Results released today from a survey conducted by TAL of more than 1200 Australians has revealed that the vast majority don’t believe they have adequate insurance.
TAL have created an Australian Financial Protection Index as a way of measuring people’s perceptions of their cover. The Index uses a score from 0 to 100 based on the types of insurance cover a person owns (life, disablement, trauma and income protection insurance) and whether they felt the amount of coverage was sufficient for their needs.
The national score for the Index was just 24.2, indicating that the majority of Australians believed they did not have enough insurance cover should they or their partner no longer be able to work.
Only 8% of those surveyed achieved a score above 70, while 30% scored 0 as they had no personal insurances.
TAL managing director Jim Minto was surprised by the results given the growing take-up of life insurance through superannuation in recent years.
You can use the Life Insurance Calculator on the Insurance Watch website to estimate how much insurance cover you might need. If you feel you and your family are inadequately covered you can then apply online to top-up your cover with one of our 12 insurers.