History of Macquarie Life Insurance
Macquarie Life Insurance was first introduced into Australia in 1990 by the Macquarie Bank Group. The Macquarie Group itself being founded in 1969 and today employs over 15,500 staff in more than 70 branch offices in 28 countries around the world. On September 30, 2010, the Macquarie Bank Group had a total of $317 billion under its management.
Macquarie Life Insurance, since its comparatively recent formation, has built a solid foundation within the life insurance industry already, especially in the area of innovation and design of the various products they offer. Not the least of these being the FutureWise online life insurance policy that is genuinely a unique product in design. An outstanding product that has been derived from the solid foundation of expertise and understanding of what life insurance is all about being constantly displayed by its Macquarie underwriters.
FutureWise Online Life Insurance
The FutureWise online life insurance policy is an outstanding example of the Macquarie philosophy of innovation and excellence in both its products on offer as well as the service it extends to its clients. This has resulted in significant benefits being passed on to its customers and secures Macquarie Life Insurance as a market leader. As a result the Macquarie Group as a whole is now a foremost provider of banking, financial, advisory, investment and fund management matters as well as that of life insurance. It is now offering all these services in its global operations where it has a presence in all the world’s major financial centres.
The Macquarie Group rightly claims that is is successfully combining its entrepreneurial drive with deep industry and regional expertise as well as in its robust risk management areas of business. This approach gives confidence to its clients as well as to its investors while allowing the Group to continue with its policy of delivering innovative products and services that result in strong investment returns.
Macquarie Private Wealth
Macquarie Private Wealth, the arm of the Macquarie Group that handles all Macquarie life insurance business, has a policy of its own which is to assist in making people’s life easier by providing the correct protection at the right time, when it is needed the most. It sees personal insurance as being all about protecting each policy holders’ individually unique lifestyle. Considerations that are taken into account when delivering this level of protection should always includes that of children, parents, investments, housing, schooling, holidays and of course retirement. By taking all these aspects of life into consideration when determining your own particular life insurance needs you will ensure both yourself and your family is more adequately protected.
Macquarie Life Insurance offers a most comprehensive life insurance strategy that is designed to ensure that if you were to die, or to suffer an event that would prevent you from earning the income both yourself and your family had become accustomed to, neither you nor your dependants would suffer financially. This is achieved by the following:
- Ensuring your family retain a regular income.
- The payment of large debts such as a mortgage.
- The payment of smaller debts that may include household bills and general day to day expenses.
- Children’s education costs.
- The ability to continue going on family holidays and generally maintaining a previous lifestyle.
- The payment of excess medical expenses in the event of accident or illness.
Insurance Products Available From Macquarie
All these events can be covered with a Macquarie Life Insurance life term cover, total and permanent disability insurance (TPD), income protection insurance, critical illness insurance and trauma cover. You are able to apply for cover under the Macquarie life Insurance FutureWise policy on your own life or the life of another person, unless you are making application for disability income insurance or business expenses insurance in which case these policies are normally only made available to the principal person themselves. FutureWise insurance cover is also available to the trustee of a self managed superannuation fund, if it is your responsibility as a trustee of the fund to provide appropriate insurance, within superannuation law that operates in relation the release of the superannuation benefits.
Macquarie life Insurance is a contract between the policy holder and the Macquarie Bank Group, where the Macquarie Group agrees to pay a designated beneficiary a sum of money if you were to unfortunately die or suffer from another occurrence such as a terminal or critical illness. In return, you, the policy holder, must agree to pay a previously agreed premium, either by the payment of regular amounts or by means of a lump sum payment. The value to you as the policy holder is not so much the amount of claim that will be made but more to do with the ‘peace of mind’ you will achieve knowing that any financial disadvantage that may otherwise come the way of your dependants will be averted.
Macquarie Life Insurance has been able to become a leader in the life insurance industry, by offering innovative cover in a time of need whereby the policy holder’s dependants will not have to suffer financial loss on top of the obvious emotional loss.