MLC releases online tool to combat underinsurance
MLC & NAB Wealth has released a new online tool which the company hopes will help combat underinsurance in Australia.
MLC's interactive Life Stages Tool, which follows the lives of "Sally and Dan", allows both clients and financial advisers to identify different insurance needs throughout the course of a person's life.
There are six life stages: young independents, professionals, young families, mature families, pre-retirees and retirees.
Executive general of MLC Insurance, Duncan West, said the release of the online tool represented adding "new artillery in the fight against underinsurance".
As a person moves through their life, West said different insurance needs become more critical at different times.
"For example, when a couple has a baby and there is only one breadwinner for a period of time, income protection insurance is vital to ensure the family is not left financially destitute if an unforseen event was to occur and the breadwinner was unable to work," West said.
Ironically, West added, we don't question the need to insure our car or our home, but "we are much more cavalier when it comes to protecting what matters most in life - our families and our lives".
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