Life insurance 'can be affordable'

Life insurance is an essential expense, but Aussies need not break the bank to ensure they are covered.

This is according to Daniel Musumeci, an analyst with Australian Financial Risk Management, who told the Sydney Morning Herald that most people do not have an adequate policy.

He explained that in many cases, Aussies have life insurance through their superannuation fund, but that this often will not provide enough financial security if something unforeseen happens.

However, Mr Musumeci asserted that there are affordable ways to ensure loved ones will be provided for in the event of a disaster.

"The reality is that there can be very effective ways of structuring cover to minimise the impact to your pocket," the expert commented.

Last month, Richard Klipin, chief executive of the Association of Financial Advisers, claimed that without advice, Aussies often leave themselves underinsured or without any cover at all.

Those who want to find the best cover for them might consider going online to compare life insurance.

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