Have you planned for the unexpected?

 

Don’t leave your family’s financial security to chance. According to Lifewise, Australia is one of the most underinsured nations in the developed world ranking 16th for life insurance density and penetration1.

Research shows Australians don’t take out adequate levels of insurance to protect themselves and their family’s financial security. In fact, research commissioned by IFSA back in 2005 showed parents with dependents were critically underinsured by $1.37 trillion. Thinking of that another way – only 4% of the total population with dependent children have adequate levels of Life Insurance cover.

While most people would never consider driving a car without motor insurance, less than a third of us insure our most important asset – our ability to earn an income. We think this is a bit scary!

Why is this a problem? More than three in four Australians will be diagnosed with a serious illness in their working life2. The majority of us will rely on savings, selling assets in a depressed market or government welfare. And a significant proportion of Australians would face financial hardship if they were to have an accident, become sick or die.

This reality can have tragic consequences for the individuals involved and their families. Financial burdens at a time of intense personal pressure often lead to family and personal breakdown.

Life insurance may be one of the most important purchases you’ll ever make. We think it’s an essential insurance, especially if you run your own business, have a family who rely on you and your income and especially if you have debt. In the event of a tragedy, we know first hand that insurance can help make a difference in people’s lives.

 

To talk to a Financial Adviser about protection for you and your family, Contact Us today.

 

See more at: http://www.lifewise.org.au/about/underinsurance-a-problem-in-australia#sthash.lGznq8yH.dpuf

1 Swiss Re Economic Research & Consulting , 2007

2 ABS Statistics

The information provided in this articlee is General Information only, so does not take into account your objectives, financial situation and needs. Before acting on any information contained in this article, you should consider the appropriateness of the advice, having regard to your objectives, financial situation and needs.