UNDERSTANDING INSURANCE AND RISK
Insurance plays a significant role in our lives. We all need to think about our financial and life circumstances and how we can reduce the risk of financial loss so we can better protect our families, loved ones, assets, lifestyles and life goals.
Insurance provides you with protection – for your home, your car, your health, your income or your life. But how do you know what kind of insurance you need or how much insurance cover is enough?
No matter what your stage of life, this booklet can help you better understand insurance. It provides you with an overview of insurance in Australia – including how insurance works, the types of products and the differences and the risks of underinsurance.
This website also includes tips to help you find the insurance product that best suits your needs as well as some important information on comparing insurance and understanding insurance contracts.
Insurance can be difficult to understand because of the terminology. If there is a word you don’t understand – check out the glossary.
HOW WOULD YOU ANSWER THESE QUESTIONS? |
- What would happen if you injured yourself and were unable to work for a long period of time – how would you continue to pay your bills, including essentials such as food, mortgage or rent, schooling costs for your children and so on?
- What if you lost your entire home and all your belongings in a fire – could you afford to rebuild or replace all your personal belongings?
- Do you have adequate health insurance to cover you for emergencies and other health related issues that are not covered by Medicare?
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