Homeowners strongest believers in life insurance, TAL Group poll finds
As part of an ongoing study into consumer behaviour and attitudes towards financial protection, life insurer TAL found that those with mortgages are the highest believers in financial protection (74%), followed by Gen X (73%) and Gen Y (68%).
“Those who have a mortgage or home or who have worked hard to save money are conscious that they need to protect their dreams in order to avoid losing everything should their income stop due to injury or illness,” said TAL Group CEO Jim Minto.
In comparison, one in three Aussies don’t believe that life insurance can protect their dreams. Of these, 25% said they don’t believe in life insurance because “once they are gone their financial obligations will be out of their hands.”
A further 22% said they would prefer to have life insurance cover but its affordability is their reason for having no protection.
Minto said the poll’s findings were concerning as it showed that up to a third of Aussies are not considering the financial ramifications on their families should they not be able to work.
“A large lump sum or other forms of payment can help tide us through difficult times and no one can really dispute that.
Minto explained that there may be too many of us mistakenly linking life insurance with protecting your money, however the reality is it’s also about protecting your family’s ultimate well-being.
“I would ask, if things go wrong and a family or couple doesn’t have adequate protection, who will manage the ongoing obligations and commitments?”
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