Your Finance Story

Life insurance advertisements are becoming very popular now in Australian television. I just noticed that it started last year when several advertisements on television are promoting different life insurance companies. Commercial advertisements on life insurance have never been that rampant before.

The fact is life insurance is important in a sense that families of those who suddenly passed away leaving their families unprepared for the future can claim all the benefits a life insurance policy can offer.

In my husband's family, they do not have life insurance policies. Although, all of them have health insurance, car insurance, home insurance, and other kinds of insurance, they never had life insurance policies. Come to think of it, I got an idea that my in-laws, are not interested in life insurance policies because they do not want to entertain the thought of leaving their loved ones behind. They are all happy and optimistic people. Modesty aside, they are also well-off families that they can afford different insurance policies. They are not afraid of the future. They are financially established. In my opinion and observation, life insurance appeals more to families who are not sure of their financial future. That makes sense to me now why life insurance policies do not appeal to some people like my in-laws.

It is a different story though with my family back home. My parents and siblings' families do not also have life insurance coverage because of the limited money every month that they cannot afford to pay monthly bills for the terms.

Insurance companies in Australia have been blooming for the last two years. The competition among life insurance companies is really challenging for them as business people. It is very noticeable as well that these insurance companies have less stricter documentary requirements, that people can even just apply online or over the phone. They even say that they assure acceptance of life insurance application for applicants who are 55 years or above and 18 years or below.

In my home country Philippines, insurance companies have already lost their brilliance. It was almost a decade ago when several insurance companies were forced to close due to several pending litigations in court related to their contracts with customers. The global economic recession also has a very huge effect on the popularity of insurance companies. People nowadays are living frugally that monthly insurance fees are already considered out of the budget. There is a general belief in my country that insurance policies are only for the rich and not for the poor. Sad, isn't it?