General insurance

Private Health insurance is designed to provide additional benefits that are not always covered by Medicare, however it can be complex.

Some things to know:

There are two basic types of policies.

• Hospital - to cover you if you need treatment in a hospital (there may be a gap).
• Extras - sometimes known as general or ancillary cover. These policies vary but can cover things such as optometry, physiotherapy and other health related treatments (make sure you only choose the extra cover you think you need because you don’t want to pay extra premiums for cover you won’t use).

Waiting period - you should check to see what the waiting periods are for certain treatments (such as obstetrics). This is very important if you are considering switching providers.

Out of pocket expenses - depending on your level of cover and the agreement your fund has with doctors and hospitals, you may not be covered for the full costs of your treatment. If you are planning on entering hospital for elective surgery you should check to see what agreements are in place.

Emergencies - everyone is treated equally at a public hospital in cases of emergency. There are no tiered services for private or public patients.

The Medicare Levy - All Australians who pay income tax pay an additional 1.5% levy to help fund our hospitals. However, high-income earners who do not take out private health insurance pay an additional 1%. For details of what applies to you visit Medicare levy.

Choosing a health fund - you can find further information and compare policies at www.privatehealth.gov.au.

Like all policies there are different levels of cover and exclusions but generally speaking travel insurance is designed to cover:

• Medical expenses overseas (you are not covered by Medicare while you are overseas).
• Loss of luggage.
• Theft.
• Disruption of your travel (you may have to cancel due to an emergency or illness).
• Assisted transport back to Australia (you may need to travel with a medical team).

Find out about ANZ Travel Insurance.

All home-owners need insurance, but as with everything you also have to know if you’re adequately insured.

Check that your policy covers:

• Storm
• Wind
• Fire
• Flood
• Rain.

Are you insured for an agreed value (this may be not enough) or for the real costs of rebuilding your home?

Often people simply don’t have enough insurance for the fees associated with rebuilding a home. Consider the total costs of rebuilding including items such as:

• Architects fees
• Removal of debris
• Private certifier
• Surveyor
• Legal costs
• Council planning
• Somewhere for you to live while your home is being rebuilt.

The list is by no means exhaustive as everyone’s circumstance is different.

Most insurers offer home and contents insurance as a package. Always shop around for the right level of cover at the best price. It's as simple as phoning three insurance companies or visiting three websites.

When you visit insurance companies' websites, use their estimators or calculators to see how much cover you need. But be careful as these online calculators can vary from company to company, so try at least three before making a decision.

Learn about ANZ Home Insurance.

This provides protection for the building being occupied, for your tenants and any contents you provide.

Depending on your policy it may also cover:

• Loss of rent – usually due to damage caused by something covered in your policy or if your tenants default.
• Vandalism.
• Legal costs associated with a rent default.
• Glass breakage and accidental damage.

We can help with ANZ Landlord Insurance.

This provides protection for your personal belongings against things like fire and theft. Make sure you know exactly what is covered and under what circumstances. If you are sharing accommodation check if the policy covers you for belongings in shared areas or just within your room.

This type of insurance is designed to help you, should you have an accident or lose your job and be unable to pay your loans such as mortgages, personal loans and credit cards.

Mortgage protection insurance

This normally provides protection to cover your mortgage payments should you:

• Die or be permanently incapacitated
• Suffer a major illness or injury (this will help you make your mortgage payments while you recover)
• Lose your job (involuntary redundancy).

If you’re considering this type of insurance, make sure it’s enough for your needs. You may need to consider Life Insurance or Income protection to help make other payments and maintain your lifestyle.

Note: This is not to be confused with Lenders Mortgage Insurance. This is designed to protect the lender should you be unable to pay the mortgage and the property is sold for less than the outstanding debt.

Loan Protection Insurance

This insurance is designed to pay your personal loans (up to an agreed amount). Depending on your policy it may provide cover should you:

• Die or be permanently incapacitated
• Suffer a major illness or injury (this will help you make your payments while you recover)
• Lose your job (involuntary redundancy).

You should also consider whether you require insurance for your other assets such as your car, caravan or boat. And make sure you know exactly what is and isn't covered in your policy.

For example, with contents insurance, an indemnity policy guarantees only the current value of your stolen or destroyed possessions. However, a replacement policy guarantees new items for stolen or destroyed possessions.

Finding the right insurance solution is sometimes as easy as checking the details online, at other times you may need some further information and advice.

ANZ Insurance ANZ offers a comprehensive range of insurance solutions to suit your needs. Quick and easy insurance quotes can be done for most products and you can apply or buy online today with instant insurance cover available.

An A-Z Review® with an ANZ Personal Banker if you would like someone to guide you through your options and help find an insurance solution to suit you needs, request a complimentary A-Z Review^® with an ANZ Personal Banker today.