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Australian Underinsurance Issues

NATIONAL ISSUES Australian Underinsurance Lessons of 2011 Fires, floods, earthquakes, tsunamis, nuclear leaksalong with market-related issues mean that risk mana - gement must be part of the national agenda for families, businesses ,governments and regions. fires floods tsunamis earthquakes Risking Everyhting Research The focus of the Risking Everything research, recently conducted by CoreData on behalf of the AFA, was to investigate in a more detailed way how Australian consumers are addressing risk, in particular their life insurance and corporate super requirements. What Risking Everything clearly shows is that tampering with life insurance could mean consumers risk everything. Most Important Insurance for insured consumers for uninsured consumers Home and contents 45% Home and contents 43% Australians value their home & car more than their health and lives Comprehensive car insurance 42% Comprehensive car insurance 41% Medical insurance 35% Medical insurance 28% Life insurance 18% Life insurance 5% Important Facts & Figures Levels Of Underinsurance Underinsurance & Super 31% of insure their ability to earn an income with income protection Life insurance cover provided within super is only about 20% of what is require 4% of families with dependent children have adequate levels of insurance cover - this means Australian families are underinsured to the tune of $1.37 trillion The average insurance claim paid outside of super is $132,537, while the average claim paid from an employer default fund is only $70,000 62% of people with life insurance exclusively through super accepted the default amount of life cover (48% have life insurance exclusively through their super). Household Debt National average mortgage in Australia - $283,000 Monthly repayments on average mortgage - $2,062 48% of those with income protection insurance exclusively in super accepted the default amount of cover (34% have income insurance exclusively through their super). 4 Average credit card debt - $3,244 Full time earnings (seasn adjus.wages) - $64,594 With over 5.7 million households in Australia, the average amount of debt is $128,000 per household 1/3 of women will suffer cancer at some stage in their lifetime 1/4 of men will suffer cancer at some stage in their lifetime Over 235,000 working age people living as members of a couple with dependent children, suffered a serious injury or illness in the last 12 months 50 K have heart attacks every year produced by IncomeProtectionInsuranceAU.com.au * Data: CoreData www.coredata.com.au ** Source: www.afa.asn.au *** This information is general and doesn't take into account your objectives, financial situation or needs. NATIONAL ISSUES Australian Underinsurance Lessons of 2011 Fires, floods, earthquakes, tsunamis, nuclear leaksalong with market-related issues mean that risk mana - gement must be part of the national agenda for families, businesses ,governments and regions. fires floods tsunamis earthquakes Risking Everyhting Research The focus of the Risking Everything research, recently conducted by CoreData on behalf of the AFA, was to investigate in a more detailed way how Australian consumers are addressing risk, in particular their life insurance and corporate super requirements. What Risking Everything clearly shows is that tampering with life insurance could mean consumers risk everything. Most Important Insurance for insured consumers for uninsured consumers Home and contents 45% Home and contents 43% Australians value their home & car more than their health and lives Comprehensive car insurance 42% Comprehensive car insurance 41% Medical insurance 35% Medical insurance 28% Life insurance 18% Life insurance 5% Important Facts & Figures Levels Of Underinsurance Underinsurance & Super 31% of insure their ability to earn an income with income protection Life insurance cover provided within super is only about 20% of what is require 4% of families with dependent children have adequate levels of insurance cover - this means Australian families are underinsured to the tune of $1.37 trillion The average insurance claim paid outside of super is $132,537, while the average claim paid from an employer default fund is only $70,000 62% of people with life insurance exclusively through super accepted the default amount of life cover (48% have life insurance exclusively through their super). Household Debt National average mortgage in Australia - $283,000 Monthly repayments on average mortgage - $2,062 48% of those with income protection insurance exclusively in super accepted the default amount of cover (34% have income insurance exclusively through their super). 4 Average credit card debt - $3,244 Full time earnings (seasn adjus.wages) - $64,594 With over 5.7 million households in Australia, the average amount of debt is $128,000 per household 1/3 of women will suffer cancer at some stage in their lifetime 1/4 of men will suffer cancer at some stage in their lifetime Over 235,000 working age people living as members of a couple with dependent children, suffered a serious injury or illness in the last 12 months 50 K have heart attacks every year produced by IncomeProtectionInsuranceAU.com.au * Data: CoreData www.coredata.com.au ** Source: www.afa.asn.au *** This information is general and doesn't take into account your objectives, financial situation or needs.

Australian Underinsurance Issues

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Australian Underinsurance Issues - Australians value their home and car more than health and life

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