An Australian industry and Government campaign to raise awareness of the importance life insurance cover has found that the average Australian has only $91,000 of life insurance cover.
Chris Pearce, the shadow minister for financial services, superannuation and corporate law, said that the personal effects of a death in the family can be exacerbated by financial worries if a family member does not have an adequate level of life insurance cover.
“Millions of hardworking Australian families are seeking to build wealth in order to fund lifestyles both this side- and perhaps more importantly- on the other side of the day they choose to retire,” Mr Pearce said. “An accident, injury, illness or death, can have a dramatic impact on the financial security of an individual or their family. These financial consequences often compound the emotional or physical trauma experienced.”
Statistics from the Investment and Financial Services Association (ASFA) showed that in 2008, more than 13,000 families received the average life insurance payout of $91,000, whilst the average family with young children had debts of $167,000. These statistics show that financial difficulty would be extremely hard for a family to avoid in this situation.
1300 Insurance has life insurance consultants available who are able to discuss options of cover that is available to you and your family in the event of a tragedy.
Source: www.lifewise.org.au
