It was recognised for offering affordable premiums across a range of insurance products.

See the full list of winners in the Money Consumer Finance Awards 2026.

Budget Direct at a glance

• Winner: Insurer of the Year
• Why they won: Affordable premiums across a range of insurance products
• Top products: Car and Home and Contents cover

A simple insurance proposition

Jonathan Kerr, chief growth officer of Auto & General (which owns the Budget Direct brand), says, "At Budget Direct we focus on a simple, yet compelling insurance proposition; great cover, great customer service for a great price. That's what most Australians want."

Keeping premiums affordable

How does Budget Direct keep premiums affordable?

Kerr explains, "Competitive premiums are a key pillar of our business. We leverage advanced technology and underwriting practices to minimise overheads and manage risk effectively, as well as having a great blend of AI-enhanced, people-powered systems that make claims faster and easier.

"This operational excellence allows us to pass significant savings directly onto our customers, ensuring they receive exceptional cover and service without compromising on affordability."

More than competitive pricing

Competitive premiums aren't the only thing Budget Direct offers.

"We stand by our proposition of award-winning insurance with an outstanding customer experience," adds Kerr.

"This includes a streamlined, efficient claims process, user-friendly digital tools for managing policies and flexible cover options that meet customer needs and provide peace of mind.

"We consistently deliver this exceptional value, backed by dependable service. Proof of the proposition is that we paid out well over $1.5 billion in claims in the past 12 months," says Kerr.

Cornerstone products

"While we pride ourselves on delivering outstanding value across our portfolio, we have engineered our Car and Home and Contents cover to offer great cover and high-quality customer service at competitive prices, and we strive for this standard of excellence across all our lines of business."

Important note

It's important to note that the Australian Securities and Investments Commission (ASIC) is taking legal action against Budget Direct over 'discount' ads, alleging 39,000 customers were over-charged.

The corporate regulator claims millions of Australians saw ads promising up to 30% online discounts, but tens of thousands later lost those savings following routine policy changes such as a change of address.

Auto & General has since paid remediation totalling more than $3.8 million, including interest. The matter remains before the Federal Court.

Why Budget Direct won

Money is awarding Budget Direct on the basis that during a cost-of-living crisis, it still provides the most affordable policies.

Top products: Car and Home and Contents cover

Car and Home and Contents cover are Budget Direct's cornerstone products, offering great cover and quality service at competitive prices.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

If you're a frequent traveller, an annual travel insurance policy could be a convenient way to stay covered across a 12-month period.

But if you've only got one or two trips planned, a single-trip policy might make more sense. Here's how to decide.

How annual travel insurance actually works

If you're not entirely clear on what "an annual policy" entails, you're not alone.

It's commonly mistaken for single-trip cover for a year-long period, when in fact, an annual travel insurance policy (also known as an annual multi-trip or a frequent traveller policy) covers you for an unlimited number of shorter trips taken throughout a year duration.

The key question is whether an annual policy or a single-trip policy makes more sense for you.

Why buy an annual policy?

If you travel multiple times a year, an annual policy can be a convenient and cost-effective option.

You only need to purchase cover once, making it ideal for frequent or spontaneous travellers.

There is also no restriction on the number of trips you can take, so the world is your oyster in terms of coverage.

Just be mindful that maximum per-trip durations apply, and these can vary, depending on your policy.

Make sure you also think about the types of trips you take.

For example, if you regularly go skiing, you should make sure you're covered for this activity.

What is the maximum length of a trip I can take on an annual policy?

Maximum per-trip durations vary, depending on your insurer, but they are generally capped at 15, 30, 45 or 60 days.

If you plan to travel for longer than the maximum length of your set trip duration, you may need to look into a separate single-trip policy.

How can I compare the cost of an annual policy vs several single-trip policies?

The best way to gauge these costs is to do a comparison online.

Compare the cost of an annual policy against quotes for each of your individual trips to get a clear picture of what you'd expect to pay.

Depending on your age and trip lengths, an annual policy can often be a more affordable way to stay covered across all your travels throughout the year.

Can I buy an annual policy if I haven't yet confirmed where I'll be travelling to?

Yes, and this is one of the real advantages of annual cover. If you're not yet sure where you'll be heading in the next 12 months, selecting Worldwide coverage ensures you're protected no matter where you end up.

Worldwide policies will also cover you for trips within Australia as well, provided you are a set distance from home (typically 250 kilometres).

If you're at all in doubt, contact your insurer to confirm the most appropriate region for your policy.

Note that stopovers of less than 48 hours generally don't need to be included, with the exception of the USA.

Do annual policies cover business travel?

Yes. Travel insurers generally don't distinguish between leisure and business trips-your annual policy covers you regardless of the nature of your travel.

The one exception to be aware of is that some corporate annual policies may offer specific cover for business equipment, so it's worth checking the fine print to ensure your policy suits your needs.

Can I buy an annual policy at any age?

No, annual multi-trip policies tend to have age limits ranging from about 65 to 70 years of age (although some insurers extend cover up to 85).

Contacting your insurer directly or using a comparison site is the best way to find a policy that suits your age and travel needs.

When does my annual policy coverage begin?

Coverage under an annual policy begins from the moment you purchase, or a start date of your choosing, meaning if you need to cancel a trip before you depart, you're already covered.

This is one of the often-overlooked advantages of taking out an annual policy early, particularly if you have trips booked well in advance.

All other benefits including medical expenses, lost baggage and travel delays, kick in each time you depart on a trip throughout the policy year.

As always, check your policy wording for the specific terms and cover limits.

Do annual policies cover cruises?

In most cases, cruise cover needs to be added to your annual policy rather than to a single trip within it, meaning you'll pay for cruise cover across the full policy period, even if you only have one cruise planned for the year.

Is an annual policy right for you?

If you're a frequent traveller, an annual policy is well worth considering.

Run the numbers, compare your options, and if you're still weighing it up, contact your insurer or check out a comparison site with any relevant questions.

Our Life Insurer of the Year winner, Acenda, may not be a household name. At least not yet. But it's certainly no newcomer to the Australian insurance market.

Acenda Group was established in late 2025, following Nippon Life's global acquisition of Resolution Life Group.

Sean McCormack, chief commercial officer of Acenda Group, explains that Acenda Life has more than 175 years of local heritage.

He says, "Acenda Life supports close to two million Australians through personal and group insurance, including life cover, total and permanent disability (TPD) cover, trauma, and income protection, as well as retirement income.

"Our focus is on providing financial confidence through high-quality insurance protection and claims support to our customers.

"We're committed to making life insurance simpler to understand, and easier to navigate, for our adviser partners and their clients."

McCormack adds that Acenda Life is "extremely proud to have received this award in such a strong and competitive category. It's a great endorsement of our products and people, and welcome recognition that our adviser-first proposition and end-to-end solution has been building market momentum over the past 18 months.

"Our aim is to provide advisers and their clients with confidence through high-quality financial protection at every life stage.

"This award demonstrates that we're making it easier for our partner advisers to confidently provide valuable risk advice to more Australians."

According to McCormack, there are real upsides to arranging life cover through an adviser.

"When advisers build personal advice plans for their clients, they make their insurance recommendations based on each client's income, assets, liabilities, debts, dependants, goals and tolerance for risk.

He adds, "Advisers develop relationships with their clients and regularly review their circumstances over time to ensure that their cover remains appropriate if their circumstances change. Advisers can also provide support if their clients ever need to make a claim."

Kenneth Ghi, head of insurance in super at MLC, says, "We're pleased to be awarded Best-Value Death & TPD Insurance in Super - Men, for our MLC MasterKey Business Super product. This reflects our focus on delivering protection that is both meaningful and affordable for members."

While this award highlights MLC's offering for men, Ghi says, "We recognise that insurance in super plays an essential role in supporting members of all genders during periods of illness or injury."

He adds, "Because premiums are paid from members' retirement savings, insurance must be carefully designed and priced to avoid unintended impacts on long-term outcomes.

"We actively manage our insurance pricing and product features, regularly reviewing premium levels, benefit design and eligibility settings. We also work closely with our insurer to ensure cover remains fit for purpose, sustainable and aligned with members' needs across different life stages."

Acenda, the name behind the group cover for this award, partners with several large super funds and numerous corporate funds.

According to the chief commercial officer of Acenda Group, Sean McCormack, cover is often automatic, with few or no health checks required to access insurance.

"Premiums are paid from members' super accounts and could have tax advantages for members," he says.

"These considerations can often make insurance through super an accessible and affordable starting point for many Australians."

McCormack says, "Our research has shown that almost half of all Australian workers have three months or less in savings to support them if injury, illness, or death prevent them from earning an income."

He adds, "Insurance held through super can provide fund members with good, cost-effective cover that requires few or no medical checks, potentially on terms they wouldn't otherwise be able to access due to their medical history or other risk factors."

Best-Value Death & TPD Insurance - Women - Vanguard Super Savesmart + AIA

Vanguard Super provides default death and TPD insurance cover that is simple to understand and designed to meet members' needs at different life stages. Members can also apply for additional death, TPD and income protection insurance cover to meet their individual needs.

Renae Smith, chief of personal investor at Vanguard Australia, says, "A key contributor to Vanguard Super's strong insurance offer is a disciplined focus on providing value to members."

The fund regularly benchmarks insurance premiums and policy features against a broad range of leading super funds, and does not charge any additional administration fees or margins on insurance premiums.

According to Smith, this approach aligns with Vanguard Super's broader philosophy of delivering 'simpler, smarter super' for members, reflected in its low fees and lifecycle investment option that has delivered strong results for members since launch.

"By keeping our insurance design simple, avoiding additional fees or margins, and focusing on long-term value, we aim to deliver quality, affordable insurance cover that supports members through their working lives," says Smith.

"We're proud to see that approach recognised by Money."

Vanguard's life and TPD insurance is backed by group insurer AIA Australia. Chris Healey, chief group insurance officer, AIA Australia, says,

"We're incredibly proud to receive this recognition. Insurance in superannuation plays a vital role in supporting Australians, but the reality is women continue to face greater financial challenges throughout their lives.

"Lower average wages, extended periods out of the workforce to care for others, and consequently lower super balances mean many women enter retirement more financially vulnerable."

Healey adds, "With almost 60% of our insured members being women, designing sustainable insurance is essential.

"We focus on simple, fair, value for money cover that strengthens women's long-term financial wellbeing and retirement outcomes. This award reflects that commitment and the responsibility that comes with it."

Close to nine million Australians have life insurance through their super fund, but that doesn't mean you have to hold cover this way.

There can be good reasons to hold life insurance directly outside of super or to simply top up the level of cover that's already provided by your super fund.

In addition, if you are among the 1.2 million people with a self-managed super fund, you will need to organise your own life insurance.

NobleOak is no stranger to our insurance awards, having taken home Money's award for Best Direct Life Insurance Cover of the Year in 2022 and 2024.

With a heritage spanning more than 145 years, NobleOak has offered life insurance directly to Australians since 2012.

Miguel Cortes, senior product manager at NobleOak says, "Integrity and putting customers first remain at the heart of our business.

"We only offer fully underwritten life insurance directly to our customers. This means we take the time upfront to understand each customer's health and lifestyle before issuing cover.

"By collecting the right information early, we can tailor premiums and terms to the individual, rather than pricing for uncertainty. This allows us to keep our premiums competitive while still delivering quality cover customers can rely on."

Cortes explains, "Combined with our commitment to excellent customer service, this approach ensures customers receive genuine value, quality cover, fair pricing and support they can trust."

Our joint winner, Budget Direct (insurance provided by NobleOak) is a household name in Australia's insurance scene, and was the winner of Money's Best-Value Direct Life & Trauma Insurance award in 2025.

Budget Direct offers life cover from $50,000 to $25 million, with a maximum entry age of 74.

This is a key point of difference from life cover through super, which typically ends at age 70.

NobleOak also provides cover up to age 74 - although to a maximum of $500,000.

Trauma insurance and TPD cover are often confused. They both support you through stressful - though quite different - circumstances.

According to our winner, TAL, that's why many Australians choose to have both.

Trauma insurance protects you if you require extensive medical treatment.TPD insurance, on the other hand, provides a lump-sum payment if you become permanently disabled due to illness or accident and can't work.

Put simply, trauma insurance covers the costs associated with getting you better and back to work.

But if your accident or illness is so severe that you can never return to work, TPD insurance will ensure you can maintain a good quality of life.

TAL's trauma cover offers a maximum payout of up to $2 million, backed by several key features and benefits.

A built-in paralysis support benefit doubles your cover amount to a maximum of $2 million, if you're faced with the profound impact of permanent paralysis.

TAL also provides an inflation protection benefit so your payout keeps pace with inflation.

The upshot is that trauma insurance can give you the comfort of knowing you can access medical treatment, pay for rehabilitation, and even cut back work hours if needed.

And if the unexpected happens, that could be priceless. And by bundling trauma and life cover, it is possible to save on premiums.

Most Aussies have this cover... but don't know it

Compulsory employer-paid superannuation has been a gamechanger for Australians - and not just in terms of retirement savings.

About 75% of Australians who have life insurance hold it through 
their superannuation fund.

Super funds typically offer life and total and permanent disability (TPD) cover as default insurance. However, premiums are paid from members' super savings, so it is critical to look for a fund that offers value for money on cover to help maximise retirement nest eggs.

Our winner, Aware Super, has struck that balance, and it turns out size can matter when it comes to super funds getting a good deal on insurance for their members.

Why bigger super funds can mean cheaper cover

Belinda Nicholson, Aware Super's head of protect (insurance and claims), points out: "We're a very large fund, with about $210 billion in funds under management, and this scale helps us secure a good deal from insurers. These advantages mean we can give our members a great product that's easy to access and has low premiums."

Nicholson adds, "Insurance is a core part of how we support members' financial wellbeing, and our disciplined, member-first approach helps us deliver consistently strong value.

"Every Aware Super insurance claim is managed by a dedicated case manager, ensuring members and claimants receive prompt support and answers."

The insurer behind your super cover matters

Aware Super's insurance offering is backed by TAL, which has taken out several of our top life insurance awards in 2026.

Dan Taylor, general manager of group partnerships at TAL, says, "To be recognised alongside Aware Super is something we're incredibly proud of.

"We've invested in building a partnership grounded in a deep understanding of their membership, and these awards reflect our shared commitment to delivering real value."

Consumer advocate Super Consumers found one in four Australians is in the dark about the cover they have through super. If that sounds like you, contact your fund.

A recent social media post from a mother whose son suffered a collapsed lung while backpacking through Thailand resonated widely online.

In it, she urged anyone with friends or family heading overseas to ensure they have a return flight booked and take the time to properly check their travel insurance policy, noting that without a return ticket, some policies can be completely invalid.

While her son was fortunately covered for his surgery under a separate policy, the post raised an important question many travellers may not have considered.

Do you actually need a return flight booked to be covered by travel insurance? Here's what you need to know.

Do I need a return flight to qualify for travel insurance?

While having a return ticket is preferable, most insurers will still provide cover if you can demonstrate an intention to return home before or on your tentative end date.

Without a return ticket, insurers need to establish that you are genuinely travelling rather than residing overseas and using a travel insurance policy as a low-cost substitute for health insurance, which is not permitted.

It's not about denying cover unfairly, but ensuring you have the right policy for your circumstances.

I haven't decided on a return date. Can I select one and amend it later?

In most cases you can nominate an estimated return date and adjust it once you're overseas, provided any extension is arranged before your policy expires.

However, extensions will come at an additional cost and may not always be guaranteed.

Most travel insurers can only sell policies for a 12-month period so if you're travelling long-term make sure you do your research in advance.

What if my trip is open-ended?

If you don't have a return ticket or a set return date, one-way travel insurance may be the right option.

It covers a range of unforeseen events before your departure, during your flight and for a period of your time away, though in some cases cover ends once you've passed through immigration at your final destination.

Some insurers do offer a period of cover at your destination, but it's important to check the terms of your specific policy before you depart.

What are typical conditions of a one-way travel insurance policy?

• You must be an Australian citizen
• Your trip must generally start in Australia
• After purchasing your policy a short waiting period may apply for medical claims
• Age restrictions apply, as with most travel insurance policies
• Pre-existing medical conditions must be disclosed
• Some policies expire between 24 hours and 7 days after arrival at your destination, so always check the fine print

What about emergency repatriation?

If you require emergency repatriation to Australia, insurers will typically use your return ticket to get you home.

On a one-way journey, you may be required to contribute the equivalent cost of an economy return fare.

What if I'm moving abroad or travelling for an extended period?

Most standard travel insurance policies cover you for up to 12 months, and in some cases 18 months.

If you're relocating overseas for longer than a year, consider a one-way policy for your initial travel period and then explore coverage options in your host country.

Keep your policy current and read the fine print

If you extend your trip, don't forget to extend your policy. Cover ends on the date listed in your certificate of insurance.

If you remain overseas beyond that date without notifying your insurer, your cover will lapse.

