The life insurance industry in Australia continues to bloom. Life insurance products are being well received by Australians, and major companies and subsidiaries are offering better products to the Australian population. At one point, Whole Life insurance was offered in this country for a long time, however it is not available anymore in Australia, and it has been replaced by term life insurance and other types of insurance that serve better the Australian population.

The whole life insurance policies were known as "whole of life," "cash value policy" or "life assurance policy." These permanent life policies have been replaced by term life policies, which do not have a cash value or surrender value, but that offer much lower premiums to Australians. Many Australians will opt for "level premium term life coverage" which will have constant premiums until the age of 65 or 70, as long as they keep the cover amount the same.

There is a demand for life insurance in Australia, and this has caused a flood of new insurance companies and a multitude of competitive products available to Australians. Some of the major companies in Australia are:

AIA Australia & AIG Life Insurance Zurich Life Insurance Company Tower Life Australia AMP Australia MLC Life Insurance MetLife Insurance Company ING Life Australia Macquarie Life Insurance AXA Life Insurance Comminsure Life Insurance Aviva Life Insurance Company Asteron Life Insurance Company There are many other competitive companies - there are 32 operating in this country.

Types of Life Insurance policies in Australia include:

Term life insurance - In this country, this type of insurance provides a payment (lump sum) to families in the event of the death of the policyholder.

Trauma insurance - typically between $50,000-$200,000 - A lump sum payment in case of trauma that will cover the costs of care and will offer a temporary way of financial relief to the insured.

TPD cover - This one is named Total Permanent Disablement Insurance, and it is designed to provide a lump sum payment in the case of permanent disability, depending on the policy. However, it is designed to provide relief after disability, including treatment costs, lifestyle changes, and bills ...

Income Protection insurance is designed to provide coverage for an extended period of inability to work. It is not for short-term inability or sickness. It is also known there as income insurance or disability protection insurance. It will cover up to 75 percent of a person's salary.

There is also funeral insurance, which will cover all funeral expenses so a funeral does not become a financial burden for a family. It may also be used to pay for outstanding bills. It is a cash sum, and is usually paid without delay so it can be used right away.

Many Australians will buy a combination of policies to provide the best coverage for their families, replacing the non-existent whole life insurance, and tailoring one or more of the other types of insurance to their families' needs and lifestyles. The importance is that Australian families are able to select from many different products to cover the void that the now non-offered Whole life policy might have left.