Causes of Underinsurance
The research showed that Australians are less familiar with life insurance and income protection insurance when compared to other insurance products that are available.
Q. Which of the following types of insurance are you familiar with and understand?
Figure 3 - % of Australians who have a 'good understanding' of different insurances
In general self-reported knowledge of life and income protection is poorer amongst the potentially more vulnerable groups, including those with larger mortgages and those with lower household incomes.
Knowledge levels of life and income protection insurance are greater amongst males and increase with age for both males and females
| Next | ||||
Misinformed about Life Insurance
|
Lifebroker is an Authorised Representative of National Financial Solutions Pty Ltd, holder of AFSL 284182
(life insurance and income protection insurance broker).