One-way travel insurance policies can vary significantly between insurers.

Before you depart, make sure you fully understand what your policy covers and when it ends.

Money's 2026 Life Insurance Awards bring you the best policies, from best-value data-based awards to leaders in innovation, for peace of mind in today's uncertain world.

Money, together with its research partner Rainmaker Information, recognises the best offerings in the insurance sector at the annual Life Insurance Awards. Now in its second year, these awards are underpinned by independent research and form part of Money's long-established suite of industry awards.

Life Insurance Awards promote the value of life, total and permanent disability (TPD), trauma and income protection insurance by recognising products that offer strong risk-mitigation solutions across superannuation, adviser and direct sales channels.

Life insurance plays a critical role in protecting Australians financially when the unexpected happens. It provides reassurance that loved ones will be financially secure by helping settle debts and mortgages, and ensuring income replacement to protect a family's lifestyle and future goals when someone is no longer here.

How different types of cover protect Australian families

If a severe illness or injury leaves you unable to work again, TPD insurance is crucial. It provides a lump-sum payment that can be used for rehabilitation, high medical costs, debt reduction and everyday living expenses, helping safeguard a family's financial future.

Trauma insurance provides a tax-free lump sum when serious conditions such as cancer, stroke or heart attack are diagnosed. This payment can be used to cover significant out-of-pocket medical expenses, mortgage repayments or ongoing rehabilitation at a time when income may be disrupted.

Income protection insurance replaces up to 70% of pre-tax income if illness or injury prevents you from working. It works as a financial safety net, helping cover essential expenses such as mortgage payments, school fees and utilities during recovery.

What the data shows about how Australians buy insurance

According to the latest available APRA data, a total of 29.1 million insurance policies were issued as of June 2025. About 75% of those policies were issued through a superannuation fund, with 12% sold through advisers, 9% sold directly to consumers and 4% arising from ordinary group policies.

While insurance through super remains the most affordable and popular option, industry research highlights a significant under-insurance gap. Millions of Australians are not adequately protected, with the largest gap among people under 35 years.

To better engage this younger, more digital-first generation, insurers are investing heavily in flexible product design and technology, offering streamlined digital experiences and more personalised solutions that help consumers make informed decisions.

Why direct and advised insurance is becoming more important

With adviser numbers shrinking and group insurance through super often offering limited or default levels of cover, access to quality and affordable life insurance solutions is becoming increasingly important.

In particular, the continued improvement of the direct life insurance market is critical to ensure everyday Australians can access suitable cover without professional advice.

Recognising that no single sales channel meets all needs, Money awards overall winners across three channels, super, advised and direct.

How Money and Rainmaker chose the overall winners

The winners for Life Insurer of the Year - Advised and Life Insurer of the Year - Direct were determined by benchmarking financial strength, market performance, product features, premium rates and adviser service quality or online experience.

The overall winner for Life Insurer of the Year - Group was determined using a combination of financial strength, market performance, product features, premium rates, service quality and membership attrition.

How super fund insurance was assessed

To identify the best insurance options through super, Rainmaker analysed more than 10,000 death and TPD, and income protection offerings from public offer super funds.

Policies were ranked based on premium value across different risk types, occupations, ages, waiting periods and benefit payment periods. All awarded super funds held a AAA rating.

How best-value direct insurance was identified

For direct insurance, Rainmaker analysed more than 25 products offered by eight issuers across death, TPD, trauma and income protection cover.

Pricing was assessed across various age groups, occupation classes and benefit levels. Winners were determined by combining the lowest price with strong product features, reflecting the importance of value for money.

How advised products were benchmarked

In the advised category, Rainmaker benchmarked products from 10 life insurers, assessing financial strength, market performance, adviser service quality, product features and pricing.

Lower lapse rates, health and wellness initiatives and product sustainability were also recognised when selecting overall winners.

Millions of Australians have life insurance through their super fund. For most people, it is simply reassuring to know their family would be financially protected if the worst were to happen.

What many members rarely consider is who actually provides that cover behind the scenes, and why that matters when insurance is delivered at scale.

Life insurance in super, explained

Superannuation funds do not insure members directly. Instead, they rely on insurance companies to provide group life insurance, cover that automatically protects members unless they choose to opt out.

Group insurance operates on a scale unlike most other forms of insurance. Some of Australia's largest super funds have more than three million members, all insured under the same arrangements.

That creates a challenge for insurers, who must deliver meaningful cover and pay claims while collecting minimal personal health information from individual members.

Delivering protection at scale

Balancing affordability, accessibility and sustainability across millions of members is a juggling act for insurers.

It is one that TAL has clearly mastered, earning it recognition as Life Insurer of the Year - Group in the 2026 Money Life Insurance Awards.

Jenny Oliver, chief executive of group life and retirement at TAL, says insurance within super plays an essential role for Australians who may not otherwise be insured.

"Insurance in super plays a unique role in providing meaningful protection to Australians who simply wouldn't have that cover otherwise, and that responsibility drives everything we do."

Why TAL was recognised

According to Oliver, TAL's recognition reflects continued investment in both products and member experience.

"This recognition reflects the strength of our products and services, and our continued investment in next-generation digital and service capabilities, ensuring we can support our fund partners and their members as the protection needs of Australians evolve."

TAL has operated in Australia for more than 150 years and is one of the country's largest life insurers, providing cover to more than five million Australians.

Claims performance that matters to families

For super members and their families, insurance only becomes visible when a claim is made.

In the past financial year, TAL:

• Paid $4.7 billion in claims
• Supported 54,357 customers and beneficiaries

Claims performance was a key factor considered in the assessment of group life insurers, reflecting the importance of reliability and scale in super-based cover.

Investing beyond claims

Alongside claims payments, TAL runs initiatives designed to support healthier outcomes for Australians.

One example is its SpotChecker campaign, which encourages Australians to develop healthy skin habits that can reduce the risk of skin cancer.

How the Money Life Insurance Awards are judged

The Money Life Insurance Awards are independently researched by Rainmaker Information.

Life Insurer of the Year - Group

This award recognises insurers providing group life insurance through superannuation funds and is based on a combination of:

• Financial strength
• Market performance
• Product features
• Premium rates
• Service quality
• Membership attrition

This approach ensures the award reflects both member outcomes and long-term sustainability of cover.

Read more: How Money chooses its Life Insurance Awards winners

Why this award matters to super members

Most Australians never actively choose the insurer behind their super fund's life insurance. But that insurer plays a critical role in delivering protection to millions of families at scale.

Understanding who provides that cover, and how those insurers perform, offers insight into an often-overlooked part of Australia's super system.

Airlines including Qatar Airways, Emirates, and Etihad Airways have suspended or cancelled services in the immediate aftermath, while international carriers such as Singapore Airlines, British Airways, Lufthansa and Air India have rerouted or paused select Middle East services.

Ongoing airspace restrictions over parts of Iran, Iraq and neighbouring countries continue to affect schedules, particularly for travellers connecting between Australia, Europe and Asia via Doha, Dubai and Abu Dhabi. Travellers should expect services to resume only once civil aviation authorities confirm that the airspace is safe to reopen.

War-related disruptions and travel insurance  

Travellers should be aware that travel insurance is unlikely to cover cancellations, rerouting, or delays caused by the ongoing conflict.

With airspace closures in place and DFAT issuing Do Not Travel warnings across multiple countries, standard travel insurance policies typically exclude coverage for events arising from war, military action, hostilities, or official airspace restrictions. These exclusions are standard across the industry, meaning claims for cancelled flights, delays, or additional travel expenses linked to these developments are generally not covered.

Additionally, this exclusion applies regardless of when your policy was bought. Even policies taken out well before the conflict began are subject to the same war-related exclusions. This is a broad, market-wide rule that applies to all travellers regardless of purchase date.

What should affected travellers do?  

Travellers whose flights are disrupted should contact their airline or travel provider first. If a flight is cancelled by the airline, passengers are generally entitled to a refund or alternative transport. Many airlines are offering travel waivers that allow customers to rebook without change fees or receive travel credits, making the airline the primary avenue for recourse.

Accommodation providers may also offer flexible cancellation or rescheduling options, but this will depend on the specific terms of their booking.

What Australian airlines have said  

Virgin Australia has confirmed that several flights operated by partner Qatar Airways between Australia and Doha were cancelled or returned mid-flight following the closure of Qatari airspace. The airline advises affected passengers to monitor flight status closely and contact Virgin Australia for refunds, rebooking, or travel credit options.

Qantas Airways reports that no Qantas-operated flights have been cancelled due to the escalation, but the airline is closely monitoring the situation. Qantas says it may adjust flight paths for safety and will contact customers directly if their bookings are affected.

Both airlines emphasise that safety remains the top priority and advise travellers to stay updated on official communications before travelling.

How government warnings affect cover  

Travellers should be aware that official government advisories can further impact your cover.

When a destination is subject to a 'Do Not Travel' warning, insurers are generally unable to provide cover for claims directly related to that advice. Travelling against official warnings can affect your eligibility to claims and may reduce access to assistance.

Most policies contain exclusions not only for war, but also for related events such as civil unrest and military operations.

Travellers should always read their Product Disclosure Statement carefully and understand both what is covered and what is excluded.

Should you cancel your trip?  

As the situation continues to unfold, travellers booked to visit or transit affected parts of the Middle East should monitor official advisories and airline communications closely. Given the heightened, fluid nature of current events, travellers may also want to consider flexible airfares and bookings, rather than assume they will be covered by insurance.

Plan ahead and know your policy  

The latest escalation highlights a common misconception about travel insurance. While policies are designed to cover unexpected events, war and related disruptions remain standard exclusions across the industry.

Before travelling, it is important to understand exactly what your policy covers and what it does not. Being informed is just as important as being insured. Know your rights with airlines and travel providers and base your travel decisions on accurate, up-to-date information.

In new research by iSelect, around 90% of policyholders told us they're concerned about another hit. It is bad news but, if you're savvy, there are still ways to claw back some money.

Now is a great time to act, review your policy and see where you could be saving.

What does a 4.41% rise look like in dollars?

Firstly, it's important to keep in mind that 4.41% is the average across all funds. Some will go up more, and others by much less. In fact, the highest increase published by one fund was 5.98%. The lowest was 1.98% - a full four percentage points less.

But what does all this actually mean for Aussies? We looked at our 2025 sales data and found that couples spent an average of $5259 on their cover for the year. That 4.41% average increase would add $231.92 to their premiums.

So, what are the key moves to make to help reduce these costs, without ditching your cover all together?

Is health insurance still even worth paying for?

The iSelect survey revealed 'extra peace of mind' dominated the reasons why Aussies said they have health insurance (54%) in the first place.

Having an adequate level of hospital cover may be comforting, knowing that in the unfortunate event of a serious illness, you and your loved ones could have access to private healthcare, including more choice of where and when you'll be treated.

So, how can you save money then?

Check if you can afford to lock in your current rate, right now

If you're in the financial position to do it, some funds may let you pay for your cover six or 12 months in advance. Do this before 1 April, and you could lock in your current rate before any rise kicks in.

Not every fund does this, so you'll need to check, as it's not a guaranteed hack.

Make sure you're not paying for things you don't need

While you're reviewing your policy and shopping around, you may find that your current plan doesn't suit you or your family.

You could be forking out money for things you don't need. For younger people this could include cardiac, cataracts or joint replacements.

The same goes for Extras cover too. These vary a lot between funds, both in what's covered and how much you'll get back in rebates. Some funds may let you combine your annual Extras limits into one single limit, for you to use across the services you use the most!

Of course, if you've not using Extras, why pay for them? Consider opting for hospital cover only.

Consider a higher excess (if this fits your risk comfort)

In general, the higher your excess, the lower your premiums may be.

If you think it's unlikely you'll be admitted to hospital soon, it may be worth weighing up.  Just remember to check government penalties and incentives such as the Medicare Levy Surcharge before you make any changes.

Check for any deals, offers or incentives

Some funds run promos at different times of the year. Think gift cards, weeks free or waiting periods waived. But don't be lured by the cheapest deal, as the policy may not suit your needs.

Don't fall for the 'loyalty tax'

Comparison services can assist you with finding cover that suits you and your family's needs, circumstances and budget by comparing your current policy against a range of policies and providers.

Previously, Australian-British dual citizens could use an Australian passport to do so, however, under the new rules, only a valid British passport will be accepted.

Using the wrong passport can result in denied boarding, cancelled flights, and costly last-minute changes so make sure you're mindful of these changes.

Why you should check your passport now

With the new rules coming into effect on February 25, travellers should check their passports well in advance.

Those with expired British passports may find their holiday ends before it begins, turning an exciting trip into an expensive and disappointing ordeal.

Applying for a British passport from overseas

It's important to note that getting a British passport from Australia can take several weeks or more. Delays are common during peak periods or if extra checks are needed.

And while expedited processing options are available, these can be limited. Applicants need to provide proof of citizenship, identity documents, photographs that meet strict specifications, and sometimes additional paperwork. Renewals should be treated as an early planning step, not a last-minute task.

What triggered the changes?

The new passport requirements form part of a wider overhaul of the UK border and immigration system. The government says the changes are a step towards digitising the immigration system and creating a contactless UK border. For non-British passport holders, the key change is the ETA.

Australians travelling on an Australian passport will need an approved ETA before departure. British passport holders do not need an ETA, but they must enter the UK on a valid British passport or hold a Certificate of Entitlement.

What if you can't get a new passport in time?

Travellers who cannot secure a British passport in time may apply for a Certificate of Entitlement, however, this process involves extra costs and can take time to approve.

Emergency passports may be available in some cases, but the process is more complicated if the traveller has not held a UK passport for years. In some cases, postponing your trip until the correct documents are ready is the only option.

Travel insurance and passports: what's covered?

Travel insurance is not designed to fix documentation problems. If a passport expires or is not renewed, costs such as cancelled flights or accommodation are usually the traveller's responsibility.

However, in some instances insurance can help if problems issues occur while overseas. For example, lost, stolen, or damaged passports may be covered, including emergency passport replacement, extra travel, and accommodation. Cover limits differ, so policies should always be checked carefully.

Checking expiry and entry requirements

Both dual and non-dual passport holders should always ensure that their passports are valid well beyond their return date. Many countries require passports to remain valid for at least six months after travel, so always err on the side of caution and check those requirements carefully.

Entry rules should be confirmed for every country on your itinerary, including transit stops, as these rules are often enforced before boarding. Be aware that travel insurance cannot resolve entry issues.

A wider trend for dual nationals

As countries across Europe, the UK, Canada, and the US move to digital travel authorisation systems, dual nationals and anyone travelling overseas need to know which passport is required.

Missing required entry authorisations or presenting the wrong passport can result in denied check-in or entry. Planning ahead is key to avoiding last-minute delays.

Summer isn't just about beach days and backyard barbecues - it's also peak season for home insurance claims.

"During this season we see a 60% increase in wild weather-related claims compared to other seasons," says Scott Lindsay, executive manager at NRMA Insurance.

"We also see a 40% spike in home theft claims during the Christmas and New Year period, with 10% of all theft claims for the year being reported in January last year.

"All these factors make this period extremely high-risk, which is why we are urging all Australians to prioritise preparing their homes for this upcoming season."

Extreme weather events and break-ins may be a fact of life, but as Lindsay suggests, there are steps homeowners may want to take - especially if they're planning on going away.

Preparing for extreme weather events

The unfortunate reality is that even though summer has barely begun, Australia is already feeling the impacts of natural disasters, with dozens of homes lost to bushfires in New South Wales and Tasmania.

It's a stark reminder of the importance of keeping up to date with information and warnings related to disasters and weather events.

"The risk of storms, cyclones, flooding, heatwaves and bushfires is ramping up across the country," says Sophie Ryan, comparison expert at iSelect.

"So, keep an eye on any warnings from local authorities and the weather bureau and act as soon as possible."

When it comes to practical action to take around the house, Lindsay says that there's no better time than the present to start preparing.

"To get ready for extreme weather this summer, small actions like clearing gutters, securing loose outdoor items, and trimming overhanging branches can make a big difference in protecting your home from severe storms or bushfires."

For more detailed advice related to preparing for natural disasters in different parts of the country, check out the National Emergency Management Agency's preparation hub.

Securing your home before you go away

Beyond preparing for weather events and natural disasters, homeowners may also want to consider how they ready their homes for any holidays they're planning to take.

Nearly one in two Australians (46%) are planning to be away from home for two or more consecutive days over the holiday period, according to NRMA Insurance.

That, of course, comes with a risk - particularly for those planning to leave their homes empty while going on longer overseas holidays.

"Many Australians will be taking some well-deserved time away this summer, but unfortunately this is also when homes are most vulnerable, both to weather damage and to theft," Lindsay says.

"Some sensible precautions include turning off your water at the mains to prevent leaks and burst water pipes, lock and secure all windows and doors, close any blinds and ask a neighbour to collect your mail or check in on your property.

