Life Insurance in Australia – A Short History

Life insurance has been around in Australia, almost as long as we have been settled here. A number of insurance companies have been around for a substantial amount of time as well.

Asteron, originally Alliance Assurance, has been around the longest.  They wrote the first original life insurance policy in Australia back in 1833. They were also the first company to pay out a claim, not long after.

Over the years there have been many company name changes, company mergers, companies closing and new companies opening.

The insurance industry started out with ‘whole of life’ policies, which have now been faded out to make room for improved policy options.

Nowadays, Australian’s options are far greater with funeral advancements, extended trauma options and income protection available for full and part time workers among many, many more options.

The one consistent aspect is that there has always been life insurance companies, insuring Australians and paying out claims.  If you are interested in more life insurance information on specific insurance companies, our experienced life insurance brokers will be able to provide this information, including the rating of different life insurance providers.

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