Insufficient Life Insurance Cover – The Worrying Statistics
by admin on 18/06/11 at 9:44 am
A report by the Bureau of Statistics, Australia, recently revealed some extremely worrying figures. Every day, an average of 12 Australian parents die, leaving dependent children behind. Out of these, only about 4% have sufficient life insurance to provide for their families. As a result, about 4200 parents leave their families to cope with financial hardship at best, or ruin at worst, each year.
There are two main reasons behind this problem. One is the fact that many rely on the life insurance provided through their superannuation fund. Estimates show, however, that the cover provided this way rarely exceeds $70,000, representing approximately 20% of average needs, for the majority of workers in Australia.
The second apparent reason is that many individuals find the task of obtaining life insurance and understanding the often subtle differences between products too difficult. Fortunately, many life insurance companies are beginning to develop easier to understand products, which are also simpler to obtain.
In addition, these products are available to applicants through licensed xLife life insurance via www.xlife.com.au. Getting sufficient protection for one's family is easier than ever, leaving no excuse to be in the 96% that leave their families to cope without proper financial assistance.
