A False Sense of Security
Many Australians falsely believe they are protected financially from illness, injury and premature death both by their superannuation and by federal government laws.
Q. Please read the statements below and indicate the extent to which you believe each is true or false.
- 71% falsely believe the government is required by law to provide financial support to families in the event of the death of a family member.
- 70% falsely believe the government is required by law to pay a replacement income to workers if they stop work due to illness or injury not caused by work.
Have government road and workplace safety campaigns given the false impression?
A lack of trust
Many Australians are cynical about life insurance companies propensity to pay claims and lack trust in the advice process. Trust is an important issue for buyers of life insurance and income protection insurance.
Q. Please indicate how strongly you agree or disagree with the following statements about life and income protection insurance.
- 67% of respondents said they agreed (strongly/somewhat) with the proposition that insurance companies tend to use loop holes to avoid payouts.
- 41% of respondents said they agreed (strongly/somewhat) with the proposition that they generally don’t trust advisers/insurance brokers.
- 41% of respondents said they agreed (strongly/somewhat) with the proposition that it is difficult to get good independent advice about life and income protection insurance.
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The Cost of Life Insurance
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Lifebroker is an Authorised Representative of National Financial Solutions Pty Ltd, holder of AFSL 284182
(life insurance and income protection insurance broker).