It can’t happen to me, can it?
A survey conducted by insurance company Zurich has revealed that Australia’s ongoing underinsurance problem is largely attributable to the fact that most people don’t think anything bad can happen to them.
The survey of more than 500 financial advisers and their support staff found that nearly 50 per cent believed their clients were underinsured because they thought there was a low chance of something bad happening to them.
Of the financial advisers and paraplanners surveyed about underinsurance, 22 per cent thought it was because their clients did not know about personal insurance, while 19 per cent said it was because their clients thought it was too expensive.
It said that in sharp contrast to the “it’s not going to happen to me” mentality, more than 60 per cent of the advisers surveyed admitted they had a close friend or family member diagnosed with cancer in the last two years, with a total of 57 per cent saying they themselves had one or more of the cardiovascular risk factors.
AUTHOR
Mike Taylor
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