Sixty-five per cent of Australians do not have adequate life insurance, according to a new survey by LifeInsuranceFinder.com.au.
The survey also found 78 per cent had no intention of taking out life insurance, with 39 per cent saying it was too expensive.
Publisher of LifeInsuranceFinder.com.au Fred Schebesta said the research was surprising as it showed that 41 per cent of respondents were unaware of the pitfalls of not having life insurance.
“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,” he said.
“There are very grave repercussions to leaving your family without cover that can bring severe financial hardship for them.”
Mr Schebesta said the dangers of not having life insurance included imposing financial burdens on family members or other individuals due to outstanding debts and ongoing expenses.
He advised individuals to take out a life insurance policy at a price that was in line with their budget.
“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.
“An insurance consultant can help compare options that are suitable for your situation and assist in the application process,” he said.
Mr Schebesta added that preparation in the event of a death was not complicated or expensive.
“You can purchase life insurance for as little as $30 a month. In the long run, it’s a pretty vital payment to ensure that your loved ones are protected in the event of your death.”