"Overflowing mailboxes, overgrown lawns and empty driveways are easy giveaways that a home is unoccupied and can attract unwanted attention."

Why it's worth reviewing your insurance

After checking off your to-do list around the house, Ryan says that it's worth dusting off your insurance policy, or even taking out cover, to ensure you're adequately protected. Here are her four tips:

• Get cover early: "Buy or review cover before a severe weather event is on the radar. Insurers can put temporary embargoes in place when risks spike, which can delay new cover and leave you out of pocket."
• Avoid underinsurance: "If you have a home or content insurance policy, check it's up to date, especially the sum insured for rebuild costs. And make sure you've added any expensive items such as new TVs or computers you may have purchased."
• Know what your policy covers: "Storm, flood and fire are often 'defined events', but details and exclusions vary between providers, so read the PDS and check for any gaps like optional flood cover."
• Reach out about extended travel: "Tell your insurer if your place will be empty for an extended period of time. Many policies treat a home as 'unoccupied' after around 60 days, which can change your cover or excess."

Looking for a new home and contents plan? Find out which insurer took out top spot in the Best-Value Home and Contents Insurance category in Money's 2026 Best of the Best Awards.

• Find out how we chose the winners
• Order your copy of the bumper awards issue
• Check out more from Best of the Best 2026

Chances are, the cost of your home and contents insurance has skyrocketed this year. But one insurer, Budget Direct, has a track record of delivering great value, having also taken out this award in 2017 to 2020, and again from 2022 to 2025.

Jonathan Kerr is chief growth officer at Auto & General Holdings, which owns Budget Direct.

"Every day our goal is to be Australia's best insurer, and for us that starts with trying to deliver the best value insurance to our customers. It is this mindset and focus that sets us apart and leads to our consistent award-winning performance," he says.

In terms of Budget Direct's ability to keep premiums low, Kerr says, "A big part of delivering the best value for our customers is finding the win-wins for our customers and 
our business in the key processes in the insurance value chain.

"Customers value a claim being processed quickly. If we can do that better than our competitors it also leads to a more efficient business for us, which can contribute to very competitive pricing from Budget Direct."

And Budget Direct is well-placed to continue offering value on home and contents cover in the future.

"We are a fast-growing business, and part of that means we inevitably handle more claims every year," says Kerr. "So building capacity and capability to respond to our customers' claims is core 
to what we do."

Kerr adds that winning this award for the fifth year in a row "means the world to us".

Want more Best of the Best? Best-value term deposits revealed

How do you find the best insurance for 2026?

Insurance premiums have been one of the major consumer categories to have seen costs rise substantially over recent years. Insurance is one of the most important financial products for consumers, but it's hard to compare providers because premium costs can vary according to the value of what you want to insure, and how risky the insurer assesses the situation to be.

Home and contents insurance is determined by where you live, type of building (house versus apartment), home security system and whether someone is at home during daytime hours. Weather events and natural disasters can severely add to your premium costs.

They discuss the importance of insurance for younger people, different types of living insurance, and how superannuation funds can help.

Alex also shares practical tips for young workers and the self-employed on obtaining and managing insurance.

01:19 Defining life and living insurance

01:54 Understanding living insurance types

05:23 Insurance in superannuation funds

11:02 Practical tips for young workers

14:24 Bonus round: Superannuation payments for gig workers

15:57 Conclusion and final thoughts

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Friends With Money is a weekly personal finance podcast by Money magazine, offering expert insights on investing, budgeting, superannuation, property, and other money strategies for everyday Australians.

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Who hosts Friends With Money?

Episodes are hosted by Vanessa Walker and Tom Watson from Money magazine, featuring expert guests and real conversations about money.

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Subscribe to the Friends With Money podcast today and start learning when it suits you.

With reduced staffing across airport security, customs, and air traffic control, passengers are facing widespread delays, schedule changes, and last-minute disruptions at key US airports.

Travel insurers are advising caution, noting that not all policies will cover disruptions caused by the shutdown.

These types of delays are often considered operational issues, rather than unforeseen events, meaning they may fall outside the standard scope of cover.

However, cover can vary between insurers and will depend on each traveller's individual policy and purchase date. Those who bought their policy before the shutdown was announced may be eligible for certain benefits if their trip is disrupted, though each case will be assessed on its individual circumstances.

What to do if your flight is cancelled or delayed

While travel insurers may not cover government shutdown flight disruptions, travellers who experience flow-on disruptions such as cancelled flights or missed connections could have a case for certain benefits. It's always best to contact your insurer directly to understand what's included and what documentation you'll need if you decide to claim.

Travellers are also encouraged to stay informed by monitoring updates from their airline and official government advisories. Many airlines have flexible policies in place, offering options such as rebooking, flight credits or refunds. In most cases, passengers should contact their airline first, as travel insurance generally won't cover costs that have already been compensated by the carrier.

Timing is also crucial when it comes to purchasing travel insurance.

Generally speaking, once a major disruption is announced, it's usually classified as a 'known event,' meaning it's no longer considered unexpected, and new policies won't cover related losses. While it's often viewed as a grudge purchase, travellers should buy insurance as soon as they book their trip. Doing so protects them against the unforeseen situations, not ones that are already unfolding prior to purchase.

How to prepare for travel during a US shutdown

• Check the latest travel alerts from Smartraveller and the US Department of Transportation.
• Keep receipts and written confirmation of any cancellations or delays.
• Contact airlines first to request refunds, rebookings, or travel credits.
• Review your travel insurance Product Disclosure Statement (PDS) to understand exclusions related to government action or operational shutdowns.

It's a common belief. Superannuation funds often provide default cover for life insurance, TPD (total and permanent disability) and income protection.

But what they don't include is trauma cover (or critical illness cover) - and that can make all the difference when life takes an unexpected turn.

Two stories, two outcomes

Recently, one of my clients was diagnosed with testicular cancer. Fortunately, he had reviewed his cover with us and we put trauma insurance in place for him. That decision changed everything. When the diagnosis came, a lump sum was paid immediately. It gave him choices: access to treatment, space to focus on recovery and the ability to take pressure off his family.

Contrast that with another story. An accountant friend called me about one of his clients who had just been diagnosed with stage 4 cancer. He had only the default cover inside super - life, TPD and income protection.

With no trauma cover in place, there was no lump sum to ease the financial burden. Instead, he was left facing treatment and uncertainty with limited financial support at the very moment he needed it most.

These scenarios highlight the real value of trauma cover. It is not about protecting against death or permanent disability, but about ensuring you can focus on surviving and recovering from serious illness without your financial world falling apart.

Why trauma cover is overlooked

Many people assume their super fund's default cover is enough. But super is designed to provide a safety net, not comprehensive protection. Trauma insurance usually needs to be added separately and that extra cost often feels optional - until it's needed.

There is also psychology at play. Most of us don't like to imagine being seriously ill, especially in our 30s, 40s or 50s. We picture illness as something that happens to other people or later in life. The reality is that medical research shows a significant portion of Australians will experience a critical illness long before retirement.

The question is not if, but when.

Why trauma cover matters

Trauma cover provides a lump sum if you are diagnosed with a serious medical condition such as cancer, heart attack or stroke. Unlike life insurance, you don't need to die to claim.

Unlike TPD, you don't need to be permanently unable to work. Unlike income protection, you don't need to prove ongoing inability to earn. The payout is made on diagnosis, giving you immediate flexibility. You can:
• Pay for treatments or surgeries not fully covered by Medicare or private health insurance
• Replace lost income if you or your partner take time off work
• Clear or reduce debt
• Fund lifestyle changes such as reduced hours or more family support
• Protect long-term plans such as children's education, without derailing them.

It is about having freedom of choice when your health becomes your biggest priority.

The bottom line

Default cover inside super is a start, but it often leaves a gap. Many Australians underestimate how financially disruptive a serious illness can be. Trauma cover fills that gap by providing choice, certainty and breathing space when life takes a sharp turn.

So if you're relying only on the insurance in your super, ask yourself: would that really be enough if you faced a major illness tomorrow?

These findings highlight the need for greater awareness of travel safety and the consequences of risky behaviour.

Young Australians have the world at their feet, but too many are underestimating the risks.

From travelling to high-risk destinations to consuming unsafe alcohol, too few realise how easily these choices can impact their safety.

The DFAT report also revealed that too many young Australians are still jetting off without travel insurance.

This kind of overconfidence can really backfire. Every year, Australians are hit with eye-watering medical bills overseas because they travelled uninsured or misunderstood what their policy actually covered.

A quick hospital visit can cost tens of thousands of dollars, sometimes more. According to DFAT and confirmed by those who have learned the hard way, travel insurance is not an optional extra, it is an essential part of being prepared to travel.

It is an often-repeated phrase, but it is absolutely true: if you cannot afford travel insurance, you cannot afford to travel.

Ignoring travel warnings could void your cover

According to DFAT's findings, two in five young travellers (43%) have visited a destination they considered risky, while one in twenty (5%) admitted travelling somewhere they deemed very risky.

Almost half (42%) were unaware that travelling to destinations with official "do not travel" or "reconsider your need to travel" advisories could leave them without insurance protection.

Many travellers do not realise that once a government warning is in place, insurers may refuse to cover claims that arise from travel to those regions.

If the government issues a "do not travel" warning and you go anyway, your insurer will not cover you.

Even travel to level three destinations, where the advice is to "reconsider your need to travel," is only covered by some insurers. Ignoring those warnings is not worth the risk as you could find yourself uninsured if something goes wrong.

Travellers should check Smartraveller advisories before booking and read their travel insurance policies carefully.

No matter where you travel, it is vital to understand what level of government warning applies and how that affects your coverage.

The risk of unsafe alcohol consumption

The report also revealed risky drinking habits among young Australians abroad, with many admitting to consuming alcohol from unlabelled bottles or communal jugs.

These behaviours can lead to poisoning, injuries and potentially denied insurance claims.

It is concerning that so many young Australians would knowingly drink from unsafe or unregulated sources.

Beyond the obvious health dangers, reckless behaviour involving alcohol can leave you without cover if something goes wrong.

While insurers will not automatically deny a claim just because alcohol was consumed, claims may be rejected if intoxication or unsafe behaviour played a role in the incident.

If alcohol is found to have impaired your judgment or contributed to the event, you are unlikely to be covered.

However, if you have had a drink but it is clear it did not play a part in what happened, insurers may still pay out. The key is to always use your best judgment. Travel insurance is there to protect you, but it does not replace common sense.

Recent cases highlight how dangerous unregulated alcohol can be overseas.

The tragic methanol poisonings of two young Australians in Laos last year serve as a sobering reminder of the risks. Alcohol standards vary widely around the world.

If you choose to drink abroad, stick to sealed bottles or pre-packaged beverages and avoid spirits poured from unlabelled containers.

It is not all bad news. You can absolutely enjoy a cocktail on the beach or a cold beer at sunset, just make sure it is from a trusted source.

Playing it safe does not mean skipping the fun; it just means you will be around to enjoy every moment of your holiday.

A reminder to think before you go

The message from DFAT and ICA is clear. While young Australians are eager to explore, many underestimate how quickly a trip can take a dangerous or costly turn.

No one expects an accident or poisoning to happen to them, but that is exactly why travel insurance is so important. Comprehensive cover and some sensibility can make all the difference when things go wrong.

Travel is about discovery, freedom and fun, but it is also about being smart enough to make sure you come home safely.

That's according to a new report released by the Insurance Council of Australia (ICA) which underscores soaring costs faced by insurance customers, and more broadly, as a result of an uptick in extreme weather events.

The average annual insured loss per person from bushfires, floods and storms has risen from $19 ($US inflation adjusted) in the 1980s to $109 in the 2020s, while the average economic loss has gone from $60 to $193.

"While Australia has always faced extreme weather, the accelerating losses per person and their compounding impact on communities is costly and ongoing," says Andrew Hall, chief executive of the Insurance Council of Australia.

"Australia is in a global race to ensure its built environment has the resilience needed to protect assets - this data clearly shows that each decade is costlier than the last, with insufficient investment in resilience leaving Australians to shoulder an outsized economic burden."

Flood cover costs skyrocket

The report makes particular note of the impact of severe flooding events, like those in North Queensland and the Mid-North Coast and Hunter regions of New South Wales earlier in the year.

As major floods have become more frequent and extreme, the risk to homes in flood-prone areas has increased, pushing the cost of insuring them higher.

It's not uncommon now, the ICA says, for households in high-risk areas to be quoted $7000 a year for flood cover and, in some cases, as much as $30,000.

This is leaving many households underinsured (if they have opted out of flood cover) or completely without insurance altogether.

In fact, the ICA estimates that of the 242,000 homes in Australia at greatest risk of being impacted by flooding, 186,000 (77%) have no cover.

In many cases these are households who can least afford soaring insurance costs either, with the report noting that more than two-thirds of high-risk flood areas have incomes below the national median.

Do all home insurance policies cover flood damage?

For an increasing number of households, the decision to opt-out of flood cover - or home insurance altogether - isn't a choice. It's a decision based on cost.

But for those who do have home insurance, understanding what they are and aren't covered for when it comes to an event like a flood can be important.

Taylor Blackburn, personal finance and insurance expert at Finder, says that while flood cover is included in many home insurance policies, it can come an optional extra, so it's worth checking the Product Discloser Statement to make sure.

He also says that it's worthwhile appreciating the difference between flooding as an insured event compared to storm or rainwater damage.

"Flood damage occurs when water has escaped from the confines of a water source like a lake, river, creek or dam. So, if a river breaks near you and water comes into your home, that's flood.

"Storm or rainwater damage is water that has fallen from the sky, like rain or hail. If heavy rain has filled up your gutters and brought water into your house, that is storm damage, and that's covered by almost every policy without fail."

For households who are looking to cut back on their home insurance costs without giving up their safety net entirely, Blackburn also has a few recommendations:

• Up your excess: "Increasing your excess will usually lower your premium. If something happens you're going to be more out of pocket though, so you may want to increase your emergency savings if you increase your excess."
• Utilise multi-policy discounts: "Another thing you can do to save money is combine policies. A lot of insurers will give you a discount if you bundle your building and contents insurance together, or your car and home insurance."
• Remove unnecessary cover: "That could be optional extras like cover for motor burnout or accidental damage, or a high-value item you have on your policy that you don't necessarily need covered. Removing those can lower your premium."
• Consider switching: "Probably the best way to reduce your costs is by shopping around. Once you get a few quotes you have the power, and your insurer will have to compete to keep you. One of our colleagues recently did this and managed to get a $200 discount just by telling her insurer  what other offers were available to her."

Tales of travellers stranded abroad in overseas hospitals facing huge medical bills may have come across your newsfeed lately.

These stories usually follow a similar pattern: tourists are unable to afford their emergency medical costs due to a lack of travel insurance and are then forced to request donations through crowdfunding websites, adding grave insult to injury.

In some cases, travellers may be denied cover for failing to declare a pre-existing condition, leaving them to shoulder treatment costs alone. Insurers only cover unforeseen medical issues, unless you have declared an existing condition upfront. When in doubt, declare it.

What defines a pre-existing condition?

A pre-existing condition refers to a medical or physical condition, defect, disease or illness of which you may be aware of, and for which treatment, medication, investigation, surgery or advice has been received. According to the Australian Institute of Health and Welfare, most Australians (61%) fall under this category.

While policies differ, travellers should declare any condition they've sought treatment for in the past 12 months, as well as any chronic or major health issues from earlier in life. If in doubt, speak with your insurer and seek medical advice before you travel.

How much can I expect to pay?

The cost to cover your pre-existing condition will vary greatly, depending on the severity and complexity of the condition itself.

For example, a reader in their twenties enquiring about cover for endometriosis would likely pay a relatively low premium to have the condition included. By contrast, an older traveller with a heart condition heading to the US can expect significantly higher costs, depending on the specifics of their condition.

Can I choose not to cover my condition?

If you're upfront about your condition, you'll usually be given options. In some cases, you can choose to opt out of cover, which means any claims related to that condition won't be paid. For more serious health issues, insurers may require you to opt in and pay an extra premium to make sure you're protected.

Lastly, honesty is the best policy. If you knowingly withhold information, your insurer may decline you cover when you need it most.

Travellers are expected to be transparent about their medical history so insurers can assess their risk fairly and ensure they're properly protected. When in doubt, be upfront to ensure you have the right safety net in place.

• Find out how we chose the winners
• Order your copy of the July awards issue
• Check out more from the 2025 Consumer Finance Awards

Life is complicated and unpredictable - that's what makes it interesting. But it always makes sense to protect against the inevitable curveballs.

And it is insurance that lets us take key steps - such as buying a car or building a home, with the confidence of knowing we are protected financially if the unexpected happens. This doesn't mean that any insurer will do.

Budget Direct has a lengthy track record of success with Money's Consumer Finance Awards.

As Jonathan Kerr, chief growth officer at Auto and General Holdings (owner of Budget Direct), explains, "At Budget Direct, we have built a history of delivering award-winning cover at competitive prices."

