![\"Jim](\"https:\/\/riskinfo.com.au\/news\/files\/2013\/05\/Jim-Minto-2.jpg\")
<\/a>The insurer released the results of a survey of 1200 consumers, in which respondents were asked to rank a list of possible motives for not taking out life cover (a collective description for the four main types of life insurance). The study found that, by a significant margin, the number one reason why the main income earner in a household did not have life insurance was because it was too expensive.<\/p>\n
After affordability (which was rated the primary reason for not taking out cover by 47% of respondents), not having any dependents to protect (18%) and a belief that health insurance provides the same level of protection (17%) were the next most common reasons. Rounding out the top five reasons for not having insurance were an expectation that other assets could be used (16%) and that life insurance is not important (13%).<\/p>\n
Interestingly, the cost of insurance was a significant issue for all consumers, regardless of age. 50% of those aged 18-24 rated it as their primary reason for not having cover, compared with a very similar result of 44% among those over 50.<\/p>\n
TAL Group CEO, Jim Minto<\/strong>, said the results were a major cause for concern:<\/p>\n \u201cWe know from our polling that some people will not let their insurance drop for their car or even their phone, but when people are not having life insurance due to home budget pressure or because of a lack of understanding then we know the life industry has a responsibility to help educate people on the risks they face and benefits of life protection.<\/p>\n \u201cThe great irony is that times of reduced confidence in job and financial security are the times when people need life insurance protection the most. Life insurance is essential, not a luxury that people should let go of easily. Being unable to earn an income can have life-long and devastating consequences for Australians, their dependents and families.\u201d<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Around half of Australians without life insurance say it is too expensive and they cannot afford to take it out, according to new statistics from TAL.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-20891","post","type-post","status-publish","format-standard","category-general","headers-new"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/20891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=20891"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/20891\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=20891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=20891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=20891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}