![\"\"](\"https:\/\/riskinfo.com.au\/news\/files\/2023\/12\/Christine-Cupitt-headshot-1-scaled-e1701894110135-254x300.jpg\")
<\/a>The research investigates the link between life insurance and the personal and financial wellbeing of Australian workers.<\/p>\n
CALI CEO Christine Cupitt <\/strong>says the report shows that rising cost of living, increasing mental health challenges and global economic shocks are putting intense pressure on Australians.<\/p>\n “They need someone to talk to about their financial future now more than ever.”<\/p>\n More than two-thirds of Australian workers are concerned that cost of living pressures will impact their ability to afford life insurance in the future.<\/p>\n The report lends weight to CALI\u2019s earlier call that life insurers should be able to provide limited advice.<\/p>\n The council notes the report highlights \u201c\u2026the critical need for the passage of tranche two of the Federal Government\u2019s Delivering Better Financial Outcomes<\/em> legislation, which would allow life insurers to provide simple advice on their own products when customers ask them to.\u201d (Also see: CALI Reinforces Complementary Risk Advice Agenda<\/a>).<\/p>\n …people are increasingly worried about falling through the cracks. Life insurers have a critical role to play to ensure that doesn\u2019t happen…<\/p><\/blockquote>\n Cupitt says Australia\u2019s safety nets are stretched too thin \u201c\u2026and people are increasingly worried about falling through the cracks. Life insurers have a critical role to play to ensure that doesn\u2019t happen.\u201d<\/p>\n The research was conducted independently by agency 89 Degrees East and led by social researcher, Dr Rebecca Huntley<\/strong>.<\/p>\n She says the findings show that most Australians, regardless of their age, aspire to be more financially resilient, and this is only becoming more important for them in a cost of living crisis.<\/p>\n \u201cHigher living costs and the uncertain economic environment have led to increased stress levels and concern about mental health in our community. People know that mental health challenges can have a lasting impact on their personal finances due to time off work and the cost of accessing treatment and support.\u201d<\/p>\n CALI notes that life insurers are the largest provider of financial support for people experiencing mental health concerns, second only to the Federal Government.<\/p>\n \u201cAlmost 90% of Australians think it\u2019s important that they\u2019re able to access financial support through their life insurer in the event of mental health challenges that mean they\u2019re unable to work. Despite this, only a third would turn to their life insurer for help in this situation.\u201d<\/p>\n Most workers are more likely to ask family and friends for help or seek government assistance payments instead.<\/p>\n …This report highlights that Australia\u2019s life insurers provide a fundamental safety net…<\/p><\/blockquote>\n \u201cThis report highlights that Australia\u2019s life insurers provide a fundamental safety net and pathway for people to secure their future, no matter what happens throughout their lifetime,\u201d says Cupitt.<\/p>\n CALI says that last year, more than 91,000 Australians or their loved ones received more than $12 billion in financial support from life insurers. “Even so, there remains a growing under-insurance problem that is leaving more than three million people with inadequate protection when times get tough.”<\/p>\n \u201cWe have an advice accessibility crisis in this country. In the past three months alone, almost a third of Australians considered seeking financial advice on life insurance, but just 8% actually received it,\u201d Cupitt notes.<\/p>\n Click here<\/a> to read the full report.<\/p>\n Financial advice changes are critical for Australian workers struggling with cost of living increases and mental health challenges, according to a new report which lends weight to calls for more ways for Australians to access financial advice, including life companies delivering simple advice. The inaugural State of Australia\u2019s Safety Net report, commissioned by the Council […]<\/p>\n","protected":false},"author":24,"featured_media":72838,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8],"tags":[],"class_list":["post-72810","post","type-post","status-publish","format-standard","has-post-thumbnail","category-associations","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/72810","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=72810"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/72810\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/72838"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=72810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=72810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=72810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/riskinfo.com.au\/news\/files\/2024\/08\/CALI-via-Paul-Screenshot-2024-08-13-at-11.10.14-am-e1723512607480.png\")
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