The benefits to consumers go beyond competitive prices. Budget Direct also offers easy ways to score valuable discounts.

Save 15% on premiums, for example, by arranging comprehensive or third party car cover online. Budget Direct will guarantee the authorised repairs of your car for as long as you own it. Or pocket a 30% discount when arranging combined home and contents cover online.

Budget Direct also offers opportunities to customise cover in line with personal needs.

Tailor car cover with an extensive range of age restriction options and kilometre limit choices to further reduce premiums. Optional extras include a hire car following a car accident or adding flood cover to your home's policy. Alternatively, only pay for what you need to save on premiums.

Kerr sums up the benefits. "We invest in understanding our customers' needs, simplifying the insurance experience, and delivering great customer service, which is why more than 3 million Australians have chosen us for their insurance."

It begs the question, how can Budget Direct keep its premiums so affordable?

Kerr points to three key factors - "leveraging data, smart underwriting, and operational efficiencies".

Of course, crunch time can come when consumers need to make a claim. It turns out this is an area where Budget Direct is harnessing the power of technology to deliver a better service.

"We are constantly investing in new technologies to make our claims service even better for customers," Kerr says.

He points to the recent roll-out of machine vision/AI processing, so that car insurance customers can enjoy the speed and convenience of doing initial damage assessments for drivable repair claims via their own mobile phones.

"It's a great win for customers," says Kerr.

At times like the present, when living costs are high, insurance can be one of the first products we consider going without, but it can be false economy.

As Kerr notes: "For many Australians, their home and car are two of their biggest financial investments. Having the right insurance in place can provide peace of mind and financial protection when the unexpected happens."

Budget Direct also offers pet insurance, travel cover, motorcycle insurance and life cover.

As Kerr says, "Insurance plays a crucial role in protecting what matters most."

Why they won

A wide range of insurance products offering ways to save - from organising cover online to tailoring cover to personal needs.

Top product

Flexible home and contents cover plus value-packed car insurance.

Additionally, Iran's strikes on an US airbase in Qatar has caused the temporary suspension of all Qatar Airways flights. While flights have now reopened, several flights from Australia to Doha are still being impacted.

As a result of the strikes several airlines have cancelled and rerouted flights to Doha and Dubai while avoiding airspaces over Iran, Iraq, Syria and Israel.

What if my flight has been rerouted or delayed?  

Travellers who have had their flight plans changed or who can no longer travel should first contact their airline or accommodation providers to explore refunds or credit options.

Major airlines should offer cash refunds or flight credits if your flight is cancelled and some accommodation providers may offer flexible cancellations or rescheduling options, depending on the terms and conditions that apply to your booking.

Out-of-pocket travellers should contact their travel insurers, clarifying any general exclusions that may apply to the current situation, especially where government advisories and known events are concerned.

How travel warnings affect your coverage.  

Government warnings, particularly due to war and civil unrest, may affect your travel insurance coverage.

Given that parts of the Middle East, including Israel, are now at a level 4, or 'do not travel' warning level, insurers are generally unable to offer cover for claims related to that destination. This includes cancellations, disruptions, or medical emergencies related to the conflict. If you're planning to travel to a high-risk country, you should take steps to understand the potential exclusions that apply to your cover.

Travellers should know that travelling against government advice could put one's coverage at risk.  As well, those who travel against such warnings may face limited or no consular assistance during emergencies, so consider these factors carefully before making any travel decisions.

Should I cancel my trip?   

Travellers booked to visit affected parts of the Middle East should pay close attention to Smartraveller and monitor the evolving situation.

With advisories changing regularly, you should speak with your insurer regarding any concerns you may have regarding your destination. Stay in contact with your booking agent or travel provider and make sure you know what options are available to you. Insurers will also typically assess claims on a case-by-case basis, taking individual circumstances into account.

What about weather events and volcanic eruptions?  

Along with escalating conflicts, the recent volcanic eruption from Indonesia's Mt Lewitobi has drawn focus to the region's susceptibility to travel disruptions.

Last week's volcanic eruption in Indonesia was a prime example of the importance of travel insurance when natural disasters strike.

Unexpected weather events and volcanic eruptions are generally covered by travel insurance provided you purchased your policy prior to the event. In this case, traveller would be covered had they purchased cover prior to June 18, when widespread reports of the eruption and subsequent flight cancellations emerged.

A final word

As always, travellers should take a proactive approach to their cover and ensure they don't leave their purchase to the last minute.

As well, don't assume you are covered for every unfolding event. Take the time to know what your travel insurance policy covers and what it doesn't. Stay safe and stay informed.

When floods swept through NSW's Mid North Coast and Hunter regions in May, they exposed a now-familiar cycle: evacuation orders, waterlogged homes, and another round of insurance claims.

Insurers moved quickly. The Insurance Council of Australia (ICA) says the industry "rapidly responded to support communities", deploying staff on the ground during the emergency and opening insurance hubs in Taree and Port Macquarie.

"While the clean-up is progressing well, we know that recovery goes well beyond the initial clean-up," an ICA spokesperson says. "There are often ongoing financial and emotional challenges."

But as insurers and residents work through more than 9500 claims, a deeper problem remains: "We continue to see the same homes flooded again and again," says the ICA.

This is one reason the industry is now pushing for government action on a $30 billion Flood Defence Fund, aimed at building resilience infrastructure across flood-prone catchments in NSW, Queensland and Victoria.

Kate Cotter, CEO of the Resilient Building Council, agrees that more needs to be done: "Large-scale resilience investment and innovation are urgently required to reduce risk and cost-of-living pressures."

Industry under fire

The most recent floods arrive in the shadow of growing public scrutiny over the industry's past performance. A federal parliamentary inquiry into the 2022 floods found widespread delays, poor communication and inconsistent claims handling.

Separately, Suncorp faced criticism over pricing practices after the Australian Financial Complaints Authority (AFCA) intervened to block a 60% rise in one homeowner's premium.

Suncorp has since acknowledged it hasn't always met expectations.

"We recognise that in some instances our past communications and practices have not always been adequate," says Alli Smith, executive general manager home claims customers.

The company says it has expanded claims teams, boosted staff training, introduced clearer guidance for customers, deployed mobile disaster hubs and invested in real-time weather monitoring to improve response times.

While insurers such as Suncorp have taken significant steps to improve response times and customer experiences, the wider industry is confronting a growing risk landscape.

In its 2022 report, Uninsurable Nation, the Climate Council defines "effectively uninsurable" properties as those where insurance premiums are expected to become so expensive that coverage becomes inaccessible.

It found that one in 25 properties could be considered "high risk" of being effectively uninsurable by 2030. But as the following shows, that figure might be conservative.

Lismore: The warning that keeps coming

Of course, the May flooding wasn't the only major flooding event on the Mid North Coast this year.

In March, ex-Cyclone Alfred brought yet another deluge to Lismore, pushing the Wilsons River to 9.3 meters - just below the town's 10.2-meter levee. A narrow escape, but a reminder of the 2022 disaster, when the river surged to 14.4 meters, swallowing entire churches.

If Lismore was the canary in the coal mine for Australia's flood crisis, it would be one very gassed-up bird. Major floods occurred in 2020, 2017, 2015, 2013, 2012 - and many times before.

Each time, the cost to rebuild rises. Insurance is supposed to help spread that risk. But as climate change fuels more extreme weather, the safety net is fraying. In some cases, it's gone altogether.

The 2022 floods triggered more than 245,000 claims worth $6.4 billion. But many households weren't covered at all. Allianz reported that 74% of its highest-risk customers had opted out of flood cover prior to 2022. In Northern NSW, the figure was closer to 90%.

In a submission to the government flood inquiry, major insurer Allianz revealed that premiums for flood-prone properties can be eye-watering: up to 4% of a home's insured value, and 13% for contents.

For a $500,000 home, that's a $20,000 flood premium, plus $13,000 for $100k of contents cover. With taxes, levies and fees, the annual bill for flood insurance alone topped $45,000.

And that doesn't include basic home insurance for fire, theft and other risks. The numbers simply don't stack up for most homeowners.

But Lismore is far from an isolated case. Across the country, an estimated 1.36 million properties face some level of flood risk, according to the Insurance Council of Australia. Of those, roughly 298,000 properties, including more than 220,000 homes, have a 2% to 5% annual chance of flooding. For many, premiums have already become unaffordable.

Climate Valuation, a property risk analytics firm, estimates around 380,000 homes nationwide are already either uninsurable or unaffordable to insure. Without significant intervention, that number could rise to one in 10 homes by 2035.

At some point, the maths stops working. Properties move from underinsured, where cover exists but falls short, to uninsurable, where no cover is available or affordable at all.

Who picks up the bill?

In March, the ICA declared Cyclone Alfred an "insurance catastrophe" after more than 63,000 claims were lodged.

But thanks to the federal government's $10 billion Cyclone Reinsurance Pool - funded by mandatory insurer contributions - insurers avoided massive claim costs, and consumers were shielded from sharp premium spikes.

No such protection exists for floods. That's why the ICA is lobbying for the government-backed Flood Defence Fund to fill the gap.

An ICA spokesperson says the plan as it would help "build the resilience infrastructure needed to protect homes from the increasingly frequent and intense flood events Australian communities face."

The fund would cost $30.15 billion over 10 years, shared by the Federal Government and the state governments of Queensland, New South Wales and Victoria, the states with the most highly exposed flood properties.

The ICA also claimed it would help moderate insurance premiums in those areas and reduce future recovery costs in the wake of disasters.

While $30 billion is a big number, the RBC's Kate Cotter says Australia needs "big ideas to solve big problems."

"Without long-term resilience investment, more homes will fall into the uninsurable category."

What homeowners can do

While large-scale public investment remains critical to keeping entire communities insurable, homeowners still have tools to help manage their personal risk, and in some cases, reduce premiums.

Smart sensors: Some insurers are using new technology to reward risk reduction.

Honey Insurance offers customers free smart sensors that detect water leaks, smoke and open doors or windows. "If you opt into our Smart Home program, you'll receive the sensors and get an 8% discount on your premium," says Honey Insurance COO Angelo Azar. "They help reduce claims, and if you're helping manage the risk, you should share in the benefit."

Suncorp's Haven project: In May 2025, Suncorp launched Haven, a digital tool designed to help Australians understand and strengthen their homes against extreme weather.

By entering their address, homeowners receive a tailored video and downloadable resilience report detailing their property's risk levels for bushfires, floods, cyclones and storms - along with practical steps to reduce vulnerability.

"With more than 2.7 million Australian homes identified as high-risk of at least one extreme weather peril, Haven enables all homeowners to understand their risk and the proactive steps they can take to safeguard their homes from future danger," says Suncorp chief executive consumer insurance Lisa Harrison.

Bushfire Resilience Rating App: Developed by the Resilient Building Council, this free app allows homeowners to assess and improve bushfire preparedness.

Several insurers, including NRMA and Suncorp, offer discounts for households using the app, while NAB offers interest rate incentives for participating in home retrofit programs.

In October, the federal government backed an expansion of the Bushfire Resilience Rating App to also cover flood risk.

Later this year, the RBC will launch its broader Disaster and Energy Efficiency Resilience Rating, which scores homes across multiple hazards: bushfire, storm, flood, cyclone, heatwave and thermal performance.

FORTIS Project: The RBC's FORTIS initiative provides free architectural designs and guidance to help homeowners rebuild more resilient homes, including raising floor levels, modifying structures, or using water-resistant materials in flood-prone areas.

While these innovations and guides help, understanding your insurance policy remains critical, says Mozo insurance expert Rachell Wastell.

"In flood-prone areas, insurers may require homeowners to maintain drainage, raise electrical outlets, or install flood barriers," she says.

Bushfire risk comes with its own maintenance obligations, such as clearing gutters and removing flammable debris. Even storm-related claims can be denied if, for example, a fallen tree was poorly maintained.

"The best defense is preparation," Wastell advises. "Understand your policy, take proactive steps to manage risks, and set aside a rainy-day fund for unexpected expenses."

But according to the corporate watchdog, they were really picking between policies underwritten by a single provider.

The allegations go to the heart of the inherent conflict baked into the business model of many free comparison sites - they earn money from the very products they recommend.

Why is ASIC suing Choosi?

From July 2019 to late 2024, Choosi promoted itself as a comparison service for life and funeral insurance, marketing that for these products consumers could choose from multiple insurers.

But according to ASIC, the platform acted as a distribution channel, steering customers toward products underwritten solely by insurance provider, Hannover. In exchange, Choosi received substantial commissions.

In total, ASIC claims at least 4225 funeral insurance and 9478 life insurance policies were sold during that time. For its role in facilitating those sales, ASIC alleges Choosi was paid $61 million.

ASIC deputy chair Sarah Court says ASIC alleges that Choosi "misled thousands of consumers".

'We will contend people were led to believe they were making a sensible decision by comparing policies; however, they were denied genuine choice," says Court.

"Consumers may have been encouraged to buy a funeral or life insurance policy when a cheaper or more suitable policy might have been available from other insurers that were not assessed."

The alleged conduct - which spanned Choosi's website, television ads, social media, and advertorials - may have breached sections 12DB and 12DF of the Australian Securities and Investments Commission Act 2001.

Each contravention carries a maximum penalty of $16.5 million.

In a statement, a spokesperson for Choosi says the company is reviewing ASIC's claims and will respond accordingly.

"Choosi is aware of the concerns raised by the Australian Securities and Investments Commission (ASIC) regarding certain aspects of our advertising. Our customers are at the heart of what we do. We are committed to making any necessary changes that best serves our customers."

A pattern of misleading conduct

This is not the first time regulators have taken aim at comparison platforms.

In 2020, iSelect was fined $8.5 million after admitting it misled users by claiming to compare all electricity plans from its partner retailers. In reality, commercial agreements restricted which plans could be listed, and many customers missed out on better deals.

The ACCC said around 38% of people who used iSelect's service at the time might have found a cheaper plan by shopping around or using the government's Energy Made Easy website.

Other examples include:

Webjet (2023): Sued for allegedly advertising flights "from $X" without disclosing mandatory booking fees of up to $54.90.

Compare the Market (2014): Fined after claiming to compare more health insurers than any other site, when two competitors covered more providers.

Energy Watch (2012): Fined over $2 million for misleading claims about how much consumers could save by switching energy plans.

How comparison sites really make money

According to an investigation by CHOICE in October last year, many commercial comparison sites aren't as independent as they seem.

Instead of offering unbiased product rankings, these platforms often get paid by the retailers they feature through commissions, referral fees, or flat fee-for-service arrangements.

This means the insurance products shown first, or recommended most strongly, may not be the best value for the consumer, but rather just the most lucrative for the site. In effect, CHOICE argues, comparison platforms often act more like sales agents or brokers than neutral consumer tools.

And because fees are often tied to clicks, conversions or policy premiums, the risk is that commercial interests override what's best for the customer.

As ASIC's Sarah Court explains, "Comparison websites must provide a meaningful comparison service and not simply operate as a sales channel or distribution platform for companies."

Court says that while comparison sites can sometimes be useful for consumers, they should only be part of how people shop around for financial products.

Here's what to do instead

According to ASIC's MoneySmart, here's how to compare properly:

Know what to look for: Decide which features - like fees, interest rates, exclusions - matter to you.

Search beyond the site: Check government tools like PrivateHealth.gov.au or Energy Made Easy, and visit providers directly.

Read the fine print: Don't rely on headlines; check the product disclosure statement (PDS) for hidden fees or exclusions.

Ask questions: Before committing, contact the provider and get clarity on anything unclear.

Check the license: Make sure any financial product provider is registered with ASIC.

On February 18, 2025, NASA announced a one-in-32 chance that an asteroid could strike Earth on December 22, 2032. Nicknamed City Killer, the space rock measures up to 90 metres wide.

Projected to potentially hit Mumbai, a city of 27 million in India, the impact zone stretched from the eastern Pacific across northern South America.

NASA initially projected a 3.1% probability of impact - the same odds as flipping heads five times in a row. That raises an intriguing question: could you insure against an asteroid strike?

Surprisingly, some home insurance policies cover space debris, according to the comparison site Mozo. That said, it's worth checking your policy, as some may only cover falling rocket parts. Suddenly, that insurance advertisement featuring a meteorite crashing through the city doesn't seem so far-fetched.

Insurers can't assess all risks the same way. Some, such as bushfires or cancer, have decades of historical data, making them easier to model. Others, for example, cyber threats, constantly evolve - what was a risk last year might be entirely different today.

Asteroids, however, are a different challenge. They are purely hypothetical events with no past insurance claims to model on.

"Since we don't have any historical claims data to form a view, we consider the probability and the likely cost of the event," says actuarial consultant Danielle Casamento, principal at actuarial and analytics firm Finity.

NASA warns that City Killer could cause "severe damage, potentially collapsing residential structures across a city and shattering windows across larger regions". That kind of data is factored into premium calculations.

