Home | Advertising
The good news is that an increasing number of life insurance Companies are developing simpler products which are not just easier to understand, but which also require less ‘hoops’ to be jumped by the applicant. For Australia couples in their mid-thirties with young children, it has been estimated that their life insurance needs would range from around 10 to 13 times their taxable earnings - depending on the level of their partner’s earnings. Australian Bureau of Statistics (ABS) figures show that around 4,400 parents with dependent children die each year. With so many Australian families with nowhere near the level life insurance cover required, it is not surprising that the underinsurance problem is of growing concern. When considering Australia as a whole, it is estimated that the level of underinsurance for parents with dependent children is of the order of $1,300 billion. It is not a nice thought, but imagine how difficult it would be for these Australian families to deal with this unexpected financial pressure at an already emotionally challenging time? Families with dependent children are likely to be the most significantly impacted when considering financial consequences of the death or permanent disablement of an individual. According to Ric Warner Actuaries, these are basic requirements for an Australian family: Life insurance - can you afford not to? One of the reasons behind the low uptake of life insurance protection in Australia is thought to be the confidence that employees place in the life insurance component of their superannuation fund. However, the same SMH article points out that estimates show that the average worker would not have much more than $70,000 life insurance cover via their superannuation fund - a figure which represents only about 20% of estimated average needs, One of these was a report from the Australian Bureau of Statistics which revealed that, on average, 12 parents of dependent children die each day in Australia. And of these, only 4% will have sufficient life insurance to assist their families. This means that, each year in Australia, roughly 4,200 parents leave their families exposed to financial hardship or even ruin. The reason for the low uptake in life insurance is the general perception that it’s just too hard to obtain protection. And even if it’s not too hard, it’s just too much work, not just to apply, but to try to understand the subtle differences between the various life insurance products. These life insurance products are also available through licensed insurance advisers, so now there’s no excuse, just the question: if you die tomorrow, will you fall into the 4% that have sufficient life insurance cover, or will you be one of the remaining 96% that leaves their dependents to cope with the situation?
Article Source: http://www.casinoarticlessite.com
author: Charlie www.lifeinsurancequotesnsw.com.au www.lifeinsurancequote4you.com.au
Please Rate this Article
5 out of 54 out of 53 out of 52 out of 51 out of 5
Not yet Rated
