Why is it important to have personal insurance?
Recent surveys have shown that Australia is one of the few developed nations in the world that is highly underinsured.
In fact, Australian underinsurance is being seen as a grave matter even by the Australian government as it could cost the government billions of dollars in the forthcoming years.
If Australians do not have adequate insurance in place in terms of life insurance, disability insurance, health insurance, and even income protection insurance, then the financial burden that arises from a serious illness or an unfortunate accident can cause severe hardships that the average family may not be able to survive.
It is estimated that at least 20% of the Australian population between the ages of 21 and 64 will suffer some unfortunate event in their lives that will leave them incapable of working. This could be an unforeseen accident, injury at the workplace, or contracting a terminal illness of which there is no history in the immediate family.
When did your car or home become more important than you and your family?
FACT: Did you know that 83% of Australians have motor vehicle insurance and 77% of Australian households have building or contents insurance. In comparison, only 47% have private health insurance and just 31% have income protection insurance.
Having insurance can provide financial protection for your family’s personal needs. Insurance can be structured to provide for such things as the repayment of your debts upon death or disability, financial assistance for dependants and protection against the loss of income.
Protection against life’s uncertainties is sensible financial management. Investing in personal insurance will ensure that you and your family can continue to enjoy the quality of life that you want.