Another important distinction: insurance covers uncertainty, not certainty. Once an event is guaranteed to happen, it's no longer a risk - it's inevitable.

That's exactly what happened when the World Health Organisation declared COVID-19 a pandemic, according to Casamento. Travel insurers immediately withdrew coverage because the virus was no longer an unknown risk but an unfolding reality. "It triggered the 'known event' clause, meaning it was no longer covered by the policy," says Casamento.

So, if you're planning to take out an insurance policy as the asteroid enters Earth's atmosphere, it'll likely be too late.

Fortunately, on February 24, NASA downgraded the asteroid's risk to just 0.004% - a one in 25,000 chance, roughly the same odds as flipping heads 15 times in a row.

But how could the impact probability change so dramatically?

"This is the scientific process!" NASA declared.

While the risk of asteroid impact seems minimal, it still exists. And when a risk is shared by many, insurance steps in.

But like an asteroid hurtling towards Earth through space, risk is constantly moving. Predicting its trajectory - whether in astronomy or insurance - is never a perfect science.

Calculating the risks 

At its core, insurance is a trade-off: you pay regular premiums and, in return, your insurer covers specific risks - car accidents, pet emergencies, storm damage. If disaster strikes, it helps foot the bill, sparing you financial ruin.

It works because not everyone claims at once (touch wood).

Take home insurance: you pay $100 monthly but after six months a storm wrecks your roof. You've contributed $600, but your insurer might cover tens of thousands in repairs. Without insurance, you'd need years of saving to afford the fix.

This risk-pooling system keeps insurance viable, but only if enough people pay in. When claims rise, so do premiums. Insurers price policies based on the probability of payouts.

For example, if one in 100 homes is expected to suffer storm damage, premiums are set accordingly. But if five in 100 homes are hit instead, insurers take a loss - and pass that cost onto consumers.

Yet insurers don't operate in isolation. They're just one cog in the machine of risk management, a supply chain designed to measure, distribute and balance risk across multiple players.

Before a policy even reaches a consumer, actuaries and data scientists quantify the potential risk. If the risk is too high for a single insurer to bear, reinsurers step in - essentially providing insurance for the insurers themselves to spread the financial burden.

Once the pricing and risk models are set, underwriters shape the policy, deciding what's covered, what's excluded and how much it costs.

Then comes distribution: insurance brokers and comparison sites help consumers navigate the sea of policies to find one that suits their needs.

In theory, this entire system is designed to balance risk efficiently.

But as Australians are discovering, even the most carefully calculated insurance models don't always stop prices from rising.

Why premiums are rising 

Households are feeling the squeeze - home, contents and car insurance premiums have surged 11% in a year, according to the Australian Bureau of Statistics. But what's behind the hike?

Casamento says three main factors determine premiums: individual risk, broader market forces and competition.

First, insurers assess individual characteristics - age and gender (car insurance), smoking status (health insurance) or home location (home insurance) - to price policies.

Broader economic trends also play a major role. Inflation has pushed up repair, medical and rebuilding costs, making claims more expensive for the insurer. Between December 2019 and December 2024, inflation added 20% to costs, meaning a $1000 expense in 2019 now costs $1200.

"To remain viable, funds have to charge more because inflation is driving up the cost of everything health insurers pay for," says Rachel David, CEO of Private Healthcare Australia, a peak industry body. She notes that health insurance premiums will have risen 3.73% on April 1, 2025.

However, inflation alone isn't to blame. Over the past five years, insurance premiums have jumped 40% - double the inflation rate. A policy that cost $1000 in 2019 now costs $1400.

The Insurance Council of Australia said in an ABC report in October that rising home insurance premiums stem from increasing natural disaster costs and home values (which make repairs pricier), inflation-driven building costs and insurers' rising operational costs.

The last point is particularly pressing. Insurers also pass on costs related to risk management, commissions, taxes and levies.

In NSW, these extra costs made headlines when the State abolished the Emergency Services Levy in 2023. Before that, the levy added up to 18% to home insurance premiums.

Another factor is competition, which in a hardening market (when insurers become more selective about who they insure) tends to keep prices lower. However, Australia's insurance market has softened in recent years, giving insurers less incentive to lower prices.

Fei Huang, associate professor at UNSW's School of Risk and Actuarial Studies, warns that some insurers also set prices based on what customers are willing to pay, rather than just risk - a practice called price optimisation.

The practice is legal in Australia but banned in several US states due to fairness concerns.

Similarly, in 2022 the UK banned 'price walking', where insurers charge existing renewing customers more than new ones with the same risk profile. Australia has yet to follow suit.

When putting all these factors together, it's easy to see why insurance is clouded in complexity and bureaucracy. But, ultimately, insurance is a numbers game - one in which, recently, the odds are driving prices up.

How to get the best deal 

When searching for the 'best deal' on insurance, some people focus on price.

You compare policies, find one that's $30 cheaper per month and lock it in. Bingo, you think - that's your Netflix subscription covered, 4K and all.

But with insurance, cheaper isn't always better.

"The biggest mistake people make is always going for the cheapest option," says Angelo Azar, chief operating officer at Honey Insurance, which sells home and contents insurance.

Azar understands the temptation - when money is tight, cutting costs feels smart. But because insurance is something you pay for but hope never to use, it's easy to overlook its real purpose.

Think of insurance as a tightrope walk. Price is on one side, coverage is on the other. Lean too far toward price and you may fall short when it matters most.

"Sometimes the cheapest policy might be right, but not always," says Azar. "If you're choosing purely on price, you risk ending up with a policy that doesn't actually cover what you need."

That doesn't mean you should overpay. Shopping around is key but so is knowing what you're actually comparing.

Rachel Wastell, personal finance expert at Mozo, says clarity is essential. "First, think about your priorities. Second, get quotes for policies that provide the cover you need - every policy will be slightly different," says Wastell.

Once you have a few options, then you can compare prices based on value, not just cost.

By balancing price with coverage, consumers can find the 'best deal' - one that protects them when it counts without overpaying. Because in insurance, staying steady is about more than just saving money; it's about making sure you don't fall when you need a safety net the most.

5 steps to choose an insurer 

1. Review your policy 

Don't just accept your renewal notice - take a few minutes to reassess your coverage. Insurers adjust policies and pricing annually, so what worked last year might not be the best fit today.

"The biggest thing I'd say to a customer is to review their insurance policy and make sure it still fits their needs," says Honey Insurance's Angelo Azar.

This is especially important if you picked the cheapest option last year.

Your circumstances, market conditions and available deals may have changed, so compare policies to ensure you're still getting the right coverage at the best value.

2. Don't set and forget  

Introductory discounts can make a policy seem like a bargain, but they often vanish after the first year, leading to an unexpected price hike.

As with other forgotten subscriptions that quietly drain your bank account, customers may assume their discount still applies or forget to check, says Wastell. "Switching policies annually won't affect your cover, and insurers price risk differently - just because your premium went up doesn't mean another provider won't offer a better deal."

3. Reduce unnecessary extras  

Many insurance policies include add-ons that may not seem worthwhile, such as motor burnout coverage, which covers damage or loss of electrical appliances from motor burnout. "For home insurance, you might have motor burnout coverage," says Danielle Casamento from Finity, an actuarial firm that helps assess policies.

"For car insurance, there could be an add-on for choice of repairer."

Similarly, landlord insurance may include rental default cover, but if you already hold a bond, you may not need it. "Also, since Covid, airlines and hotels now offer more flexible refund policies, so you may not need as much cancellation cover on your travel insurance," adds Casamento.

The lesson here is to review each policy's extras - if you wouldn't realistically claim on it, removing it could lower your premium.

4. Adjust your excess 

Your excess - the amount you pay out of pocket before your insurer covers a claim - directly affects your premium.

"Choosing a lower excess could increase your premiums, while opting for a higher excess can reduce them," says Wastell. "If you rarely make claims, opting for a higher excess could be a smart way to reduce your ongoing costs."

Check your policy settings - adjusting your excess could help you balance affordability and financial protection.

5. Pay annually instead of monthly  

Many insurers charge extra for monthly payments, adding a hidden premium to your policy. "Some insurers will charge less for your policy if you pay annually rather than monthly, so check before you commit to a payment frequency," says Wastell. If a lump sum payment isn't feasible, Wastell recommends setting up an automated savings plan to make it possible for you to pay annually and unlock the discount.

'Insurtechs' make their mark 

Technology is shaking up the insurance industry, cutting costs and improving efficiency - and hopefully benefitting policy holders. 'Insurtechs' to watch include:

Flip Insurance 

Instant accident cover  

For adrenaline junkies, Flip offers on-demand accident coverage with no waiting periods. Designed for high-risk activities, such as bungee jumping, skateboarding, and extreme sports, Flip lets users activate coverage instantly - whether for a single day or a full year.

This flexible model ensures you only pay for coverage when you need it, making it an affordable alternative for thrill-seekers who want protection without committing to a full-time policy.

Honey Insurance  

Home and contents  

The company uses smart technology to reduce claims and reward proactive homeowners. Customers who opt into Honey's Smart Home Program receive complimentary sensors that detect water leaks, smoke alarms and unexpected door openings. While these sensors don't prevent incidents, they provide real-time alerts, allowing homeowners to respond before small issues become costly claims. Those who opt in receive an 8% discount on premiums, reflecting the insurer's belief that shared risk management should mean shared savings.

Fetch 

Pet insurance  

A newcomer to Australia, Fetch offers a single policy covering dogs and cats from eight weeks old. It has a 24/7 pet emergency line and an app for submitting and tracking claims. It is also the only pet insurer that's a member of Pet Industry Association of Australia (PIAA), reinforcing its commitment to pet welfare.

• Find out more about the inaugural Life Insurance Awards.
• Order your copy of the April awards issue.
• Check out more winners.

Gone are the days when life insurance was pitched chiefly at men. For today's families, it makes sense for both parents to be insured even if they don't both work.

Too often the economic worth of women is overlooked - not just for their effort in being the main caregiver in many cases, but also for bringing in valuable income.

The beauty of life cover through super is that families can enjoy the security of having both parents covered without any impact on take-home pay (premiums come straight out 
of super savings).

That said, it still pays to look for value as women are still retiring with less in super than men.

"At Acclaim, life insurance affordability is a key part of our member-focused product offering," says Aimee West, Acclaim Wealth's head of adviser services.

"Recognising that women typically have lower superannuation balances than men, we worked with our group insurance partner, AIA, to ensure highly competitive premiums that enable women to access life cover through their super while keeping fees low.

"Through appropriate levels of cover, life insurance can provide Australians with peace of mind that their families will have financial security should the unexpected happen."

Life insurance should be tailored to meet individual needs and circumstances. West recommends speaking with a financial adviser to ensure you have the right amount of cover for your needs.

ANZ Smart Choice Super and Zurich Australia have been named Money's Best Value Death Insurance In Super - Men as part of the 2025 Life Insurance Awards.

• Find out more about the inaugural Life Insurance Awards.
• Order your copy of the April awards issue.
• Check out more winners.

Income insurance protects what is arguably your most valuable asset - and if you think it's your home or car, think again. 

Unless you're retired, chances are that the ability to earn a regular income is your most financially worthwhile asset. 

But while few of us would buy a car or house without immediately insuring it, surprisingly few people - some estimates put it as low as one in three working Australians - take action to insure their income against an inability to work due to illness or injury. 

On the plus side, most super funds offer some level of income protection insurance for their members. However, it is not always a default product, so you may have to actively opt in. 

ANZ Smart Choice Super for employers and employees, winner of this award, is issued by OnePath Custodians, which is a part of the Insignia Financial group of companies. Zurich Australia 
is the insurer. 

"When people think about insurance, the first thing that comes to mind is health, home or car insurance," says Jason Marler, general manager, master trust product at Insignia Financial.  

"What people tend to forget about is protecting their ability to earn an income due to injury or illness. For members who want to protect their salary in the event they are unable to work temporarily, and in some cases permanently, income protection can provide peace of mind. Life cover also plays an important role, especially where the member may have financial dependents."

• Find out more about the inaugural Life Insurance Awards.
• Order your copy of the April awards issue.
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Trauma insurance from Budget Direct pays a lump sum from $50,000 to $2 million if you are diagnosed with one of 37 serious medical conditions, including certain types of cancer, a heart attack or a stroke.

Jonathan Kerr, chief growth officer at Budget Direct, says trauma cover is becoming a more common choice for Australians.

"It provides a financial safety net that can help individuals and families navigate the challenges of a serious illness without the added burden of financial stress."

Kerr says Budget Direct has seen a significant increase in the number of customers opting for trauma cover.

"In fact, a reasonable percentage of our life insurance policy holders also hold trauma cover, demonstrating the growing demand for this type of protection," he adds.

A Budget Direct trauma insurance payout can be spent in whatever way you choose.

The maximum age for anyone wanting to take out a new trauma policy with Budget Direct is 59.

• Find out more about the inaugural Life Insurance Awards.
• Order your copy of the April awards issue.
• Check out more winners.

While many Australians would be familiar with life cover, which pays a lump sum to your beneficiaries if you die, trauma insurance may be less well understood.

It pays a lump sum if you suffer a critical illness or serious injury such as cancer, a heart condition or a stroke. It differs from total and permanent disability (TPD) insurance, which provides a lump sum if illness or injury mean you can't work again.

"Life cover can play an important role in protecting a family's financial wellbeing," says Jonathan Kerr, chief growth officer at Budget Direct.

"It's about protecting your family's future and ensuring they have the resources to manage finances, clear debts and maintain their lifestyle in your absence."

He adds that trauma cover is about giving people peace of mind to focus on recovery.

"It provides a financial cushion to help cover the costs of treatment, rehabilitation and lost income, allowing individuals to focus on getting better without financial stress."

Kerr says Budget Direct is committed to providing Australians with affordable life insurance without sacrificing quality.

"We achieve this by leveraging a unique combination of factors, including our partnership with NobleOak Life, our efficient operating model 
and our strong brand presence."

There's a lot to love about superannuation - and it goes beyond funding for a decent retirement.

Our super can provide financial benefits long before we hang up our work boots.

One such benefit is personal insurance.

What's up for grabs?

Chances are, your super fund automatically provides:

• Life insurance, which pays a lump sum if you die, and
• Total and permanent disability (TPD) insurance, which provides a payout if you become totally and permanently disabled because of illness or injury. 

Your super fund may also provide income protection insurance though this tends to be an opt-in rather than automatic benefit.

There are a few exceptions.

Your fund is unlikely to provide personal insurance if you're a new member aged under 25, or if you have an account balance below $6000.

If this sounds like you, there is always an option to request cover but you'll need to let your fund know. Cover is not automatic.

Is the level of cover right for you?

It's always reassuring to know you have life and TPD insurance through your super.

One of the pluses of insurance through super is that your fund buys cover in bulk. This helps to keep the premiums low.

The drawback is that your fund doesn't know your particular needs.

Think of it this way: A 30-year-old fund member may be single, living at home, and without any debt. Another member of the same fund, may also be aged 30, but be a single parent of two kids with a $500,000 home loan.

Clearly, the two fund members have very different insurance needs.

The default insurance offered by super funds cannot automatically identify the different insurance needs of each member.

It's up to you to adjust your level of cover so that it's right for your needs.

Getting the right level of cover

Knowing you have the right level of insurance through super is a four-step process:

1. Check your current insurance cover

The first step is to check how much cover you currently have in place.

That's easy.

Log into your member account online, review your latest super statement, or pick up the phone and ask your fund.

2. Understand how much cover you need

A handy tool to gauge how much cover you need is the Life Insurance Needs Calculator on the Moneysmart website.

Your super fund website may have a similar calculator.

Use it to get a clear picture of your insurance needs.

3. Compare the cover you need to the protection you have in place

If there is a shortfall in your level of cover, you could be underinsured.

This could see your family face financial hardship if the unexpected happened.

4. Adjust your level of cover

If you'd like to boost your personal insurance, simply get in touch with your fund.

Be aware, insurance premiums are paid from your super savings.

So, an increase in cover can impact your super savings on retirement.

There is always the option to take out separate cover outside of super. But the premiums will be paid from your own pocket, and it could cost more than cover arranged through your super.

Talk to your fund

Having the right level of insurance through super doesn't have to be hard work.

If in doubt, call your phone to know how much cover you have, and if necessary, request an increase.

Hopefully, you and your family will never have to make a claim. But it's reassuring to know you have the right level of protection for your needs at all times.

• Find out more about the inaugural Life Insurance Awards.
• Order your copy of the April awards issue.
• Check out more winners.

It's a fact of life that, on occasion, things go wrong. In the event of an injury or death, though, it may be of some comfort having a financial safety net available in the form of life insurance.

After all, a lump sum insurance payment could be put towards paying off outstanding debt such as the mortgage on a family home or covering ongoing expenses like school fees and other day-to-day costs.

