Insurance? She’ll be right
Sixty-four per cent of Australians are failing to take out adequate life insurance and, on average, are underinsured by $112,000, according to the 2007 AXA Protection Report released today.
The report found that Australians feel less threatened than most other people in the world when it comes to taking life risks such as serious illness, accidents and disasters.
It also found that Australians have a false sense of security when it comes to their insurance needs and reality.
Commenting on the report findings, AXA general manager, financial protection, Michael Rogers said that Australians were taking on more and more debt via mortgages, cars and credit cards, but were unprepared for serious accidents and illness.
Clinical psychologist John Cheetham said the report should challenge Australians’ long-held “she’ll be right” attitude.
“Our laid-back culture shines through in this report,” he said.
“Much about Australia’s carefree attitude to life is admirable, but when it starts to affect our families and our lifestyle, it can develop into something that looks more irresponsible and financially hazardous.”
AUTHOR
Mike Taylor
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