History of Life Insurance in Australia
Did you know, that the history of life insurance can be dated as far back as 1833?
In September 2008 the life insurance industry in Australia turned 175 - the first life insurance policy was sold by Alliance Assurance, now known as Asteron Life Limited.
In September 1833 Alliance Assurance issued its first life insurance policy in Australia to Joseph Tice Gellibrand, a barrister of the Supreme Court of Tasmania, who became Attorney-General of Tasmania in 1824.
What's more, this policy was also the subject of payment of Australia's first claim on a life insured in 1837.
Asteron is proud to be the issuer of the first life insurance policy in Australia - and especially to have paid the first claim. This means that for 175 years Asteron has been delivering on their promise to Australians to protect them financially, when they need it most.
Life insurance in Australia
The history of life insurance in Australia has certainly changed over the years, from the first 'whole-of-life' policies issued back in the 19th century, to the modern product offering we see today, with a real emphasis on the efficient protection of individual risks.
These days, modern insurance offerings now span a number of products to protect yourself and those you love. Such products include:
- Term Life Insurance - provides a lump sum on your death or on the diagnosis of terminal illness.
- TPD Insurance - provides a lump sum if you suffer an illness or injury that leaves you totally and permanently disabled.
- Trauma Insurance - provides you with a lump sum on the diagnosis (or occurrence) of one of a list of specified serious medical conditions and procedures. Each insurance company maintains their own list, but they generally include serious medical conditions such as cancer, heart attack or stroke.
- Income Protection Insurance - replaces up to 75% of your income and pays a monthly amount while you are unable to work due to sickness or injury.
As of 2009, the Australian insurance industry now consists of up to 20 different life insurance companies, with most insurers providing at least two of the above insurance products.
While the life insurance industry has continued to evolve over the past two centuries, it is important to remember that the intention of the insurance company's offering hasn't wavered.
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January 2009
