Australia is one of the most underinsured nations in the developed world. While most of us insure our cars without a second thought, very few of us have the right level of cover to insure our most important asset - our ability to earn an income.
Underinsurance can have a devastating effect on individuals and families in the event of a long term illness, serious accident or death. In an environment of rising household debt, most Australian families would be forced to sell assets if something befell their main breadwinner. This personal exposure can mean families face the additional blow of financial ruin during an already distressing time.
The Lifewise campaign has been created by the Investment and Financial Services Association (IFSA) with the aim of changing the way Australians think and feel about life insurance.
Life Shield has been created in order to provide the ever increasing number of ‘time poor’ Australians the ability to find the life insurance that they need in an unbiased and efficient manner so that you can feel assured that your family will be financially secure in the event of unforseen tragedy.
A common perception among Australians is that ‘it’ won’t happen to them. In fact, the ING Research Optimistic Australians report (December 2008) found that 89% of respondents said they were not likely to have an accident (which left them unable to work) in the next 20 years. However the reality is that most Australians will experience some kind of insurable event in their lifetime, so even if you think it won’t happen to you it’s important to take precautions to protect yourself and your family.
There are many misconceptions around life insurance, including that it is expensive. The Lifewise campaign aims to change this perception. The monthly premium for a 35 yr old non-smoker, needing $500,000 of life cover could be as low as $30 for a male and $25 for a female – that’s less than a dollar a day. The complexity of life insurance products and application procedures has also been much improved in recent years, making it much easier for consumers to adequately protect themselves.
Life Insurance is a way of outsourcing the risk that we all undertake – when we take out a loan, get married, have children and in many other ways throughout our lives. It is possible to cover ourselves through savings and disposable assets, however how many of us are in this situation? Do you ride a motorbike without wearing a helmet? The same can be said about life insurance in regards to financial commitments.
Life Insurance can be one of the greatest investments that you will ever make.
The Lifewise website (www.lifewise.org.au) makes it easy for consumers to assess their life insurance needs using a number of tools including a ‘how much is enough’ calculator. You can check out video testimonials from people just like you – people who thought they’d never need insurance but were so grateful when they did.
So view the Lifewise website today and speak with Life Shield to discuss how life insurance can solve your personal risk issues.
After having had my income protection, with a company based abroad, for the last 15yrs I recently decided to sort it here in Australia.(Now based here so it makes sense.)
Needless to say the thought of trying to get a similar product for a good price was a concern....
Dr S.T (BDSc)
We work with: