According to insurance research findings, it appears Australians value their home and cars more than their own lives! This is according to research data from the Association of Financial Advisers (AFA)’s study Risking Everything.
AFA CEO Richard Klipin said, “Australians believe insuring their homes, their cars and their health is more important than insuring their lives. Less than a third (29.3 per cent) of those with life insurance and only 5% of those without life insurance rate it extremely important.”
Klipin suggested the financial advice profession needs to better communicate what those consumers who currently receive insurance advice already know: that professional life and general insurance advice leads to better consumer outcomes and is worth paying for.
“Only two in 10 Australians currently receive advice relating to their life insurance needs,” he said. “This level will almost certainly drop even further if aspects of the FOFA reforms are passed through legislation. What that could ultimately mean is more people queuing up for Centrelink benefits – and that’s something Australia simply cannot afford.”
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