January 09, 2014
Australia is one of the most under-insured countries in the world, coming in at number 16 on a global listing. A study completed by the Investment and Financial Services Association of Australia (IFSA) showed that Australians with dependents were under-insured by $1.37 trillion. Simply put, only 4% of our population that has children have a sufficient amount of insurance. The Australian Bureau of Statistics tells us that three in every four Australians will be diagnosed with a serious illness during their working life. Research done by the National Stroke Foundation shows that there is a stroke in Australia every 10 minutes, or 60,000 strokes per year. All these health issues and risks just go to show how important it is to have insurance on your income and your life. If you were to become unable to work and your income ceased, what would you do? Sell assets at a decreased value? Rely on government payments that are considerably less than your current income? These options would require you to decrease your standard of living dramatically, something that many Australians look to avoid after having worked so hard to reach them in the first place. By taking out income protection or life insurance, you’re ensuring that if your income stops, your lifestyle doesn’t. If you pass away, your family can continue with financial support to live the life you have worked so hard to provide them with.
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