Survey points to underinsurance dilemma
Australians are vastly less financially secure than many observers might believe, according to a survey conducted by a new finance industry portal.
The survey, conducted by ARTOG.com.au, found that almost half of all Australians were living hand to mouth, with 40 per cent of the 2,495 people polled revealing that their sudden death or incapacitation would almost certainly leave their family on the brink of financial disaster.
ARTOG general manager Kevin Sherman said the results were cause for serious concern, with out of control mortgage repayments, petrol prices and general living costs already putting many families close to living on the breadline.
“A sudden permanent change in family income would be devastating for many Australians both financially and otherwise,” he said.
Sherman said the survey results should sound alarm bells for Australians who are underinsured, and that it was extremely important they had adequate income protection and life insurance to make certain their family was not exposed to a financial crisis in the event of an unforeseen tragedy.
AUTHOR
Mike Taylor
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