Insurance has been around since 2000BC – There is mention that in China centuries ago there were offices that would cover the cost of a funeral and provide financial support for the families that were left behind. In the 17th Century in England the form of insurance we know today began to gain ground. At the famed Lloyd’s coffee shop, (before Lloyds of London) Business men would obtain insurance for the cargo they were trading.
As the centuries continue on, insurance is now popular than ever before, The European union is the most popular continent when it comes to insurance followed by North America and then Japan.
for the most part, the people of Australia are pretty well insured however due to Medicare and the relaxed lifestyle many Australian’s lead, insurance is not on the forefront of thousands of Australian’s. This should change as it means a great level of care for the population as a whole if more people are covered not only for income protection or sickness but for life insurance also.
Many Australian’s mostly in built up area’s are turning to purchasing life insurance as they see the benefit in it. If something were to happen to a family member or someone close to you, their life would be covered in the form of financial remuneration to who they decide will benefit most from the money. If a loved one is killed or diagnosed with a terminal illness benefactors can access the money making the process of losing someone a little easier.
The question now become how can I trust an insurance company? The truth is if you open a policy with a company that has a long standing history they cannot break your contract unless they give you a long period of time to warn you of such a thing occurring.