A life insurance comparison website has urged customers to consult with brokers to obtain the best policy after finding that 65.3% of Australians do not have adequate life insurance.
Research by Lifeinsurancefinder.com.au also found that 78.2% have no intention of taking out life insurance, with 39% saying it’s too expensive; and around 41% of respondents were unaware of the pitfalls of not having life insurance.
Fred Schebesta, publisher of LifeInsuranceFinder.com.au said: “Australians need to be aware of the consequences of not having life insurance and what this will mean for their loved ones in the event of their death. There are very grave repercussions to leaving your family without cover that can bring severe financial hardship for them.
Schebesta said the pitfalls of not having life insurance include leaving a family to deal with the deceased’s outstanding debts as well as covering on-going living expenses.
For those wanting to take action and take out a life insurance policy at an affordable price, Schebesta urged individuals to talk to an insurance consultant first.
“An advisor can help you structure policies that are catered to your needs and will provide you with adequate protection in the event of something happening,” Schebesta said.
“It is vital for anyone looking to take out a life insurance policy to assess their current financial situation and gain a clear understanding of how much cover they actually need and what they need cover for,” Schebesta continued. “An insurance consultant can help compare options that are suitable for your situation and assist in the application process.”