The Rate Detective Blog - Dave Kaplan, CEO
Personal musings from the chief Rate Detective.
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To insure or not to insure
Thursday, May 27, 2010When compared with the rest of the developing world Australia continues to be one of the most underinsured nations, ranking as low as 16th.
According to both past and present data, Australians fail to take out adequate insurance to protect themselves and their family. Only 4% of the total population with dependent children has adequate levels of Life Insurance cover.
So why do the large majority of Australians acknowledge the importance of car insurance, yet less than 30% of us insure our most important asset - our capacity to work and thus support both ourselves and our loved ones?
Sadly, over 75% of Australians will be diagnosed with a serious illness in their working life. For the majority of Australians without adequate income protection this may result in the liquidation of savings and assets and financial hardship. Unfortunately, these consequences not only affect the individual, but also their families.
In summary, the decision to take out insurance may be considered a safeguard against potential financial and personal hardships and one that protects much more than the individual.
Happy Savings!
Dave Kaplan
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