{"id":5117,"date":"2010-03-02T18:30:18","date_gmt":"2010-03-02T07:30:18","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=5117"},"modified":"2020-02-06T08:09:10","modified_gmt":"2020-02-05T21:09:10","slug":"new-underinsurance-findings-australians-gambling-with-their-future","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2010\/03\/02\/new-underinsurance-findings-australians-gambling-with-their-future\/","title":{"rendered":"New Underinsurance Findings &#8211; Australians Gambling With Their Future"},"content":{"rendered":"<p>The headline fact emerging from\u00a0new data released this week is that more than one in five working age parents will die or become seriously ill or injured.<\/p>\n<p><!--more-->New <a href=\"http:\/\/www.lifewise.org.au\/\" target=\"_blank\" rel=\"noopener noreferrer\">Lifewise<\/a>\/NATSEM research has\u00a0found that a typical Australian family will lose half\u00a0of its income if a parent dies or is unable to work due to serious illness or injury, and that one in five Australian families will suffer the death of a parent or a serious accident or illness that renders a parent unable to work.<\/p>\n<p>The <a href=\"http:\/\/www.ifsa.com.au\/2010%20Documents\/2010_0302_Lifewise%20Summary%20Research%20Report_Final.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Lifewise\/NATSEM Underinsurance Report<\/a> also found that the underinsurance of parents with dependent children and a mortgage will cost the Australian Government an estimated $1.3 billion in additional social security payments over the next ten years.<\/p>\n<h6>&#8230; 95% of families do not have adequate levels of insurance cover<\/h6>\n<p>The report also found that 95% of families do not have adequate levels of insurance cover.<\/p>\n<p>Commenting on these key findings, IFSA Chief Executive, <strong>John Brogden<\/strong>,\u00a0said, &#8220;This groundbreaking research shows that the likelihood people will be unable to provide for their family due to accident, illness or death is much more common than people think.&#8221;<\/p>\n<p>Further findings from the study include:<\/p>\n<ul>\n<li>Over one million working age parents will die, become seriously ill or injured and be unable to work at some stage during their career<\/li>\n<li>Every day, over 65 families are impacted by an event that seriously affects their ability to earn an income and support their kids<\/li>\n<\/ul>\n<p>In terms of impact on the &#8216;typical&#8217; Australian family, the report revealed:<\/p>\n<ul>\n<li>Based on current average levels of insurance, the typical Australian family\u2019s weekly income will be cut by half to about $600 where a main breadwinner Dad becomes temporarily ill or injured and can\u2019t work, or where Mum dies or becomes temporarily or permanently disabled<\/li>\n<li>The family\u2019s financial situation following the event will be long term, remaining broadly the same over a one, five and 10 year period<\/li>\n<\/ul>\n<p>The challenge for advisers, dealer groups and insurers will be to find a way to secure the attention of working age parents to ask them whether they are prepared to gamble that they will not fall into the more than 20% of this huge demographic that will experience death or a serious accident or illness.<\/p>\n<p>Advisers can <a href=\"http:\/\/www.ifsa.com.au\/2010%20Documents\/2010_0302_Lifewise%20Summary%20Research%20Report_Final.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">click here<\/a>\u00a0to access a summary of the Lifewise\/NATSEM Underinsurance Report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The headline fact emerging from\u00a0new data released this week is that more than one in five working age parents will die or become seriously ill or injured.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5117","post","type-post","status-publish","format-standard","category-general"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/5117","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=5117"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/5117\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=5117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=5117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=5117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}