{"id":65904,"date":"2023-05-29T13:11:04","date_gmt":"2023-05-29T02:11:04","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=65904"},"modified":"2025-03-14T12:02:23","modified_gmt":"2025-03-14T01:02:23","slug":"staggering-number-of-australians-dont-have-life-insurance","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/05\/29\/staggering-number-of-australians-dont-have-life-insurance\/","title":{"rendered":"‘Staggering’ Number of Australians Don\u2019t Have Life Insurance"},"content":{"rendered":"
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Most engagement this week was in our report on the ‘staggering’ number of Australians who don’t have and don’t want life insurance – and we take note of the comments at the end of this article…<\/h3>\n<\/div>\n<\/div>\n

A \u201cstaggering\u201d 44% of Australians don\u2019t have any life insurance \u2013 and have no plans to take out a policy in the future, a recent national representative survey into cost-of-living pressures has found.<\/p>\n

Conducted by online financial broking firm Savvy<\/a>, its Life Insurance Survey 2023 found 46% of women and 42% of men say they don\u2019t have \u2013 and don\u2019t want \u2013 a life insurance policy.<\/p>\n

\u201cThat leaves a little under a third with basic life insurance provided through their superannuation fund (33%) and only 11% who have taken out a life insurance policy through a dedicated provider,\u201d the company states.<\/p>\n

It also notes that 13% of those surveyed said that they don\u2019t have life insurance as of yet but are considering buying a policy.<\/p>\n

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Courtesy of Saavy.<\/figcaption><\/figure>\n
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Adrian Edlington …the fact so many Australians seem to understand the value of life insurance yet don\u2019t have a policy is alarming<\/figcaption><\/figure>\n

Savvy also points to the Financial Services Council\u2019s Life Underinsurance Gap: Research Report<\/em><\/a>, which says there are an estimated one million Australians underinsured for Death and TPD and about 3.4 million underinsured for income protection insurance.<\/p>\n

What people value with life insurance<\/strong><\/p>\n

As far as what life insurance policies should cover, Savvy states that 59% of Australians agree that it should cover death with 67% of 35-44 year-olds citing it as the most important component of a life insurance policy.<\/p>\n

However it notes 42% said that trauma and accident cover is important \u201c\u2026with 44% of respondents agreeing that income protection insurance and TPD insurance are important features. 48% of women said that trauma and accident insurance is important, compared with 37% of men.\u201d<\/p>\n

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Courtesy of Saavy.<\/figcaption><\/figure>\n

Adrian Edlington<\/strong>, spokesperson for Savvy, says the fact that so many Australians seem to understand the value of life insurance yet don\u2019t have a policy is alarming: “Life insurance in all its forms, be it death cover, income protection, or total and permanent disability is not only about protecting yourself but protecting your family and community for the worst.\u201d<\/p>\n

…even a temporary shortfall in income could prove disastrous for many families<\/p><\/blockquote>\n

He adds that with costs of living rising and inflation still biting \u201c\u2026even a temporary shortfall in income could prove disastrous for many families. Though communities would love to help someone when they\u2019re able to, the fact is that few communities can afford to at the moment. That\u2019s why people should find a good life insurance premium that covers them adequately without spending too much.\u201d<\/p>\n

But, he adds, \u201c\u2026the ultimate benefit is this \u2013 peace of mind.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Most engagement this week was in our report on the ‘staggering’ number of Australians who don’t have and don’t want life insurance – and we take note of the comments at the end of this article… A \u201cstaggering\u201d 44% of Australians don\u2019t have any life insurance \u2013 and have no plans to take out a […]<\/p>\n","protected":false},"author":24,"featured_media":66051,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,8291],"tags":[],"class_list":["post-65904","post","type-post","status-publish","format-standard","has-post-thumbnail","category-general","category-story-of-the-week"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/65904","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\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=65904"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/65904\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/66051"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=65904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=65904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=65904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}