"Life insurance plays an important role in safeguarding a person's financial situation, now and in the future," says Meray El-Khoury, chief insurance officer at MetLife.

MetLife has been recognised as one of the preeminent providers in the life, TPD and trauma insurance space, taking home the Lump Sum Insurance award in the advised section of the 2025 
Life Insurance Awards.

Among many factors, MetLife's success was built on the features available with its insurance offering and the quality of the service it provides.

El-Khoury says MetLife is proud to be recognised for the work it has put into its products and features.

"MetLife Protect is designed to provide flexible cover, with attractive features such as a three-year rate guarantee and multi-policy discounts with access to our 360Health services," she says.

"We have worked hard to design a product that meets the needs of our customers and supports advisers to build a more confident future for Australians."

Winner based on a combination of financial strength, market performance, product features, premium rates, service quality and lapse rates for life, TPD and trauma insurance.  

• Find out more about the inaugural Life Insurance Awards.
• Order your copy of the April awards issue.
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Having income protection insurance doesn't just let people focus on their physical recovery, it can also prevent household finances unravelling during a stressful time.

HCF's Income Protect Insurance pays up to 70% of your average monthly income (up to $7500 a month) for up to 12 months if you're unable to work for more than 30 days due to illness or injury.

Unlike many other types of personal insurance, the premiums for income insurance can be claimed on tax, which helps to reduce the cost.

"Blue collar workers often rely on their physical ability to work, making income protection essential if an injury or illness prevents them from earning a living," says Eoin Reville, HCF general manager, life.

"Many of these roles involve physically demanding work and hazardous environments, increasing the likelihood of injury and time off work," he says.

"With rising household expenses, losing income, even temporarily, can have a major financial impact on individuals and families. Income protection helps provide stability during tough times."

• Find out more about the inaugural Life Insurance Awards.
• Order your copy of the April awards issue.
• Check out more winners.

While many Australians have protection through their superannuation or choose to tailor a policy with help from an adviser, others go directly to an insurer for their life, TPD, trauma or income protection cover.

Among them is TAL, the winner of our Life Insurer of the Year - Direct award. TAL's success isn't limited to a single award, though.

In fact, it won most awards up for grabs in the direct insurance category.

Gavin Teichner, TAL's chief executive of individual life, says the insurer strives to give its customers access to both value and an extensive level of cover.

"Finding the right balance between affordability and comprehensive life insurance protection is critical, especially with cost of living pressures," he says.

"We work hard to ensure our customers feel confident that their policy provides meaningful protection at a fair price over the long term."

It's clear that the team at TAL won't be resting on their laurels.

"As Australia's largest life insurer, we must be responsive and innovate to meet the evolving needs and expectations of our partners, our customers and the community. This is how we can deliver the best possible outcomes for Australians when they need us most," says Teichner.

Overall winner based on a combination of financial strength, market performance, product features, premium rates and service quality for life, TPD, trauma and income protection.

• Find out more about the inaugural Life Insurance Awards.
• Order your copy of the April awards issue.
• Check out more winners.

Australians are far more likely to insure their homes and their possessions than themselves. That's according to recent research commissioned by the Council of Australian Life Insurers, which found that while 62% of people have home and contents insurance, just 34% have life insurance.

There are plenty of reasons why someone might want life insurance cover, though - for instance, in the event they become partially or totally disabled as a result of an illness or injury and are left unable to work.

This is where income protection insurance can come in. The cover is designed to provide a financial safety net in the form of a regular income stream in situations where someone is left unable to work temporarily or indefinitely.

While it depends on the specific policy and level of cover, income protection insurance typically provides up to 70% of an individual's regular, pre-tax monthly income (generally to a capped amount).

As the name implies, our 2025 Income Protection Insurance award is all about ensuring you have enough money to cover day-to-day expenses, such as loan repayments and school fees.

Specifically, the category focuses on the advised space where policies are taken out with the help of a financial adviser. And in this category, there  was no beating Neos for its Encompass Protection - Income Protection Plan

Neos was awarded the prize based on its overall financial strength and market performance, as well as factors such as the features and premiums available with its income protection insurance product.

The winner was chosen based on a combination of financial strength, market performance, product features, premium rates, service quality and lapse rates for income-protection insurance.

It appears that Australians have grand plans to take to the skies and the roads in large numbers again this year, with a recent report revealing a strong desire for domestic and international travel.

More than three quarters of Australians surveyed as part of research undertaken by American Express said that they were planning to take up to three holidays this year.

In fact, the 2025 Global Travel Trends report notes that roughly one in three Australians (34%) are planning to travel more domestically and internationally compared to last year, while 51% will take as many domestic trips as they did in 2024 and 43% will do as much international travel.

Along with organising flights, accommodation and the others parts of any trip away, it seems as though the vast majority of travellers are also planning to take out travel insurance to cover their trips.

Research conducted by Allianz found that more than four in five travellers (82%) will be purchasing travel insurance for their next trip away.

Travellers highlighted the potential for illness (49%), insufficient cash (45%) and flight cancellations or delays (43%) as the major motivators for taking out insurance.

"You don't know what's going to happen when you travel. So having travel insurance can give you peace of mind that, if the worst goes wrong, you're not going to be left significantly out of pocket," says Phillip Portman, spokesperson for financial comparison website Compare The Market.

What should travellers look for in an insurance policy?

Cost will be one of the major considerations for travellers when it comes to choosing a travel insurance policy. Ultimately, that may be dictated by a travellers' needs on a specific trip though.

A basic insurance policy may be enough for some trips, while a more comprehensive level of cover or even additional addons may be needed for others.

"As a bare minimum with comprehensive cover, I'd say look out for 24/7 emergency assistance and make sure that you've got some great medical cover in there," Portman says.

"When you're traveling overseas, particularly to countries where we don't have reciprocal healthcare agreements, you may want to make sure that you've got cover for things like accidents or illness because we know that the cost of medical attention can be quite high.

"You may also want to make sure that the policy has cancelation cover for things like pre-booked travel or activities. And obviously lost luggage and personal liability cover."

While travel insurance policies typically have labels like 'basic' or 'comprehensive' cover attached to them, Portman recommends looking at each individual policy carefully.

"It's really important to know that even if different providers are offering comprehensive policies, they can have different inclusions. So you always want to make sure that you're looking at what those inclusions are," he says.

Does travel insurance cover cruises and adventure sports?

Electing for a decent level of cover for medical events, travel delays and even personal effects may fit the bill for a conventional sight-seeing trip to Japan or a family holiday to New Zealand, but Portman says that travellers can - and do - get caught out with more niche trips and activities.

"People think travel insurance is one-size-fits-all, but that's not the case. There are a few things you may need to do to make sure you've got the right level of cover for the type of holiday you're taking.

"Sky diving, surfing, hiking and skiing are not usually typical inclusions, so you may have to add those types of activities on as an extra with your policy.

"That will come at a little bit of an extra cost, but it may give you peace of mind that, if something goes wrong when you're doing one of those activities, you've got cover."

Another common misconception around travel insurance, Portman says, comes with cruise holidays - even those originating in Australia.

"A lot of people think that a standard travel insurance policy will cover them for a cruise, but that's not actually the case. You will need to add on that extra cruise cover to make sure you're covered.

"That's important even if you're taking a domestic cruise. A lot of people think, 'Oh, I'm just traveling in Australian waters, I'll be covered by Medicare or private health insurance.' But that's not the case."

Does it matter when you take out travel insurance?

Once the excitement of booking flights and accommodation is over, it may be tempting to leave travel insurance for another day. However, there may be benefits to purchasing cover immediately after.

"Our recommendation is to always take out cover as soon as you make those travel plans. Say that you've just put down a deposit for a holiday or you've just made a booking, that's usually the time you will want to lock in travel insurance," Portman says.

The reason behind this thinking is that by taking out insurance early, travellers may be covered in the event that something goes wrong before they even leave. As Portman explains, there are any number of things that can occur prior to departing.

"You or someone within your party could become sick or injured, so you may not be able to take the holiday as planned. Your travel documentation might not be up to date, or it could have been stolen.

"Then there are natural disasters. Or there may have been an update through Smartraveller that you might not be able to travel to your destination.

"So taking it out as early as possible really gives you that peace of mind that, if something goes wrong before the trip, you've got that cover if you need to change the day, change the time or make amendments so that you can still take that holiday."

https://www.moneymag.com.au/life-insurance-awards-2025-best-value-insurance-in-super 179808100 Around eight million Australians have insurance through their super. Both affordable and flexible, here are the best-value options. Money Team Insurance Wed, 02 Apr 2025 13:49:00 +1100 Equip Super and MetLife have been named Money's Best-Value Insurance in Super provider as part of the 2025 Life Insurance Awards. 

• Find out more about the inaugural Life Insurance Awards.
• Order your copy of the April awards issue.
• Check out more winners.

Both affordable and flexible, cover is adjusted to members' life stages, providing high levels of protection when it is needed most. 

Around eight million Australians have insurance through their super. As well as providing for their members' future, this makes super funds a valuable source of financial protection.

But it's still important to look for value because premiums come out of retirement savings. So, what you pay today can impact your retirement income tomorrow.

"We recognise the critical importance of both protecting and growing our members' retirement savings, while ensuring they can continue to contribute to them throughout their life," says Carrie Norman, Equip Super's chief experience officer.

"This is why insurance is an integral part of our overall offering. Placing our members at the heart of our approach, we've designed our default death and TPD coverage with affordability and flexibility as key principles."

Cover is tailored to evolve over time in line with members' needs.

"For example, both death and TPD cover levels peak between the ages of 35 and 45, when financial responsibilities tend to be at their highest. After this point, cover gradually decreases, allowing members to focus on saving for retirement.

"We've achieved these high levels of cover and competitive premiums by understanding our members' and employers' needs, and by leveraging our size, scale and expanding membership base to negotiate the most favourable rates with our insurer, MetLife," says Norman.

Additionally, Equip Super offers a comprehensive wellness program as part of its overall offering.

"We encourage all members to take proactive steps to improve their health and actively engage with the fund," she says.

While they are newly independent, some of these awards have long been part of Money's stable of well-recognised industry awards.

Insurance can be a tricky arrangement. While it is intended to eliminate or reduce the mental toll in times of need, it also forces you to think of, and plan for, the unexpected, with different types of insurance cover available - such as life/death, total permanent disability (TPD), income protection (IP), trauma and funeral.

How to compare life insurance policies

Understanding what these insurance options cover and mean can be complicated. Some are straightforward, others are more nuanced. What is and isn't covered may vary from insurer to insurer.

The key is to read the fine print.

It is impossible to know exactly how much cover is enough, and there are certain factors to be considered, such as age, occupation, annual income and lifestyle.

For instance, the cover amount should be at least able to fund all your financial liabilities (if any) such as mortgage, car loan and personal loan, plus a good buffer to fund you or your dependants' day-to-day expenses for a period of time.

How we chose the winners

According to data from the regulator APRA, there were 28.5 million insurance policies as of June 2024.

About 75% were issued via a super fund, 10 % were directly issued to consumers and 12% were bought through an adviser (and 3% were ordinary group policies).

We have divided our awards to reflect these preferences.

Insurance via super funds 

The easiest way to access death, TPD and IP insurance is through your super fund. While death and TPD insurance is offered by default for members older than 25 years and with a minimum balance of $6000, members younger than 25 can opt in.

The beauty of default insurance offered through super is that it is cost effective, as it is a group policy issued to the fund. Premiums are deducted from members' super contributions, and for default insurance no underwriting is required.

If a member wants higher cover than the default insurance, they can apply to their fund.

To find out the best insurance offers in group super, Rainmaker analysed more than 11,000 death/TPD and IP insurance offerings from super funds.

The winners - which includes the super fund and its insurers - were ranked based on the best premium value, taking into account all risk types, occupational groups, age groups and waiting/benefit payment periods for various categories.

Direct insurance 

To establish the best value direct insurance, Plan For Life analysed more than 25 products offered by eight issuers covering death, TPD, trauma, IP and funeral insurance.

The best pricing for each benefit type was determined by considering various age groups, sums insured/monthly benefits and occupation classes.

The winners of the best-value product under each award category were determined by the lowest price combined with the best product features, recognising the importance of value for money when selecting life insurance products.

Insurance via a financial adviser

To find the award winners for the advised category, Plan For Life benchmarked life insurance products covering death, TPD, trauma and IP issued by 10 life companies.

The benchmarking factors include financial strength, market performance, adviser service quality, product features, premium ranks and lapse rates. Premium ranks were determined by analysing pricing across various age groups, sums insured/monthly benefits and occupation classes.

The overall winners for Life Insurer of the Year - Advised and Direct were determined by benchmarking financial strength, market performance, adviser service quality/online experience, product features and premium ranks.

Order your copy of the April issue of Money including the Life Insurance Awards!

They explore why insurance premiums are rising, ways to find the best value policies, and the inner workings of the insurance industry.

They also highlight the winners of the Life Insurance 2025 Awards in various categories.

Tune in for valuable insights and tips to help you make informed insurance decisions:

00:00 Introduction to Friends With Money podcast

00:53 Understanding insurance deals

03:16 How insurance works

06:44 Rising insurance premiums

08:15 Life Insurance Awards 2025

10:29 Conclusion and final thoughts

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Friends With Money podcast FAQ

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Friends With Money is a weekly personal finance podcast by Money magazine, offering expert insights on investing, budgeting, superannuation, property, and other money strategies for everyday Australians.

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Episodes are hosted by Vanessa Walker and Tom Watson from Money magazine, featuring expert guests and real conversations about money.

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Pay a fortune in premiums or risk losing everything

As Cyclone Alfred crashes into Australia's east coast, families facing a cost of living squeeze may be tempted to ditch home and contents insurance.

But new research by The Australia Institute shows this could mean losing three-quarters of their wealth if their home is destroyed in a flood, fire or other natural disasters.

The report finds a growing number of households are experiencing "extreme" home insurance affordability pressures.

Already, almost one in five Australians admit their home is uninsured or underinsured.

"Australian families are facing an almost impossible choice when it comes to home and contents insurance," said Matt Grudnoff, Senior Economist at The Australia Institute.

"They either find the money to pay ridiculous premiums or risk losing everything they own."

Separate research by Finder shows 69% of homeowners say their premiums have gone up in the past 12 months.

Finder's Peta Taylor, says switching to a new insurance company can see home owners score valuable savings on cover.

"If you find a better or cheaper policy you can switch at any time - even if you've paid 12 months up front - your insurer will refund you the days remaining on the policy," she explains.

An Aussie first: A super fund made up entirely of ETFs

Robo adviser Stockspot has launched Australia's first ETF-only superannuation product designed to keep costs low.

According to Stockspot, Australians collectively pay $32 billion in super fees each year.

Stockspot Super aims to change this by providing a super option made up of a low cost basket of exchange traded funds (ETFs).

Ongoing fees and costs will apply including an admin fee, which will only be charged on the first $500,000.

Chris Brycki, founder and CEO of Stockspot, says, "Australians are paying billions each year in super fees that could be compounding towards a better retirement."

He adds, "Super funds should be investing in assets that are transparent, fairly priced, and efficient-not complex structures that benefit fund managers more than members."

Seven in 10 employers have a gender pay gap in favour of men

Australia has a way to go on gender-equal pay packets.

The Workplace Gender Equality Agency (WGEA) says women earned total average remuneration of $101,961 in 2023/24 (the latest figures) compared to $130,386 among men.

The difference of $28,425 (about 22%) can arise from payments beyond base salary such as super, overtime and performance bonuses.

The higher the average total remuneration at an employer, the more likely they are to have a large gender pay gap in favour of men.

Some of our best-known companies have the biggest gender pay gaps favouring male employees.

This includes Radio 2GB in Sydney - 51% in favour of men, and Macquarie Bank 41.8%.

WGEA CEO Mary Wooldridge, says there is an increase in the number of employers working to understand what is driving their gender pay gap.

However, she adds, "For employers that haven't made progress, it's time to ask why - dig into the data to find out what's causing any gender differences."

The gender pay gap is the difference between the average or median remuneration of men and women, expressed as a percentage of men's remuneration.

It's not the same as equal pay.

Equal pay has been a legal requirement since 1969.

Citigroup mistakenly credits customer account $US81 trillion

It's something most of us only dream of happening.

Instead of crediting a US customer's account with $US280, Citigroup mistakenly credited the account with $US81 trillion - the equivalent of $A51 trillion.

For context, Australia's entire housing market is worth $11 billion.

However, Reuters reports that the funds never actually left Citi.

It took three layers of employee checks but the error was finally picked up before the cash left the building.

It's not the first time Citi has had these sorts of near misses.

There were reportedly 10 near misses of $US1 billion or more at Citi last year.

This sort of error - when it does happen - is far from a dream come true for account holders.

Back in 2009, a New Zealand couple fled the country when Westpac incorrectly credited their account with almost $A8 million instead of the small overdraft the couple had applied for.

