Recent research into the use of Life Insurance to help you in a time of serious illness has unearthed some concerning opinions. In a survey, completed by Tower Life, respondents where asked how they would cope from a financial perspective, should the unthinkable occur. In only 14% of cases people cited life insurance as their safety net.

This compares with 40% who stated they would rely on assistance from the Australian Government, 36% who would rely on Health Cover and 30% who would rely on there own personal savings.

When you consider the coverage that would actually be provided, it is very apparent that reliance on government assistance or Health Insurance would only provide temporary relief. Both options will only repay the actual expenses paid out by the individual and will not provide any ongoing support to the individual.

Could your family survive if something was to happen to you or your partner?

It is vital that you consider your own personal circumstances and consider if you own family could survive in the event of a serious illness. You would need to consider any outstanding debts such as a Mortgage or Business Loan, what income your family will need ongoing into the future as well as many other factors.

If you would like to obtain any advice or further information regarding your Life Insurance needs contact PIG for an appointment.