In order to find the best health insurance cover, you should follow this step-by-step guide.

• Compare Products: Determine what the restrictions are on each different health insurance cover. Some funds restrict the overall cover for extras by combining the maximum limits. For example, a fund may offer $400 worth of physiotherapy and dental in a year rather than $400 for each. This restriction will limit how much money you save.
• Read the Fine Print: Before signing up with any fund, read its brochure and key features guide thoroughly. If there are any entitlements you don’t understand, write to the insurer or call them to get an answer before you join.
• Understand the 30 per cent private health insurance rebate: The Australian government provides a 30 per cent rebate on health insurance cover with higher rebates for older people. Any Australian citizen can claim the private health insurance cover rebate if they are eligible for Medicare and have a complying health insurance cover provider.
  If you receive the rebate, you will get at least 30 cents back for every dollar you spend on private health insurance. For example, if you spend $1000 a year on health insurance cover, you will get at least $300 back.

If you already hold a health insurance policy, you may find that travel health insurance can be added to your existing policy for a reasonable increase in price. Most health insurance providers will offer travel add-ons for those going on short and long-term trips.

If your fund does cover travel health insurance, you would need to get something known as “gap plan”. The gap plan is needed to cover medical expenses incurred during your trip. Regular medical expenses will be covered under your normal health insurance, but the gap plan would cover any extra expenses incurred when overseas.

The best way to obtain affordable travel health insurance is to visit various travel health insurance providers websites and obtain quotes for each of their plans. Once you have found the best quote, simply fill in the application form and pay the premium fee.

Income protection insurance can safeguard against this possibility as the insurance allows us to enjoy a reliable means of financial protection in the event we should fall too sick to work.

Income protection insurance covers those unable to work due to sickness, accident or other disability. Under an income protection insurance policy, most funds will pay at least 60 per cent of your usual salary, although other funds will pay up to 75 per cent.

The waiting period for financial cover from an income protection insurance policy can be anywhere between seven days to 12 months, so always read the fine print when hunting for an income protection insurance policy. Longer waiting periods will be acceptable for those who can continue with part time work or have enough income to sustain themselves temporarily, however waiting for too long can cause further stress for those who need urgent medical and financial assistance.

For example, by the time a woman reaches 40, her chance of being diagnosed with coronary heart disease is one in three, with the chances increasing each year. For a male, the likelihood lifetime chance of one in two begins at age 40.

One way of putting your concerns at rest is to take out a trauma insurance policy as part of your health or life insurance policy. Trauma insurance (more commonly known as critical illness insurance) covers new and advanced medical procedures that have improved survival rates for those who have suffered a serious medical condition, such as a stroke or heart attack.

Trauma insurance can be an important form of coverage to have as a standalone policy or to combine with your existing life insurance policy. If a person suffers medical trauma, an existing life insurance policy won’t provide protection for loved ones as the person is still alive.

Most trauma insurance providers will provide a lump sum payment in the event a policyholder is diagnosed with one of many medical conditions classified as ‘medical trauma’. The payment is lower than that of a life insurance payment as its purpose is to help prevent financial stress during the recuperation period.

Rather than consider the various ‘What if’ scenarios and convince yourself you can sidestep around them, each of these potential dramas can be lessened if you take the time to compare travel insurance companies.

In Australia, we are fortunate to have a number of different providers to compare travel insurance policies. The easiest way to gain information about each individual travel insurance provider is to obtain quotes from their websites. Once you have gathered a number of quotes, compare travel insurance policies based on the different coverage types and how they suit your vacation plans.

If obtaining quotes online is not your preferred method, you can also compare travel insurance policies by calling each individual fund and asking them questions about their products. Make sure you are upfront about all your personal details including any pre-existing medical conditions, any criminal convictions, and whether or not you plan to do any cruising. The more honest you are and more time you put in to compare travel insurance policies, the better coverage you will find.

