Research commissioned by IFSA (Institute of Financial Services Australia) showed that only 4% of Australian families with dependent children have adequate levels of insurance cover. This means that Australian families are critically underinsured to the tune of $1.37 trillion. ^
Research has consistently shown that Australians don’t take out adequate levels of insurance to protect themselves and their family. Reinsurer Swiss Re conducted international research which demonstrates that Australia is one of the most underinsured nations in the developed world, ranking 12th for life insurance density and penetration*.
Most Australians insure their home and their car, but fail to insure their most important asset, themselves, and their ability to produce an income. People fail to realise the value of their ‘working’ life, which supplies the capital that fuels their lifestyle, not just now, but well into the future.
Most of us know of someone who has been impacted by tragedy or hardship – the death of a parent, a friend in a serious accident or the diagnosis of cancer. These events create enormous strain on individuals and families, and are often made worse by the substantial financial burden that results when someone is unable to work for an extended period of time. In many cases, this financial burden could have been avoided if they’d had adequate levels of insurance.
If you would like to ensure you have sufficient personal insurance cover please contact me for a detailed analysis of your insurance needs.
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^IFSA Rice Warner, 2005 * Swiss Re Economic Research & Consulting, 2012