{"id":28519,"date":"2015-01-27T14:06:29","date_gmt":"2015-01-27T03:06:29","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=28519"},"modified":"2025-01-14T10:07:45","modified_gmt":"2025-01-13T23:07:45","slug":"insurance-understanding-does-not-lead-to-purchase","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/01\/27\/insurance-understanding-does-not-lead-to-purchase\/","title":{"rendered":"Insurance Understanding Does Not Lead to Purchase"},"content":{"rendered":"<p><span style=\"line-height: 1.5em;\">The majority of Australians understand the importance of life insurance but this is still not translating into action, a new survey from TAL has found.<\/span><\/p>\n<p><!--more--><\/p>\n<figure id=\"attachment_26023\" aria-describedby=\"caption-attachment-26023\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2014\/04\/Jim-Minto-2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-26023\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2014\/04\/Jim-Minto-2.jpg\" alt=\"Outgoing TAL Group CEO, Jim Minto\" width=\"150\" height=\"180\" \/><\/a><figcaption id=\"caption-attachment-26023\" class=\"wp-caption-text\">Outgoing TAL Group CEO, Jim Minto<\/figcaption><\/figure>\n<p>The survey, which measured consumer attitudes towards life insurance, found that 79% of Aussies rated life insurance as important or very important. For those with a mortgage, this increased to 86%.<\/p>\n<p>However, just 63% of those with a mortgage held some type of life insurance, and this rate fell to 41% when the person surveyed was renting.<\/p>\n<p>Insurance take-up was also found to be more prevalent among higher income earners. TAL reported that less than a third of those earning an income below $40k had some form of cover, compared to 53% of middle-income earners ($40k-$90k) and 63% of higher income earners (over $90k).<\/p>\n<p>Survey participants with insurance were most likely to hold life cover (43% nationally), followed by income protection (24%) and disability cover (43%). Just one in five had trauma cover.<\/p>\n<p>Outgoing TAL Group CEO, <strong>Jim Minto<\/strong>, said: \u201cThe results show that most people rate financial protection as an important or very important thing to have yet only around of half of the population say they actually have some form of protection in place.<\/p>\n<p>\u201cOn the one hand it is encouraging people recognise the vital role of life insurance, but the relatively low protection levels reflect just how much work is to be done educating the community about the need to protect themselves and their families.\u201d<\/p>\n<p>Mr Minto said this education needed to extend to the different types of cover and highlight to consumers why each type of cover is important.<\/p>\n<p>\u201cAnd having appropriate protection shouldn\u2019t stop once the mortgage is paid. Having protection such as critical illness insurance, which can finance special treatments, pay everyday bills and for costly rehabilitation and modifications such as wheelchair access, remains relevant long after the home is paid off,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The majority of Australians understand the importance of life insurance but this is still not translating into action, a new survey from TAL has found.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,3],"tags":[],"class_list":["post-28519","post","type-post","status-publish","format-standard","category-company-news","category-general","headers-new"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/28519","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=28519"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/28519\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=28519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=28519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=28519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}