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Australians are under the misconception that they don’t need life insurance; either because they don’t have children, they have health insurance or they think the Government will look after their family if they die.

These are common myths around life insurance, according to on-going research by specialist life insurer TAL.

TAL polled more than 1200 people and said the top reason why the main breadwinner didn’t hold life insurance was because they couldn’t afford (47%). This was followed with 18% claiming they had no immediate family to protect, and 17% saying they could get the same level of cover from their private health insurance policy.

Table 1: Main reasons for main income earners not to take out life insurance:

Not enough money / too expensive

47%

No immediate family to protect

18%

A belief that health insurance provides the same insurance cover

17%

Other assets that can be used in the event of death

16%

Consider life insurance unimportant

13%

Has not occurred to take out life insurance

12%

Currently healthy and expect to live a long life

11%

 

TAL Group CEO Jim Minto says the top reason is a major cause for concern because life insurance is not only affordable but provides vital support for a person’s main asset: their ability to earn an income.


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