Lifewise sees supporter boost
The risk insurance awareness initiative Lifewise has seen support numbers double since its launch in May 2009.
Supporter numbers had grown to 100 by December 2009 and included the Brain Injury Association of Queensland, the Financial Planning Association and health fund Medibank Private.
“We warmly welcome our new community and industry supporters and we look forward to working with them to advance community awareness of the need for adequate life insurance,” said the Investment and Financial Services Association's deputy chief executive, John O’Shaughnessy.
Lifewise stated that Australians continued to be underinsured and that families received an average life insurance payout of $91,000 in 2008 following the death of a partner, compared with average household debts of $167,000 for families with young children. It added that average payouts for total and permanent disablement during 2008 were nearly $71,000 on average.
Lifewise also stated that research showed life insurance through superannuation is usually inadequate for the individual’s personal circumstances and noted that Rice Warner Actuaries had estimated that life insurance offered through super is only 20 per cent of what Australians need on average.
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