It took several years to track down the so-called 'accidental millionaires', but they ended up behind bars on charges of fraud and theft.

Don't drop the ball to scammers this footy season

With the footy season kicking off, fans looking to get their hands on sought-after tickets are being urged to watch out for scammers especially on social media.

The Australian Banking Association (ABA) says Australians lost more than $26 million to buying and selling scams last year, including fake ticket sales.

ABA CEO Anna Bligh advises footy lovers to remain vigilant to dodgy ticket sales on fake websites and online marketplaces, especially in the lead up to sold-out or blockbuster games.

"Scoring a fake ticket from a dodgy seller or website could leave you empty-handed and out of pocket," says Blight. "Worst of all, you will be stuck outside the ground."

If you are going to buy a ticket via social media, don't transfer funds until you're certain there will be an actual ticket at the end of it.

Millions of Australians with private health insurance will see their premiums become more expensive from next month when the latest round of annual increases kick in.

Last week the Minister for Health and Aged Care, Mark Butler, announced that he had approved an average increase of 3.73% to health insurance premiums from April 1.

The rise is the largest since 2018 and could mean that, on average, singles will see their premiums rise by around $88 each year while families see their costs increase by roughly $174, according to sales data from comparison website iSelect.

The minister, who approves the price changes every year, argued that the figure was a compromise reached with insurers after two previous proposals had been rejected.

"In December, I wrote to every single one of the 29 insurers asking that they sharpen their pencils and provide us with an increase that was more in the interests of their members.

"Based on the resubmissions, I was not prepared to tick and flick their asks and instead asked them to resubmit again."

While 3.73% is the industry average, each insurer has announced a different increase. Police Health customers will be on the end of the highest average increase to their premiums (9.56%), while those with HIF will see their premiums rise by the lowest average rate (1.91%).

Australians with private health insurance can also see how their own insurers' change compares to the wider market by visiting the Department of Health and Aged Care website.

Why are health insurance premiums going up?

It's fair to say that private health customers are unlikely to be thrilled at the prospect of any price hike, even if it's at the lower end of the scale.

But insurers argue that the increases are unavoidable given the ongoing rise in health costs.

Private Healthcare Australia, the private health insurance industry's peak body, suggests that health price inflation rose 4% in 2024, with medical and hospital service costs being the main contributors.

Rachel David, chief executive of Private Healthcare Australia, says that while health funds are acutely aware of the cost-of-living pressure many Australians are under, they have to strike a balance.

"Health funds have gone back to regulators three or more times this year to reach the lowest increase possible. But to remain viable, funds have to charge more because inflation is driving up the cost of everything health insurers pay for.

"We also need to ensure hospitals are adequately funded so they can manage the significant challenges they have experienced due to the pandemic, and the subsequent inflationary economy."

How can private health users reduce their costs?

It appears that the upcoming price rises are already getting insurance customers thinking about their options.

Almost a third of health insurance policyholders (28%) are considering changing providers in search of a cheaper policy, downgrading their level of cover or even cancelling their policy, according to research conducted by iSelect.

Sophie Ryan, iSelect comparison expert, says that rather than opting out altogether, insurance customers may want to shop around first to see if they can find better value elsewhere.

"It makes sense that many Aussies with private health insurance will be questioning whether they can afford to maintain their policy, especially when you factor in other budget pressures such as higher electricity costs and interest rate.

"Many customers may be able to switch to a similar level of cover with a different fund for a cheaper price, and there's no limit to how often you can switch."

Research suggests that many private health insurance customers haven't made the switch recently though. In fact, those involved in a survey commissioned by iSelect last year were found to have held the same policy for just under seven years, on average.

Almost three quarters of survey respondents who had switched providers within the previous 12 months had saved money though, to the tune of $1151 annually, on average.

For more tips related to saving on private health insurance and getting the most out of a policy, check out the video with Sophie Ryan at top of this page.

Residents across Queensland and northern NSW are expected to be impacted by dangerous weather conditions, including possible flooding and damaging winds of up to 120 kilometres per hour.

Both regions have been warned to expect increasingly hazardous conditions as the cyclone is set to make landfall by the end of the week.

Due to deteriorating weather conditions, Jetstar, Qantas and Virgin Australia have so far cancelled all flights in and out of Ballina Byron Gateway Airport on Wednesday.

Travellers to Brisbane and the Sunshine Coast are also being urged to monitor flight updates, as further cancellations may be imminent.

Airlines, including Virgin Australia, Jetstar and Qantas, have expressed that they will directly reach out to any passengers affected and are offering affected customers flight credits or the option to change their travel dates.

What should I do if the cyclone affects my travel plans?

With Cyclone Alfred looming, travelers should stay updated on advisories and safety warnings.

Travellers impacted by cyclone should check their flight status and ensure that their contact details are current. Stay tuned to airline websites and social media pages for any sudden changes.

How can travel insurance help?

Travel insurance can help cover unrecoverable out-of-pocket costs.

While airlines are offering flexibility to affected customers, a comprehensive policy covers prepaid expenses like accommodation. With current weather predictions intensifying, having a backup plan is simply smart planning.

When is the best time to buy cover?

Travellers should always consider purchasing travel insurance sooner rather than later - the ideal time is when you make travel reservations.

While domestic cover isn't always prioritised, under these circumstances, travellers would be entitled to claim for any out-of-pocket costs. However, the caveat if that cover must have been purchased prior to this event being widely known in the media.

When is it too late to take out cover for Cyclone Alfred?

Severe weather warnings hit the media in the last week of February when Cyclone Alfred was fluctuating between a category 3 and category 4 storm, before weakening down to a category 2 on March 1.

When it comes to making a claim, some insurers rely on specific media publication dates, whereas others publish purchase cut-off dates on their website.

Often, insurers see a spike in policy sales once events such as these hit the media. Just remember, if you were to buy a policy because you expect to be affected by a major weather event, you may likely not be covered.

Cover-more published a cut-off date of March 4 for policy purchases while 1Cover, Fastcover, InsureandGo and Zoom Travel Insurance all set travel alerts for the cyclone on March 3.

What if my accommodation is affected?

Insured travellers who find that their accommodation is uninhabitable due to storms and bad weather would have provision to claim due to unforeseen damages.

Can I claim for delays caused by the cyclone? 

A comprehensive policy would cover you for any additional expenses, such as meals and accommodation.

While these benefits will kick in once you're delayed for a specific period of time, it's a great asset when you find yourself stranded, tired and frustrated.

Additionally, some insurers can help you get to a pre-booked event or special occasion in the event of a flight delay or cancellation.

What if my holiday is unaffected but I want to cancel my trip?

Travel insurance does not cover you for change of mind so unless your travels are directly affected by bad weather you will not have eligibility to claim for cancellation.

If you simply change your mind and don't want to travel, your claim would likely be declined.

Is domestic travel insurance worth it? 

While often overlooked, a growing number of travellers could stand to benefit from domestic cover. Significant weather disruptions can affect plans, so booking coverage early ensures cancellation benefits. With policies from $50*, it's a small price for added security.

*One domestic policy for 7 days in duration, aged 21. Zoom domestic policy $41.60, 1Cover domestic policy $47.38, Insure and Go $61.92, Tick Travel Insurance $64.68, Fast Cover $63.89. Policy benefits, limits and exclusions vary between policies.

The clause states that items left unattended in a public place may not be covered if lost or stolen.

According to our recent survey, 59% of Australians are either unaware of or misunderstand the policy, which includes luggage left unsupervised in hotel lobbies, beaches, taxis and buses - even for just a few moments.

What is the travel insurance unattended items clause?

In insurance terms, "unattended items" is just a fancy way of saying anything you've left out of your sight or out of reach - like that beach bag chilling on a pool lounger while you take a dip, the wallet you left at reception during your hotel checkout, or the backpack you left on the bus.

Travel insurance is there to cover the unexpected, but it won't babysit your bags for you.

A little common sense goes a long way - even if it's just for a few minutes, leaving your things unattended in a public spot is an invitation for them to disappear.

Why do tourists need to stay vigilant on vacation?

While it's easy to be lulled into a sense of security when on holiday, tourists are often prime targets for pickpockets and petty criminals.

In November 2024, DFAT's annual Consular State of Play revealed a 26% increase in theft cases abroad, alongside a 31% rise in lost passports and a 23% jump in stolen passports.

The surge in theft and lost items among travellers comes amidst rising travel numbers and persistent economic uncertainties. As travel numbers creep back to pre-pandemic levels, a spike in lost and stolen items is to be expected.

However, there are simple steps you can take to minimise the risk of your belongings going missing or being stolen.

How can you keep your stuff safe while on holiday?

When out and about, tourists should keep their belongings close by or stored in a safety box or locker at their accommodation.

Where possible, stash your valuables in a hotel safe or, if that's not an option, a secure day bag.

And if you're leaving your items in a car, make sure they're tucked away in the boot or a locked compartment. Take note - high value items like jewellery and phones have item limits, so it pays to understand your cover.

Travellers should also be diligent when sharing accommodation with others. When staying in a hostel or dormitory, you should always store your items in a locker or safety box. Belongings hidden under your bed or pillow wouldn't be covered if they are stolen or left behind.

If your stuff is nicked, always report any cases of theft to local authorities as soon possible. Your insurer will require evidence or proof of a robbery or break-in.  Without that report, your claim may be declined.

What if my luggage is lost or damaged on a flight?

Baggage blunders by transport carriers are fairly common, which is why most airlines have a standard procedure for reporting lost items.

If you land and your luggage doesn't, your airline is typically responsible and may compensate you, depending on the situation.

Interestingly, not all airports are created equal, and the process (and chances of recovering your belongings) can vary.

If your luggage is lost, stolen, or damaged during transit and your transport provider can't reimburse you (or will only offer partial reimbursement), your next step is to file a claim with your travel insurer.

Top claim tips

• Always keep receipts: Ensure you have proof of ownership for any valuable items you travel with in case they're lost or stolen. If you don't have access to digital receipts, photos of receipts, bank statements or warranties may be sufficient proof of purchase.
• Gadget cover: Not all insurers cover smartphones and cameras, so check the fine print before selecting a policy. Very often exclusions apply to cracked phone screens.
• Don't delay your claim: You will usually be required to lodge your claim within 30 days after returning from your trip. Any claims made after this time may be rejected.
• Note sub limits:  While your policy might cover luggage up to $10,000, individual items may have a cap, such as $750. Some insurers allow you to increase coverage for specific items, but this must be done before you travel.
• Check depreciation rates: Luggage and personal effects are covered only for their current value unless you have purchased additional cover. Ensure you have proof of ownership for any valuable items you travel with.

Budget Direct has been named Money's Best-Value Car Insurance as part of the Best of the Best awards.

• Find out how we chose the winners
• Order your copy of the bumper awards issue
• Check out more from Best of the Best 2025

If you were to create a Venn diagram with the word 'value' in one circle and 'comprehensive car insurance' in the other, it wouldn't be a surprise to find Budget Direct in the middle.

After all, not only has Budget Direct been recognised for Best-Value Car Insurance for 2025, it has secured first place in this category for the past seven years - a notable achievement. 
Budget Direct finished ahead of AAMI and ING to claim top spot. In large part that came down to the fact that, on average, its premiums ranked as the lowest on offer across the vehicles and locations analysed for the award.

The focus wasn't just on one make of car. In recognition of the range of vehicles on our roads, the judging for this award took into account the most popular small, mid-size and large cars in Australia, plus one of the more popular electric vehicles.

Whether it's a hatchback, a ute or a hybrid SUV, Australian car owners who choose to cover their vehicles with comprehensive insurance appear to be well aware that the cost hasn't been immune from inflationary pressures in recent years.

According to a survey by financial comparison website Mozo, nearly half of car insurance customers surveyed said their annual premiums had increased by $100-$300 in the 12 months to August 2024.

The encouraging news is that many car owners aren't taking these hikes lying down, though.

In fact, a significant number of people have been making the effort to secure themselves a better deal on their insurance.

Australians shopped around in search of a better deal on 11.3 million car insurance policies during 2023 alone, according to research by Roy Morgan. For reference, that represented about a third of the total pool of 33.7 million car insurance policies active in Australia.

Beyond finding a policy with a lower premium, car owners looking to save may also want to think about increasing their excess, switching to annual rather than monthly premium payments and taking advantage of any low-use discounts available for driving fewer kilometres a year.

Jetstar, for example, states that customers can 'rebook their travel for no charge or cancel their booking and obtaining a voucher.'

However, those currently stranded in Bali or out of pocket as a result of the flight cancellations can make a claim through their travel insurer, provided they had already purchased cover.

While flight cancellations and disruptions because of ash clouds can be extremely frustrating, it's important to know that these embargoes are in place for your safety. That being said, it's helpful to know how travel insurance can be of use under these circumstances.

Does travel insurance cover you for a volcanic ash event?

Travellers who had purchased comprehensive cover prior to the event being known would be eligible to claim for losses associated with the ash cloud event.

Unpredictable travel disruptions like these are exactly why you need insurance.

Holidaymakers whose trip plans have been affected by the ash cloud will have provision to cancel and claim for out-of-pocket expenses provided they purchased their policy prior to their insurer's cut-off date. This will most likely be just before or on November 13, when news of the ash cloud became widespread.

However, those who had not yet purchased cover would be unable to claim over the ash cloud disruption.

As this ash cloud is now 'known' to insurers it would be too late to purchase cover for this specific event. It's useful to remember that if your holiday is derailed as a consequence of a known or widely publicised event, your travel insurer will usually not cover it.

Am I covered for delays or cancellations?

Before heading on holidays travellers should always check the specifics of their travel insurance cover.

Your choice of insurer and benefit level can make all the difference when it comes to your cover. A basic travel insurance policy for instance, will not provide cover for travel delays or cancellation.

They are often medical-only policies and are priced accordingly.

However, many standard or comprehensive policies will provide cancellation cover and will reimburse you for any additional travel expenses incurred as a result of a natural disaster.

What if I'm stranded in Bali?

Aussie travellers stranded in Bali beyond the expiration date of their travel insurance policy will also be eligible to claim for any additional accommodation and travel expenses, however, they are advised to stick to a reasonable budget. First class upgrades, penthouse accommodations or fine dining meal costs may not be covered.

If you're unsure of how much cover you have, check with your insurer.

Most importantly, travellers should always prioritise their health and safety, and not overlook the importance of travel insurance. As travel can be unpredictable, it's essential to understand the details of your travel insurance coverage. In the event of a medical emergency, you can't underestimate the importance of travel insurance.

Lastly, remember that while flight delays can be frustrating, groundings due to a volcanic eruption are always in the interest of passenger safety.

Court documents were filed by ASIC in the Federal Court on November 12, alleging members were impacted by delays to death and TPD claims processing, some waiting more than 90 days.

About 7500 member claims have been impacted by the delays in claims processing since September 2022 through to this month. Cbus has since taken action to improve servicing with additional people deployed across assessments, case management and complaints teams.

ASIC alleges the number of impacted members is closer to 10,000 - more than 50% of all the claims Cbus was dealing with in late 2022 - and that some claimants were left waiting more than 12 months for a payout.

Cbus has finalised more than 6000 of these claims with more than $755 million in benefits and/or insurance paid, while the remainder are still being managed. ASIC said Cbus has estimated the financial loss to impacted members is about $20 million.

According to court documents, some 7713 TPD were impacted, 4366 of which took more than 12 months to be resolved and only 830 were resolved within 90 days. About 3600 death claims were impacted, 1946 of which took more than 12 months to be processed.

"Cbus is sorry that delays have been experienced in the processing of insurance claims made by our members. Regrettably this has added to the distress of members and their families," a spokesperson for Cbus said.

"We apologise to our affected members and their families without reservation and promise to do better.

"Cbus has implemented a number of measures that are reducing delays and is committed to further improving management of insurance claims.

"Cbus has established a compensation program for affected members which is being implemented now."

The spokesperson added that Cbus has been cooperating with ASIC during its investigation and notes that the regulator has commenced proceedings in the Federal Court.

"Cbus will invite ASIC to engage in alternative dispute resolution processes to avoid protracted litigation," the spokesperson said.

ASIC said Cbus also failed to regularly assess scale of delays within its outsourced service provider, Australian Administration Services, a subsidiary of MUFG Pension and Market Services, formerly Link Group.

ASIC also claims that Cbus was made aware of the issue between November 2022 and February 2023 but did not report it to ASIC within 30 days as required under the reportable situations regime. ASIC says when the issue was reported in August 2023 and September 2023, Cbus wrongly claimed the issue was not ongoing and made other misleading claims, including that it had only learned of the issues in July 2023.

ASIC deputy chair Sarah Court said delays in claims processing cause real harm to families who may be relying on the payments to meet critical expenses.

"This adds to difficult personal circumstances, whether grieving for a loved one or dealing with severe injury or illness. The additional anxiety and pain these delays caused compounded the issues these members and their families faced," she said.

