At a Glance
- As an income earner or professional, it is important to consider personal risk insurance at the earliest possible opportunity. This is because the earlier you start, the more options you will have, and the more affordable your coverage will likely be.
- Consider working with a specialist insurance broker and consider purchasing insurance online to find the best options for your needs and budget. Get a personal risk insurance quote now!
So, is there a particular age to start considering and purchasing personal risk insurance? This is a question that many Australians may ask themselves, particularly as they begin to earn an income and establish themselves in their careers. The fact of the matter is that there is no definitive answer to this question. However, the earlier you start considering and purchasing personal risk insurance, such as accidental death insurance, income protection insurance, trauma insurance, and total and permanent disability (TPD) insurance, the sooner you start protecting yourself and your loved ones.
In case of an unforeseen circumstance or situation, such as an accident, illness, or injury, personal risk insurance, such as income protection insurance, provides financial protection. If you are working and have an income, a personal risk insurance plan will help you maintain your income and, therefore, your standard of living if there’s an injury/illness.
Age Considerations
The minimum age for purchasing personal risk insurance in Australia is generally 16 years old. In the capacity of an income earner or professional, you may want to consider personal risk insurance at the earliest possible opportunity. This is because the younger you are, the lower the cost of your coverage. Purchasing personal risk insurance in Australia as soon as you start earning an income gives you peace of mind, as it ensures you remain protected in case of an unforeseen circumstance or situation.
There is no ideal or even ‘right’ time to start thinking about and buying personal risk insurance. Starting earlier is more advantageous.
Working With A Product Specialist
When considering personal risk insurance, it is also important to consider working with a specialist in the personal risk area. A specialist can help you understand the options available. In addition, a specialist insurance broker or advisor can guide you on the fine print and ensure that you are getting the coverage you need at a price you can afford. Furthermore, a specialist insurance broker can help you understand the claims procedure for your personal risk insurance policy. As that happens, you’ll have a better understanding of the documentation that is required to make a claim, how to prepare it, the timeframe for making a claim, as well as the process of assessment and settlement. Additionally, a specialist insurance broker can provide advice and support on how to prevent or mitigate a loss. They can also assist you in navigating the appeals process if a claim is denied.
Online Personal Risk Insurance
In today’s digital age, many people are also buying personal risk insurance online. Depending on the coverage you need, you can easily find and compare different policies and get a quote.
At Aspect Underwriting, you can easily buy accidental death, income protection, trauma, and TPD insurance online. We give you the best options for your needs and budget completely online; no meetings and medical tests are required. Visit our website today and get a free bespoke quote online for personal risk insurance.
Mike Wallis
Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.
