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Australian's lead the world in many things, but in a recent study of global
insurance, we ranked as one of the most underinsured
nations in the developed world.
What's even more worrying is that 96 percent Australian parents
with dependent children have inadequate levels of insurance cover
despite having higher levels of debt. It's also worrying to know that more than 75
per cent of Australians will be diagnosed with a serious illness in their working life
and of this serious illnesses 1/3 of women and 1/4 of men will end up battling cancer
So how would your household keep on top these
costs and debts if you are unable to work or you passed away.
This is a crisis millions of Australian's and their families risk facing.
When the main source of income stops coming in
and there's no insurance to protect them, families are forced to rely on what
little savings they have often selling assets at a sheer desperation.
Getting the appropriate level of insurance however
can help protect your family from that financial devastation
so that they can continue to have the lifestyle they've always had
even if you're no longer around. A common misconception many AustralianĂs have
is to think that the life insurance cover within their superannuation
will be sufficient, but even leading superannuation experts estimate that
this covers only 20 per cent of what's actually needed. It seems strange
but 83 percent of Australians say they insure their cars
and yet Australians tend not to insure themselves and only 31 percent protect their ability
to earn an income which is by far the most valuable and important asset.
Life is unpredictable and many things are out
of our control, but what you can do is however ensure that you
or your family will have financial protection if the worst
were to happen by taking out some level of life insurance
and income protection.