IFSA is set to launch it’s long-awaited underinsurance awareness campaign on 1 May 2009.
Called ‘Lifewise’, the campaign is designed to help reduce the protection gap by encouraging Australians to take appropriate steps to protect themselves from the financial hardship that can result from accident, sickness or death.
The campaign, funded by insurance and reinsurance companies affiliated with IFSA, will complement the work already being done by advisers, dealer groups and insurers to raise the profile of the underinsurance issue. The underlying brand manifesto for the campaign was set out by IFSA in August 2008, when it originally announced its intention to initiate the campaign:
The brand will exist to raise the general level of thinking about life insurance amongst Australians. We don’t all need life insurance but we should all think about it.
Thinking about life insurance should not be about assessing your likelihood of dying or permanent disability, no one wants to think about that. What we should we be thinking about is protecting assets, income and managing expenses. After all, life insurance should be one of life’s many regular monetary decisions.
If you do decide to take out life insurance, you do so because it is the responsible decision for you (and your dependents/partner). After all, it is smarter to know if it’s not for you than to just assume.
At the August 2008 announcement of the campaign, IFSA CEO, Richard Gilbert, said “The campaign will encourage people to see personal insurance as a part of everyday life; to help people make informed decisions about what level of cover is right for them; and empower people to gain a sense of clarity, control and relief about their financial security.”
“We are not saying everyone needs insurance - but we are saying that everyone should be aware of, and think about their insurance needs as part of their everyday financial checklist. It’s remarkable that 84% of people insure their car, while just 31% insure their most important asset - their ability to earn an income.
“The costs of underinsurance are significant not just to families but to society as a whole. A lack of cover leads to increased dependence on welfare and impacts on the nation’s incomes and assets balance sheet,” said Mr Gilbert.
IFSA will release more details about the Lifewise campaign in the lead up to its 1 May launch.
