Wake-up call for underinsured Australians
Many Aussies take a "She'll be right, mate" approach to insurance, at their peril. The following article issued by AMP Life Limited ABN 84 079 300 379 investigates the recent report conducted by Rice Warner Actuaries about the importance of having Income Protection and Total Permanent Disability Insurance cover.
The study reveals that only 22% of Australians have adequate TPD insurance, and only 24% are adequately covered for income protection, despite the high value placed on car and health insurance.
This gap in coverage leaves many exposed to financial stress during unexpected life events, such as illness or injury. While life insurance is the most commonly understood form of personal insurance (with 83% coverage for average needs), many overlook other critical types of protection, such as Total Permanent Disability, Income Protection, and Trauma insurance.
Choosing the right coverage can be complex, but it’s essential to think about how you and your family would manage financially if you were suddenly unable to earn. Asking questions like "How long could I cover expenses without an income?" can help clarify your needs. Consulting a financial planner here at AGS can offer valuable guidance to ensure you're adequately protected, bringing peace of mind as you focus on the best parts of life.
For expert guidance on the right insurances from a wide range of providers, contact us or book a financial planning discussion today.