Misconceptions among Australians about life insurance

Recent research findings from a life insurance broker has uncovered major misconceptions among Australians about life insurance.

Some of the research findings are as follows:

• Men overestimated the cost of life insurance by 49%

• Women overestimated the cost of life insurance by 65%

• 36% said the perceived cost as the major reason for not having life insurance

• 21% held income protection insurance with about 1/2 the policies held in super

• 49% held life insurance with about 1/2 the policies held in super

• By contrast, 56% had private health insurance, 80% had some type of home insurance and 86% had some type of car insurance

Important Information

The above information provides an overview or summary only and it shouldn’t be considered a comprehensive statement on any matter or relied upon as such. The above information doesn’t take into account your personal objectives, financial situation or needs. It’s important for you to consider these matters before making any financial decision and I recommend you seek help from a financial adviser.