Did you know that it’s estimated that only 4% of Australian families with dependent children have adequate life insurance? Whilst many working Australians have some kind of life insurance included in their superannuation, this may be inadequate to cover those they love, should the worst happen.

Australians that currently do not have life insurance, often share the mentality that ‘it won’t happen to me’, but in the case that something did happen, have you provided your family with sufficient life insurance cover to help them after you’re gone? 45% of Australians are underinsured by $1,000 a month for income protection,1 while thousands of Australian families are left with an average payout of only $91,000 after the death of a partner, usually the primary bread-winner.1

When thinking about taking out life insurance or looking for the right insurance cover for you and your family, below are some facts you should consider:

– On average, the life insurance cover that is included in most Australian’s superannuation is 20% of what is actually needed.1.

– Over 50% of Australians are underinsured by $100,000 for life insurance.1.

-The Viagra Professional cost of raising two children at Government schools to year 12 and then 3 years of university is around $537,000.1.

– Over 81% of people say life Brand Cialis insurance is too expensive; however 61% of people over-estimate the cost.1.

-Australian families are critically underinsured, by approximately $1.37 trillion.1.

-While 83% of Australians have car insurance, only 31% insure for income protection.1.

When thinking about whether or not you need Life Insurance, consider your friends, family and other people in your life. Most of us know someone who has been diagnosed with cancer, or lost a loved one or partner suddenly. These are issues that impact on our ability to earn an income and continue meeting our financial obligations while providing for the future of ourselves and generic cialis 10mg our family.

No-one wants to think about worse case scenarios, but planning for the future involves being in a position to handle whatever life throws your way.

In the current economic climate, the cost of a funeral can come as a huge financial burden, on top of the emotional pain those are already suffering. With the average cost of a funeral reaching $15,000,1 many Australians are forced to say goodbye to their loved ones with the stress of financial burden resting heavily above their heads.

Taking out life insurance helps preserve you and your family’s lifestyle. It enables you to continue to make mortgage, rent and other payments, as well as helping you to pay off debt. As well as these important factors, it empowers you to keep on doing everyday things, such as spending time with family and friends, furthering your career and enjoying your life.

Some of the biggest benefits of life insurance are not often seen until you need them most. Having sufficient funds to be able to help you during difficult times and having the freedom to choose treatment and lifestyle options are priceless.

Reference: http://www.lifewise.org.au/Lifewise/about-the-lifewise-campaign/the-facts-about-the-issue.aspx

Author Bio: Sophie Henderson writes to make Life Insurance easier to understand. Find out more about Life Insurance at http://www.suncorp.com.au.

Category: Finances
Keywords: life insurance, insurance