Personal insurance – are you covered?
Under insurance is a significant concern for Australian households and can lead to financial hardship for individuals and their families.
The median life insurance cover is generally only twice the median household income. However, those with young families may need up to eight times their family income to continue their present lifestyle if one parent were to die. Similarly, total and permanent disability (TPD) cover is generally only three times the median household income when four times is ideal.
Personal insurance is a must for most people, but it will be of limited use if you don’t have adequate cover. By regularly reviewing your cover, you can better prepare for the unexpected and protect yourself and your loved ones. We’re here to help if you need a hand.