Gen X embrace life insurance
There has been a jump in appetite for life insurance among Australians, particularly among generation X, TAL Australian Financial Protection Index revealed.
The national index score rose 38 per cent from 24.2 out of 100 last year to 33.5 this year, illustrating an increase in the take up of life insurance, illness, disability and income protection.
The groups that showed the biggest jump in insurance take up was generation X (35-49 years), higher income earners, those with children at home, those with mortgages and those who think they are risk takers.
Their index score was 40 out of 100.
Fourteen per cent of more than the 1200 surveyed scored over 70 on the index, up from 8 per cent last year.
“I think awareness has been improving, consumers are being more active, and in particular younger generations are taking matters into their own hands empowered by the digital world.” TAL chief customer service and operations officer Penny Coates said on the rise.
But Coates added 20 per cent of people still have no life insurance, and majority of Australians believe they lack sufficient financial protection.
“Even more concerning is the fact that lower income earners make up a large percentage of those who are most underinsured, yet these are the very people who can least afford the financial pressure which comes with the death, illness or injury of a member of the household,” she said.
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