What is most important insurance to have in Australia depends on life stage, but generally health insurance via Medicare plus private, life insurance if you have dependents, and home building insurance if you own house are most important for financial protection. For all Australians, health insurance is most important, as medical costs without cover can be $10K to $100K for hospital, with Medicare providing free public hospital for citizens, but private hospital cover $150 to $400 per month single ensures choice and avoids waits 6 to 18 months for elective surgery, plus ambulance $1,000. For homeowners with mortgage, home building insurance $1,200 to $1,800 per year for $500K building is most important, as fire destroys house $500K loss, and lender requires it, without it you lose home and still owe loan. For families with kids and mortgage, life insurance $30 to $80 per month for $500K to $1M cover is most important, as if breadwinner dies, family loses income $70K per year and may lose home, with life insurance paying $500K to cover mortgage and living costs. For renters, contents insurance $300 to $500 per year with $20M liability is important to protect belongings $50K and liability for rental damage $10K to $50K. For car owners, compulsory CTP and comprehensive $800 to $1,500 per year important as car accident can cost $20K to $100K. So most important insurance is health via Medicare, plus home building if you own, life if you have dependents, and contents if renter, with health being foundation.
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