Tip #1: Workers compensation insurance companies do not pay for employee injuries
Workers compensation insurance providers only finance these acts as a safety net for the medical provider. If you’ve ever had an injured worker, chances are you’ve probably seen your rates go up. You’ll also have to pay the employee’s claim directly out of your own pocket. The other issues that will affect your bottom line include lost productivity and decreased employee morale.

Tip #2: Manage improper claims
Like any business, you can cut costs by managing improper claims. If an injured worker does not receive immediate attention, they will probably continue to injure themselves and this will require you to pay more in the long run. Dragging out cases and fighting them almost always leads to increased costs in the future. Focus on prevention to keep your rates as low as possible.

Tip #3: Beware auditor mistakes
Auditors will come prepared with ways to increase their bottom line, not yours. Mistakes made by auditors will usually end up costing you more. Always check that your classification code is correct and that all independent contractors are not being classified as employees. Simple mistakes like these can be detrimental to your overall profits.

Overseas Single Trip: Comprehensive cover for those interested in a one-time-only trip overseas and is valid for 365 days after purchase. Perfect for infrequent travellers who want extra protection on their holiday.

Domestic Single Trip: Same as Overseas Single Trip, however only covers holidays within the country.

Medical Only Coverage: This coverage is the cheapest as it only covers health-related accidents, medicine and rescue. It does not cover possessions, liability, cancellations and so on. It’s a great budget method for giving travellers peace of mind.

Annual Multi-Trip: This is a discount travel insurance policy that covers travellers on an unlimited number of trips within the coming year, including both overseas and domestic travel. The maximum trip length is 90 days and families are often eligible for discount travel insurance packages.

Backpacker Cover: This type of discount travel insurance focuses on health and wellness for those who will be primarily travelling on foot. It can be extended to cover possessions and cancellations if desired.

The process of searching through different commercial insurance quotes and comparing them can be overwhelming, but it is important for you to undertake this process if you are to find the best commercial insurance.

If you run a business of any sort it is legally required of you to take out commercial insurance including public liability and general liability coverage.

A commercial insurance policy will protect you against claims made by customers or other individuals who come into contact with your business.

One thing to keep in mind with commercial insurance is that your premiums will go up if you have a claim successfully made against you. Normal commercial insurance with general liability cover will insure you against claims for bodily injury, property damage, person injury and advertising injury.

As a business owner, paying for various insurance policies including commercial insurance is part of running a business. With commercial insurance you can have the peace of mind that your business is protected against legitimate and false claims that would otherwise cost you anything from thousands to millions of dollars.

• Some auto insurance providers offer discounts for combined policies (such as when you already have home or contents insurance with the same provider). Consider taking out an auto insurance policy to gain discounts on both.

• Find auto insurance that gives discounts for security features in your car. Some auto insurance providers will allow you to buy auto insurance at a reduced price if your car has an alarm system or some sort of added security features.

• Consider taking a defensive driving course to save money on auto insurance. Some auto insurance providers will reduce your premium and excess if you take a defensive driving course prior to commencing the policy.

• Compare the difference in excess charges between each auto insurance provider. Some auto insurance providers may have an apparently cheap annual premium but a hefty excess price. Others will charge a higher premium but have lower excess. Consider what suits your needs better.

• If you are a safe driver with a good track record, find an auto insurer who rewards your safe driving skills with a ‘no claim bonus’. You can ultimately save on auto insurance but still be covered in the event of an accident.

What is a life insurance policy?

A life insurance policy is the contract between a person and an insurance provider where the insurance company pays out a lump sum to the beneficiaries of the policyholder in the event the policyholder dies. The insurance amount can be paid to the beneficiaries in instalments or as a lump sum.

What are the benefits of a life insurance policy?
The most obvious advantages of a life insurance policy include the following:

• The policy ensures the provision of cash for financial needs, immediately after the death of the insured person
• The policy provides a regular flow of money following the death of the policyholder
• The policy covers costs for the education of dependent children
• The policy can cover mortgage repayments
• The policy covers childcare expenses in the event the primary caretaker dies