News

Despite most Australians having some life insurance cover within their super, we are still one of the most underinsured nations in the developed world.

 In fact:

• 6 out of 10 Australians do not have sufficient life insurance cover to care for their families for more than a year, if they were to die prematurely¹ and
• Every day, more than 65 families are impacted by an event that seriously affects their ability to earn an income and support their children².

To address this issue, Lifewise is encouraging Australians to take appropriate steps to protect themselves from financial hardships caused by injury, sickness or death.

To help Australians build up their confidence in dealing with life insurance decisions, Lifewise has provided some tools to help Australians be aware of the risks to their lifestyle; know the types of life insurance; determine how much insurance they need; and how to access insurance.
 

Lifewise is an initiative of the Investment and Financial Services Association's (IFSA) life insurance members and its supported by over 50 financial services companies and community groups. To access tools and for further information about Lifewise, visit www.lifewise.org.au.

 

¹ ‘Fast facts – a nation overexposed’- Investment and Financial Services Association, 2005

² ‘First-time ever figures: Over one in five working age parents will die, become seriously ill or injured, new research shows’ – Financial Services Council, 2010