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Closing the Underinsurance Gap

Some previous studies of underinsurance in Australia have suggested a ‘she’ll be right attitude’ as being a prevalent cause of underinsurance.
Contrary to this finding, this research found that most Australian would not want to knowingly take a risk of being uninsured or underinsured.

Q. Please indicate how strongly you agree or disagree with the following statements about life and income protection insurance.

• Only 8% strongly agreed with the proposition that they were prepared to take the risk and have as little life and income protection insurance cover as possible.
• 50% of respondents ‘strongly’ or ‘somewhat’ agree with the proposition that having life and income protection insurance would give them (and their dependants) peace of mind.

Australians are prepared to make sacrifices to reduce risks

A sizeable 79% of respondents reported they had made some type of ‘risk reducing’ lifestyle changes in the past, indicating they are prepared to take actions to reduce risks to themselves and their families.

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