Lifewise Goes Social With "The Time Capsule"

Holly Dorber, Lifewise Campaign Manager, said, “The idea behind our new website is to engage with consumers so they have a better understanding of income protection and life insurance.”

The company hopes that the new site will help people to make the connection between the very personal value of the people, events and memories reflected in their photos and the importance of protecting those valuable assets. “The Time Capsule was developed so people got a visual on how precious their memories, family and life is - and to protect that,” Dorber said.

In what Lifewise calls “an industry first,” the company has plunged into social media, including the launch of "new and exciting social media platforms such as Twitter, Facebook, Pinterest, Flickr, Tumblr and a personalised blog to interact with the new Lifewise social media website.”

Lifewise was founded in 2009 by a group of Financial Services Council members in the life insurance and reinsurance sectors, and its mission was simple and straightforward: to raise Australian awareness of underinsurance and its potential consequences.

The need for the Lifewise initiative grew from underinsurance research that found that, despite the fact that so many working Australians have some coverage through superannuation, the country ranks low in comparison to other developed nations. In 2007, it ranked 16th in the world, according to Swiss RE, in terms of density and penetration of life insurance. As a result, according to Lifewise, 95% of Australians are underinsured.

The company points out that 83% of Australians report that they maintain insurance coverage for their cars, but only 31% maintain any coverage protecting their incomes, despite the severity of the consequences of losing one’s income. Loss of income is a risk that can cost millions over the course of a lifetime.

Awareness of risk is not always enough to make people take actions. Parents, for example, report that they are more sensitive to risks since having children, but 72% of parents told Lifewise that they had no life insurance cover other than the insurance provided by superannuation funds. Compounding the problem, the risks of underinsurance extend well beyond questions of personal exposure. According to Lifewise, underinsurance may cost the government some $1 billion over the next decade.