Choosing the right insurance plan in Australia, which offers both affordability and comprehensive coverage, can be a daunting task. With a wide range of options available, including health insurance, life insurance, and coverage tailored for individuals on student, work, or visitor visas, making the right decision requires thorough research and careful consideration of one’s needs and preferences.
In this post, we’ll delve into the abundant array of options for the aforementioned insurance types, encompassing health insurance, life insurance, and coverage tailored for individuals on different visa types in Australia.
1. OSHC (Overseas Students Health Cover) –
The primary providers of OSHC policies include CBHS, AHM, Nib, Allianz Care, Medi Bank, and Bupa.
Why are we telling these are the best OSHC policy providers ?
We consider these providers to be the top choices for OSHC policies for several reasons.
Firstly, they are officially approved by Australian immigration authorities, meeting the necessary requirements for overseas students’ visa applications.
Secondly, they offer comprehensive coverage options tailored to the specific needs of international students.
Additionally, these providers are known for their competitive pricing and outstanding customer service, making them highly regarded options among students seeking health insurance in Australia.
CBHS offers the most economical option, while Bupa stands out as the most expensive among the mentioned OSHC policy providers.
Now choice is your which OSHC to choice but before you buy policy read all the benefits and conditions applied on policy.
To apply for an OSHC policy online, follow these steps:
- Visit our OSHC partner website.
- Select the number of adults and children requiring coverage.
- Choose the start date and end date for the insurance policy.
- Click on the “Get Quote Now” button to receive a quote for your selected coverage.
- If satisfied with the quote, proceed by clicking on the “Buy Now” button.
- Enter your personal details and continue with the application process.
- Choose your preferred payment method, which may include credit card, local bank transfer (NEFT, RTGS), or international bank transfer (with an additional A$30 processing fee).
- Complete the payment process to finalize your OSHC policy purchase.
2. Insurance Policy on Visitor /Travel Visa
For non-Australian citizens planning to visit Australia on a visitor visa, securing travel insurance is both mandatory and prudent. Failure to have insurance may result in visa application denial or refusal.
Additionally, obtaining insurance is essential as medical expenses in Australia can be steep. By having insurance, individuals ensure that in the event of requiring medical assistance during their stay, the insurance company covers all incurred expenses, providing both financial protection and peace of mind.
3. Home Insurance or Housing Insurance :
Home owners insurance is a form of property insurance that covers losses and damages to an individual’s residence, along with furnishings and other assets in the home
Home insurance is not obligatory, but it is highly advisable to have it. In case of unforeseen events leading to damage or loss to your home’s physical structures or contents, this insurance provides essential support. It covers the expenses associated with repairing or replacing damaged items such as furniture, appliances, clothing, and more. Obtaining home insurance offers both financial protection and peace of mind, ensuring you are prepared for unexpected situations.
So we will suggest you to get the right cover to avoid being under insured
Here are some essential steps to consider when purchasing home insurance:
- Accurately assess the cost of rebuilding your house and determine the value of your belongings. This ensures you have adequate coverage in case of damage or loss.
- Understand the difference between total replacement cover and sum-insured cover offered by home insurance policies. Total replacement cover provides coverage for the full cost of rebuilding your home, while sum-insured cover caps the payout amount based on a predetermined value.
- Ensure that your contents insurance covers the replacement value of your belongings, also known as ‘new for old’ coverage. This ensures that damaged or stolen items are replaced with new equivalents, rather than being reimbursed at their depreciated value.
- Thoroughly review the policy exclusions to understand what is not covered by your insurance plan. This helps prevent surprises and ensures you have appropriate coverage for potential risks.
- Check the maximum claim limits specified in your policy to ensure they align with your coverage needs and potential loss scenarios.
- Verify whether your contents insurance extends coverage to your mobile devices when you’re away from home. This is particularly important if you frequently travel with valuable electronics.
- If you reside in an area prone to natural disasters such as storms, floods, or fires, ensure that your policy provides adequate coverage for these risks. Review the specific terms and conditions related to disaster coverage to understand the extent of protection offered by your insurance plan.