Do You Need Life Insurance?

The Graphic dubbed “Do I Need Life Insurance” contains a number of questions linked together to help you ascertain whether or not you need insurance.

Some interesting facts & figures included in the graphic include:

• 52% of people don't know what their insurance premium is
• 23% of people think that life insurance is not important
• 77% of Australians believe it's EXTREMELY important to protect their assets
• 56% of Australians believe that life insurance premiums are far too high for the amount of cover you get
• 52% of Australians believe that income protection insurance gives them peace of mind
• 36% of Australians find it difficult to know when you need life or income protection insurance
• The average cost of a funeral is between $5,000 for a cremation and $7,000 for a burial
• Income protection insurance is something 46% of Australians never really think about
• 30% of Australians believe they should be doing more to find out about life and income protection insurance

Australians still remain significantly underinsured since 2010 when we conducted similar research, so it seems the answer is still most likely "yes" - you do need insurance.