read carefully the included benefits for getting the policy.
  • It is much important to read carefully what the insurance companies are excluding.
  • Compare the included and excluded with your travel needs. Also, compare this with the other travel insurance providers.
  • What is the mode of contacting travel insurance while you are overseas?
  • The documents and paperwork needed
  • The total cost of the premium along with an excess cover
  • The credit limit for claims for individual and family

Conclusion:

Getting travel insurance is tricky. However, several companies provide insurance for travelers; you need to choose carefully the best one. The Southern Cross Insurance can be a choice because of its good reviews. But, do not get bewitched by the brand. Every traveler has some specific needs. Choose the travel policy after comparing and reading carefully. After all, it is all about a pleasurable trip and you cannot risk it.

Top 4 Best Alternatives of Hollard Insurance in Australia in 2019

Insurance is now a part of basic life for people. At every crucial point of life, insurance helps people to get monetary relief. Hollard Insurance is one such name in Australia that provides an array of insurances. The company is providing home, pet, travel, car, and bicycle insurances in Australia.

What is Hollard Insurance – an Introduction

Established in 1980, Hollard Insurance is a South Africa based company. Currently, the company is providing insurance services in many countries. These countries include South Africa, Australia, China, India, Pakistan, Namibia, Botswana, and Mozambique.

But, are there other companies also that provide the same services in Australia? So, here we have come up with a list of the top 4 best alternatives of Hollard Insurance. Let’s check them out below:

1. Suncorp Group – One of the Best Alternatives of Hollard Insurance

Suncorp is one of the biggest banking and financial corporate in Australia. It owns almost 27% insurance market cover. The company is active since 1902 and currently, it is one of the top20 ASX-listed companies. Thus, it is one of the top competitors of Hollard Insurance in Australia.

Kinds of Insurance by Suncorp Group:

Suncorp Group is offering insurance for Home, Car, Third Party, Life, Health, and Travel. Some other insurances they are providing are Landlord, Motorcycle, Caravan, Motorhome, Boat, etc.

Features of Suncorp Group:

  • The company has won the MOZO Experts Choice 2018 Insurance of the year award.
  • The company offers a 15% discount on many policies. When the customers buy three or more eligible policies, the discount is applicable.
  • Additionally, it offers a discount of $100 when the customer buys a policy online.
  • Also, the company has been providing insurance for more than 90 years in Australia.

2. Insurance Australia Group – Another Best Alternative of Hollard Insurance

Hollard Insurance

IAG (Insurance Australia Group) also has a great market share in the insurance sector in Australia. With 29% of the total market share, the company is leading in general insurance. After the demutualization of the NRMA (National Roads and Motorists Association), IAG came into existence in 2002. Furthermore, it is giving a tough competition to Hollard Insurance in Australia.

Kinds of Insurance by AIG:

Currently, the company is providing insurance in sectors like Bicycle, Comprehensive Motor, Commercial & Motor Fleet, Construction & Engineering, Consumer Credit, CTP, Directors and Officers, Extended Warranty, Farm, Crop and Livestock, Home and Contents, Income Protection, Marine, Niche Insurance, Professional Indemnity, Public and Product Liability, Security, and Worker’s Compensation.

Features of AIG Group:

  • IAG drives some of the big names of Australia’s general insurance. NRMA Insurance, CGU, Swann Insurance, Lumley Insurance, SGIO, WFI, and SGIC are a few of them.
  • In 2019, NRMA won APAC Adobe Award for the data-driven marketing application.
  • In 2018, NRMA won the Australian Insurance Industry Awards for Direct General Insurance Company of the Year.
  • Also, in 2018, SGIC won the Canstar awards for the Outstanding Value Car Insurance.
  • The company and its peers have also won many awards in previous years for excellence in the Insurance industry.
  • Additionally, IAG has made its presence in countries like New Zealand, Thailand, Malaysia, India, Vietnam, and Indonesia.

3. QBE Insurance

QBE (QBE Insurance Group limited) is number third with a 10% market share in general insurance in Australia. However, the company is Australia’s largest global insurer. Currently, the company is working in 31 countries. Established in October 1886, it is among the top 20 global insurers of the world. Of course, it is a good alternative to Hollard Insurance in Australia.

Kinds of Insurance by QBE:

The company is offering insurance services in sectors like Accidents and Health, Aviation, Builders warranty, Public Liability, Commercial Motor, Commercial Packages, Construction & Engineering, CTP business, Farm, Marine, Multinational, Professional Liability, Property, Surety, Trade Credit, and Workers Compensation.

Features of QBE Insurance:

  • QBE is famous for online easy claims.
  • It is the winner of Canstar Outstanding Value Car Insurance for 2013, 2015, and 2016.
  • It has also won the Canstar Innovation Excellence Award in 2014.
  • Also, QBE was the winner of the Australian HR Award for the Employer of Choice.
  • QBE is operating in more than 30 countries in the world.
  • Above all, it offers insurance in almost every category.

4. Allianz

Allianz is a Germany based multinational financial service providers. In Australia, the company is working as an insurance arm since 1914. However, the company has started many insurance operations in Australia since July 2000. For the reason that it has more than 3 million customers, it is also a tight competitor of Hollard Insurance.

Kinds of Insurance by Allianz:

Allianz is providing insurance for Car, Home, Boat, Life, Travel, Landlord, Public Liability, Small Business, Workers Compensation, Commercial & Corporate, and Farm.

Features of Allianz Insurance:

  • The company operates through Australia and New Zealand.
  • Furthermore, it is Australia’s 4th largest general insurers.
  • It provides Worker’s Compensation Cover for around every 1 in 5 Australian employees.
  • The customers can claim the cover through phone and online.
  • Additionally, Allianz covers 50% of the top BRW-listed companies.

Conclusion:

Hollard Insurance has a great impact on Australia’s insurance business. But, it is not the only fish in the pond. Several other insurance companies are providing approximately the same services in Australia. A well-researched person always gets the best. So, next time when you plan to buy any insurance policy, do not forget to compare the insurance companies.