Underinsured Australians Impacted Due to a Significant Illness or Injury
Media Release: Thursday, 26 February 2020
The latest findings from NobleOak’s annual Life Insurance industry survey shows that many Australians are financially underprepared for being unable to work due to a significant illness or injury. The majority (65%) would rely on their savings, with 26% saying they’d sell assets such as investment properties and 16% saying they’d be forced to sell the family home.
52% said they would use private health cover or Medicare, but this would only contribute towards covering the costs of medical treatment and wouldn’t help them with their day-to-day expenses they would need to cover without an income.
NobleOak’s CEO, Anthony R Brown said:
These figures show that many consumers are vulnerable and unprepared if they were to suffer a major illness or accident. It’s something we all hope won’t happen to us, but if it does not only do you face the trauma of such an event, but that gets compounded if you’re forced to deplete your life savings or even downsize the family home.
Positively in the survey we saw 42% say they would be able to claim on their life insurance which is something that can clearly provide some peace of mind for people in what would be a very challenging period.