Misinformed about Life Insurance
The vast majority of Australians are either uninformed or ill-informed on key knowledge aspects of life insurance and income protection insurance.
Q. Please read the statements below and indicate the extent to which you believe each is true or false.
Statement |
Correct Answer |
% Correct |
|
Life insurance is more expensive if the insurer does not ask for health and medical history on application |
True | 8% |
|
If you have life insurance you receive a lump sum payout if you live past retirement age |
False | 15% |
|
Income protection insurance pays a replacement income if you lose or quit your job |
False | 18% |
|
Everyone who applies for life insurance must submit to a medical examination |
False | 22% |
| The government is required by law to provide financial support to families in the event of the death of a family member | False | 29% |
| 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 | False | 30% |
| Income protection insurance pays a replacement income if you stop work due to illness or injury | True | 38% |
| Life and income protection insurance premiums are the same for everyone, regardless of health, age and gender | False | 41% |
| Life insurance pays a lump sum in the event of your death | True | 42% |
| Next | ||||
Superannuation 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).