Whenever you encounter an accident, if you have a health insurance then they will take care of your hospital bills. That is the general purpose of insurance. Mainly, insurances are a type of risk management principally comes into use to avoid against the dangers/risk of a client. However, the Australia Insurance market is somewhat well-designed and refined because they are just divided into 3 parts; these are life insurance, health insurance, and general insurance.
Life insurance is a type of insurance wherein it offers financial benefit to the assigned beneficiary; whether it is a family member, a loved one, or anyone picked by the client. An example of a life insurance found in Australia is AMP Limited. Started as a mutual company in 1849, it is now one of the foremost wealth organization industries in Australia. They are serving at least 3.4 million clients and a number of 820,000 shareholders. As of June 2009, they have accumulated an A$104 billion in assets. ING or the International Netherlands Group in Australia has many good services and packages that suit the requirements of different people. They have the inexpensive EasyProtect life insurance by which it covers deaths like illness or injury related. This can be sued to pay off the debt you’ve left behind and provide your family’s cost expenses.
A common insurance in almost all over the world including Australia is health insurance. They are the ones who answer the bills when it comes into medical care such as dental, hospital, and other types of medical categories. They often come with an employment deal. Medibank Private is a leading health insurance company, by which they cover up to thirty-three percent of health insurance market. They offer a range of health cover which suit the need and budget range of a client; the hospital cover which makes you choose your preferred hospital and doctor and how soon you would want to be treated, the extra cover which covers you dental treatments, optical care, and physiotherapy. But there is also a package cover that includes both hospital and extra cover into one package.
Meanwhile, General insurances are those other insurances including the public liability, travel, auto, and businesses. In other countries, these insurances are not categorized into general insurance, they would have different classes. Where as in Australia, they are simplified and classified into the General Insurance category. It is also divided into two classes: liability insurance which is mainly consisted of motor insurance, business insurance, worker’s compensation, and etc. The other Property insurance which consists of house/home contents, traveling, and motor vehicles. An example of a General Australian Insurance provider is the Allianz Australia. They are 4th largest general insurers in the continent; they hold 2 million policyholders and have an investment asset of roughly 4.6 billion dollars. They also have various secondary brands including Club Marine which is one of the foremost in pleasure craft insurance, the Allianz life wherein they support the client by offering them life insurance products to present good lifestyle needs.