"Trustees cannot outsource accountability when it comes to claims handling. It is the trustee's responsibility to ensure there is adequate oversight of their systems and to prioritise the resources necessary to deliver the services they have promised to their members.

"We allege Cbus failed its members and claimants at their most vulnerable time, and we are taking this case to protect all those vulnerable Australians trying to access the financial support to which they are entitled.

"The systemic failure by superannuation trustees to deliver essential member services in a timely manner is a key priority for ASIC and we will continue to take action to hold trustees to account."

This article first appeared on Financial Standard

The term was used in three contracts issued under HCF Life's 'Recover' range of products.

ASIC alleged that the term could mislead the public as the term purported to allow HCF Life to deny life insurance coverage if a customer did not disclose a pre-existing condition before entering the contract, and a medical practitioner subsequently formed an opinion that signs or symptoms of the condition existed prior to the customer entering the contract, even if a diagnosis had not been made.

ASIC also alleged the term suggested that HCF Life could deny coverage even if the customer was not aware of the pre-existing condition.

Additionally, ASIC said section 47 of the Insurance Contracts Act (ICA) prevents insurers from excluding coverage for non-disclosure of a pre-existing condition if the customer was not aware of it when taking out the insurance.

Justice Jackman said that the "ordinary and reasonable reader would be ignorant of the potential effect of s47 of the ICA, and nothing in the Recover Cover PDSs adverts to the possibility that it may preclude HCF Life from relying upon the Pre-Existing Condition Terms in particular circumstances".

ASIC deputy chair Sarah Court says consumers should rightly expect insurers will provide accurate information to them about their rights.

"Consumers rely on this information to make insurance claims, often in trying personal circumstances. By including a term that was liable to mislead consumers and that purported to give HCF a broader right to deny coverage than was the case, HCF Life misled consumers about their rights," Court says.

ASIC also alleged that the term was an unfair contract term under the Australian Securities and Investments Commission Act 2001, however Justice Jackman dismissed that part of ASIC's case. ASIC says it will consider this decision.

Despite that, ASIC says it will seek penalties for misleading conduct. The matter will return to court for case management on November 8, 2024.

HCF Life replaced the 'pre-existing condition' term in its life insurance products on November 9, 2023.

In April 2021, the unfair contract terms regime was expanded to include insurance contracts, arising from a recommendation of the Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry.

This article first appeared on Financial Standard

The powerful storm has injured dozens and killed at least 23 people in central Europe's worst flooding in two decades.

The storm has now hit Italy, forcing thousands to evacuate as severe weather batters the north-east and central regions.

Meanwhile, catastrophic bushfires have struck Portugal, leading to the death of seven people and injuring another 40.

While Smartraveller has not raised its travel advice for Europe, it calls for travellers to 'avoid flood-affected areas, monitor the media and follow the advice of local authorities'.

Natural disasters and travel insurance explained

Holidays can be unpredictable, particularly when it comes to extreme weather events.

The possibility that your plans may be disrupted by a natural disaster or unexpected weather event is a reality, and travellers should always secure travel insurance as soon as they've booked their trip to ensure they are sufficiently covered for trip cancellation and disruption.

In fact, the devastating nature of recent natural disasters has cast a shadow on traveller confidence.

According to our data, a whopping 86% of travellers rank trip cancellation and deposit loss coverage as a top priority- after medical mishaps.

Cover explained: natural disasters, known events, cut-off dates

Whether its floods, fires, hurricanes or heatwaves, cover for unforeseen natural disasters is exactly what travel insurance is for.

Travellers stranded or impacted by major weather events would be covered by comprehensive travel insurance, provided they were not aware of the event at the time of purchase. Covered travellers would be eligible to claim for cancellation and delay costs incurred, along with any additional expenses such as accommodation and alternative transport fees.

However, those affected by a natural disaster would only have provision to make a claim if they had purchased a travel insurance policy prior to it being considered a 'known' event.

A weather event is generally considered to be 'known' once it is publicly named and warned against.  Insurers usually place cut off dates for an event once it is known and will no longer cover that specific event.

For instance, given that news of Storm Boris became widespread around the September 17, travel insurers such as Cover More, Medibank, 1Cover and Zoom Travel Insurance placed a travel alert close to or on the September 17, restricting cover for claims associated to that event.

Forecasting travel troubles

Thanks to early warning systems, nowadays there is often advanced notice for major weather events. Once travellers get wind of such events, they often rush out to buy cover, but sometimes it's too late. Depending on your insurer, purchase cut-off dates for cover will vary.

As Storm Boris warnings hit the media on September 14 and became widespread by the September 17, cover for any claims related to that specific event may be restricted. While your claim will always be considered on an individual basis, it would be reasonable to assume you would have been aware of the storm risk after that date.

All this is to say that that buying travel insurance as soon as you've booked your airline ticket is always a good idea.

Surprisingly, many travellers are unaware that travel insurers will not provide cover for events that are known. Given the unpredictable nature of global travel events, it's always better to buy travel insurance well in advance.

Travel insurance - your trip essential 

With more and more Aussies heading overseas, it's an understatement to say that travel insurance, is essential particularly during turbulent weather.

Without travel insurance, you run the risk of accumulating significant debts in a foreign country without adequate support and assistance. When in doubt, remember Smartraveller's words of wisdom; 'If you can't afford travel insurance, you can't afford to travel!'

Earlier this year, the government consulted on the use of genetic test results in underwriting life insurance policies, looking to address concerns around discriminatory practices, underinsurance, and a growing aversion among Australians to seeking possibly life-saving genetic testing.

In 2019, a moratorium was introduced on the requirement to disclose the results of genetic tests to insurers when applying for cover. This was because there were concerns consumers would not undertake testing if they thought it might adversely impact the cost of their insurance.

Under the moratorium, insurers could only request or use the results of a genetic test if the total amount of cover for an individual - including that being applied for and any other existing cover, like group insurance, met certain thresholds.

For instance, insurers can use results where the total amount of lump sum death cover is greater than $500,000. However, in 2023 APRA statistics show the average sum of insured individual policies of lump sum death cover - excluding group cover - was about $714,000.

The government received more than 1000 submissions, almost all of which were in favour of a total ban. The ban, which is to be reviewed every five years, will not be subject to any financial limits, caps, or exceptions.

"Genetic testing can be a life-saving step for members of the community. This valuable technology supports medical practitioners to prevent, diagnose, treat, and monitor a range of heritable conditions, cancer predisposition syndromes, and cancers," says Minister for Financial Services Stephen Jones.

"No Australian should be discouraged from undertaking testing out of fear it may impact their ability to get life insurance.

"This decision places Australia as a world leader in removing barriers to genetic testing by stopping the use of adverse predictive test results in life insurance."

Other nations have already banned the use of genetic test results in underwriting, including Canada in 2017.

Council of Australian Life Insurers chief executive Christine Cupitt says the association fully supports the ban.

"Australia's life insurers have never wanted to do anything to discourage people from taking genetic tests and accessing the information they need to make informed choices about their health," she says.

"Australia's life insurers put in place an industry standard back in 2019 to control how they use genetic tests. Five years on, genetic testing is becoming more common in our community, cheaper to access and increasingly helping people manage or even avoid hereditary conditions. Now is the time for strict government regulation.

"We're pleased to see this announcement includes a five-year review of the legislation. This will be essential to ensuring the law keeps pace with advancements in genomic science and the way genetic tests are used in the future."

The government's consultation on the issue came on the back of a report by Monash University, reviewing the use and impact of the moratorium. Concerns raised included insurers still requesting test results regardless of whether applications fell below the dollar-based thresholds, and the fact the moratorium is industry-led and lacks government oversight.

The lead author of the report, Jane Tiller, says today: "This is outstanding news for patients and the Australian public, and will safeguard the future of genomic medicine, precision health and medical research."

"This policy reform will provide certainty to consumers and allow Australians to make genetic testing decisions based on their health rather than fears of financial discrimination."

A 2017 paper from the Actuaries Institute found even a slight increase in the number of people undergoing genetic testing could have a significant impact on the cost of life insurance. It's estimated about 1.5 million Australians undertake genetic testing each year; in 2017 the number was closer to 700,000.

This article first appeared on Financial Standard

One of the ways the government does this is to encourage people to take out private cover from an early age.

Lifetime health cover (LHC) loading is a penalty that generally applies when you've not taken out or maintained private health insurance from the year you turn 31.

To avoid incurring a LHC loading, you need to hold an appropriate level of private patient hospital cover before you reach your LHC base day. Typically, that's July 1 following your 31^st birthday.

So, if you turn 31 on February 28, your LHC base day will be July 1 of that year. Make sure you have private health cover by that date to avoid the LHC loading.

If you are a new migrant to Australia, and you're already over 31, you have until the first anniversary of your full Medicare registration to take out private health cover without incurring a LHC loading.

Once you have paid the LHC loading on your private health cover for 10 continuous years, the loading is removed. Your loading will then remain at 0% if you retain your hospital cover.

LHC loadings apply only to private patient hospital cover. Cover for extras such as dental, optical, physiotherapy or chiropractic treatment is not private patient hospital cover and those items don't incur a LHC loading.

How is the LHC loading calculated?

Your LHC loading is determined by the number of years you are over 30 years old at the time you take out hospital cover.

Each year, an extra 2% is added to your hospital cover premium. For example, if you wait until you reach 40 years old before taking out health insurance, you could pay an extra 20% each year on the cost of your hospital cover.

If you wait until you are 50 years old, you could pay 40% more each year. The maximum LHC loading that can be applied is 70%.

Note also, that the government does not pay the private health insurance (PHI) rebate on LHC loading applied to the costs of a policy, another good reason to take out health insurance before the LHC kicks in.

Tip: If you're under 30, look to take out private health cover before turning 31, when the LHC is first chargeable. If you're over 30, take out private health cover as soon as possible to minimise LHC.

What are permitted days without health cover?

If you have taken up hospital cover, you are allowed a certain number of 'permitted days without hospital cover' during which you can have no active hospital policy without your loading increasing.

This is typically intended to cover short periods such as those which might arise whilst you are switching from one fund to another and must not total more than 1094 days (i.e. three years less one day) during your lifetime.

If you use up this period - known as the Days of Absence - you will pay an additional loading when you take out new cover amounting to 2% on top of any previous loading, increasing by 2% for every year after the 1094 days without cover.

You can apply to suspend your health cover - without triggering the 1094 days of absence - for a short period, for example if you go overseas for a holiday. Your health insurer needs to agree to such a suspension.

You can also cancel your hospital cover - again, without triggering the 1094 days of absence - if you go overseas for at least one continuous year.

He talks about founding his latest disruptor, Honey Insurance, and the lessons he learnt along the way, from Silicon Valley to Sydney.

Honey uses artificial intelligence and smart sensors in the home to reduce premiums.

Tell us about your early years.

I grew up between South Africa and Canada, and my family has always been entrepreneurial.

My grandfather was tinkering with electric car ideas in the 1980s and when I was a kid my mum created children's games while my dad launched a business from home. From as far back as I can remember, I've always wanted to be an inventor.

What were your formative money experiences?

We moved to Canada when I was 12 and I had a typical immigrant experience.

My parents were an amazing team, and they juggled long hours to pay the bills while raising three kids without any support. Money was tight for many years and this rippled through everything in our lives.

My father once told me that there were only two things he could guarantee in my life: a family name that makes me proud and an education.

Everything else would be up to me to build and create. I know how much my parents sacrificed to give us a better life, and this has always been a cornerstone of my work ethic and my obsession with making value-conscious decisions.

Before moving to Australia, you started and sold two successful tech companies (Park Assist and an AI marketplace called Stella.ai). What did you learn about launching new ventures at this stage of your career?

I've come to the conclusion that there are a small number of things that have an outsized impact on the success of a new business.

First, cohort matters. If you surround yourself with the best in your industry, these people will continue to do great things in their career and that whole group raises each other up. The early teams at PayPal, eBay and Amazon have all gone on to do great things together.

Second, it's critical you pick a top quartile industry in terms of profit margins and growth.

You are statistically better off being average with an ecommerce company than the best in a retail business. Finally, co-creating companies with your customers by having them as investors or advisers is the best way to design your products and reduce execution risk.

What led you to move to Australia in 2019 and what were your initial impressions?

I moved to give my kids a stable childhood and I can't imagine a better place than Australia to grow up. My initial impressions were that Australians are far better than they give themselves credit for.

They are early adopters of technology, there is strong engineering talent and there is a culture of having a fair go. The only challenge is getting a big idea off the ground since most industries are oligopolies, so it's hard to compete against that scale in the early days.

But if you can get over the hump and hit scale, then Australia is an unusually attractive country to be an entrepreneur.

I understand you could have retired. What motivated you to continue in the start-up space?

I am fortunate to have found my calling, so launching a start-up feels closer to play than work.

I'm not immune to the stresses and fears of failure that haunt all entrepreneurs, but I'm not sure I could do anything else. I suppose it's the same for athletes, artists or scientists - there is no finish line, you are simply doing what you were put on the planet to do.

What gaps did you see in the Australian market that led you to launch Honey Insurance?

Insurance companies in Australia are all generalists that offer dozens of products typically across dozens of countries.

As a result, I saw an opportunity to be famous for a product area, home insurance, and create a better experience for customers.

We've obsessed about how to digitise the product and reduce risk for customers by giving them free technology and services to keep them safer. Ultimately, it became a win-win and no other company locally was focused on innovating around technology and business model.

What challenges did you face finding initial investors?

We had 92 investors say 'no' during my first capital round, and I went to 306 investors during our second investment round.

Without exaggeration, it was 80- to 100-hour work weeks for one year in order to get it done, which is about a 99% rejection rate.

My mindset going into all these meetings is to try to learn one new thing from every investor. It might be about how to improve our business model, introductions they can make to new team members or industry insights.

I think if you're relentless and get a little smarter with each meeting you'll ultimately get lucky.

Other significant challenges you didn't anticipate?

Home insurance is exciting to me, but it turns out to be a grudge purchase for most people.

I thought we would be able to succeed selling the product through some unique channels, such as energy companies and home builders, but it didn't work. If you want to create and innovate, you have to love the experimentation more than simply winning.

What are your ambitions for Honey Insurance?

We have a five-year goal to have one in 10 Australian homes protected by Honey with thousands of claims avoided every year through smart technology and services.

I also have a more personal goal, which is to see the team at Honey ultimately go off to create their own start-ups and help drive big ideas forward using the skills they learned in our business.

Have you identified other sectors ripe for disruption? 

I think there are lots of exciting ways to leverage generative AI to give people data in real time to service customers better.

For example, imagine a wealth manager could see customised and unique recommendations to share with somebody who is retired based on their personal risks, interests and real-time changes in world events.

Or perhaps a teacher in a developing country having a virtual assistant so they can educate students in a similar way to teachers in Australia, despite them only having 10% of the training while managing classrooms with five times the number of kids, which is an impossible task.

Any advice for young tech entrepreneurs in Australia?

Don't let perfection stand in the way of progress. I meet a lot of founders who think they need a perfect plan and that is never the case.

Pick an industry that is growing, a problem you understand, and find yourself one customer who wants to work with you to solve the issue.

Then crack on and embrace the grind. There is never a perfect time or plan, and I'm convinced half of success is showing up and trying.

What's the best investment you've made?

The best investments I've made have been when I've bet and invested into great talent rather than picking an impressive resume.

There have been a handful of people I've worked with who have changed the outcome of all the companies I've founded.

They were great 'athletes' and hands down the best investments I've ever made. There is also no better feeling than helping someone win who deserves it, so in the end it was a great investment for them too.

Worst investment decision?

In the first company I started, we had a well-known client, but I never did the maths on the true cost to service them.

I was so smitten with the idea they had chosen to work with us that I didn't want to admit they were sucking up 50% of management's time, destroying our product roadmap with customisation requests and killing our ability to support our loyal and profitable customers.

We should have fired them after the first project, but I insisted we invest into the relationship for several years. It cost us millions of dollars.

Your greatest professional achievement?

I'm proud to say that customers have funded all three companies I've started. I think it's hard to convince partners to put their chequebooks and reputations on the line to help you solve a problem, and it's made the past 20 years of business building so much more interesting.

There is nothing I love more than co-creating new ideas with customers and bringing those concepts to life together.

What about your greatest personal achievement?

Rebuilding my life in Australia was really tough, but I decided I didn't want to be a victim, so I've worked tirelessly to try to build the life I always wanted, which has paid off.

I'm now remarried, to an amazing woman who loves me for who I am along with all my baggage, the kids are in a safe and settled environment, and I've been able to pull together an amazing group of people at Honey who are world class and doing a fabulous job shaking up a big industry.

Overall, I wouldn't change anything in my life.

How would you spend your last $50?

I would go to an old bookstore for the day and spend $20 on a good biography. Then I'd spend $20 on red wine and $10 on some baklava to make it all the sweeter.

Finish this sentence. Money is good for...

... having experiences you will never forget.