Not-for-profit risk and insurance network Know Risk has launched a checklist to support women to address the underinsurance risk for death or permanent disability which is estimated at A$1.8 trillion (US$1.26 trillion).
“This is a really shocking statistic but it’s really one that we hope will encourage people to start talking about the financial reality of death and disability,” said Know Risk spokesperson Prue Willsford.
“Insurance is complicated, and this in combination with a lack of awareness and a reluctance to have uncomfortable conversations, may be to blame for the gap. Right now, many Australian families rely on cover from their superannuation funds and this leaves many people underinsured.”
With women now making the bulk of financial decisions in Australian households, Know Risk says providing information and supporting women to make decisions about whether they need life insurance, and how much they need of it, are key to addressing the shortfall.
Know Risk's Life Insurance checklist aims at supporting women to assess their and their families’ needs. The complete checklist and other resources on life insurance are available at knowrisk.com.au.
Know Risk is an independent, non-profit practical risk and insurance information initiative developed by the Australian and New Zealand Institute of Insurance and Finance with the support of community and emergency groups, insurers and risk experts.