Virgin addresses the issue of underinsurance in Australia

/, Insurance Information, Insurance News, Insurers, Life Insurance/Virgin addresses the issue of underinsurance in Australia

Australians are vastly underinsured, especially when it comes to life insurance. A campaign which is highlighting this issue is Lifewise, a public awareness campaign about the issue of the personal underinsurance.

Lifewise helps Australians take appropriate steps to protect themselves from the financial difficulties inherent in being underinsured. Lifewise/NATSEM research has shown that 1 in 5 working Australian families will be impacted by the premature death, accident or illness of a parent.

With this in mind, Virgin Money has recently added Virgin Life Insurance to its portfolio under an agreement with TOWER Australia. It features guaranteed cover to give more Australians access to life insurance.

Virgin Money Australia’s MD Matt Baxby said, “I think it’s fair to say that life insurance in this country needs a boost. The latest Lifewise/NATSEM Underinsurance Report states that underinsurance is set to cost the Australian government $1.3 billion over the next 10 years. We need to ensure more Australians are able to protect their most valuable asset – the ability to have money to maintain a way of life if something happens to the main breadwinner. With the Virgin brand and TOWER’s unquestionable reputation and expertise in this area, I’m confident our new life insurance product will resonate with Australians and drive further growth in the market.”

Virgin Life Insurance’s MD of TOWER Australia Jim Minto added, “We are delighted to be working with Virgin Money, a respected and global brand known for innovative thinking and marketing. We believe this Virgin Life Insurance offering will be attractive to many and deliver them good value and continuing TOWER Australia’s belief that all Australians should have access to this type of financial protection in the time and manner they wish.”

Lifewise spokesperson John Brogden said, “Underinsurance is a very real issue in Australia. While many Australians have some level of cover in their superannuation fund, default levels are often inadequate when it comes to providing financial security should the unexpected happen. This is particularly alarming given that according to the Lifewise/NATSEM Underinsurance Report, one in five families will be impacted by the death of a parent or a serious accident or illness that renders a parent unable to work. To address the underinsurance issue, the industry needs to work together to educate Australians so they can make informed decisions to appropriately protect themselves and their families against financial hardship.”

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