Hope for the best insure for the worst:

A recent article in The Australian by James Dunn highlights that many Australians are still under-insured, particularly with regards to life insurance.

Given the financial stress that can be created through under-insurance, we encourage everyone to review their own personal circumstances to ensure their family is appropriately covered. Key points highlighted in the article include:

  • Only 5% of Australians with dependent children have “adequate levels” of life insurance cover.
  • A typical family only had 56% of their income covered by life insurance.
  • Less than one-third of Australians have any income protection coverage, despite figures showing that more than three in four will be diagnosed with a serious illness in their working life.
  • Default coverage inside super funds is low-level and its one-size-fits-all. People think they are covered when they are not.

 

To read the full article go to: http://www.theaustralian.com.au/business/wealth/hope-for-the-best-insure-for-the-worst/story-e6frgac6-1226073283343