Car insurance uptake far outweighs income protection

Most Aussies are aware of income protection cover and the benefits it can bring, but only a small percentage of the population has taken out a policy, a new survey has found.

According to Mercury Wealth Management, just six per cent of the 500 workers interviewed were in possession of income coverage, whereas 83 per cent had car insurance.

The organisation stated that a person's lifetime earnings are by far their biggest assets – certainly larger than their vehicles and homes – yet very few people have taken measures to protect themselves should they be unable to do their jobs.

Around 42 per cent of the respondents felt income insurance was too expensive.

However, Mercury Wealth Management insisted that prices can vary and affordable deals are available if people search for them.

The same principle applies to car insurance and it seems more Aussies now realise that it pays to shop around.

Roy Morgan Research recently revealed that 16.3 per cent of people now compare different policies before taking out cover – which is up from 12.2 per cent four years ago.

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