Press Release - Underinsurance threatening the lifestyles of most working Australians

While most people go to great efforts to insure their home, contents and cars, very few protect their families and lifestyles through life and income protection insurance.

A 2004 Newspoll study reveals that 31% of Australian adults aged 18-59 are without life insurance.

According to a 2003 Research International study less than 10% of the working population has income protection insurance.

One in two men and one in three women will be diagnosed with cancer by the age of 85. Cancer is the leading cause of death in Australia with 30,000 cases being diagnosed each year. (www.cancer.org.au)

1.4 million Australians are prevented from living a full life due to cardiovascular disease and one Australian is killed by the disease every 10 minutes (www.heartfoundation.org.au).

Statistics like these that make it seem incredulous that so few Australians have taken steps to protect their families and their own lifestyles against serious illness, injury or death.

David Kaplan, Co-Founder of Rate Detective, illustrates the point, "If you're struck ill and all of a sudden can't work for three months, how are the household bills, mortgage, school fees, etc. going to be paid? Serious illness or injury, let alone the death of a family member, can have a devastating impact on families, both emotionally and financially."

"It's a concern that so many Australians have not accounted for this issue and we understand that in many cases this is because they don't understand how personal insurances work. Hopefully our website can help demystify the process and demonstrate that the costs involved are not prohibitive, that in fact not having life and income protection insurance is a huge risk."

Live estimates from a select panel of 15 insurance companies are currently available at Rate Detective's Insurance section. Enquiries will be answered within 24 hours.

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Published on August 8-th, 2008 in Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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