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New Year the time to renew life insurance

Australians are being urged by Lifewise, the risk insurance education campaign, to make a financial New Year’s resolution to review their personal insurances, including life, income protection and trauma insurance.

Recently released industry claims figures show that Australians continue to be underinsured. Australian families received an average life insurance payout of $91,000 in 2008 following the death of a partner, compared with average household debts of $167,000 for families with young children. Average payouts for total and permanent disablement during 2008 tell a similar story with nearly $71,000 paid out on average to Australians who are disabled and unable to work again.

According to John  O’Shaughnessy, deputy executive for IFSA, most Australians insure their car and home and contents but fail to insure their life or their income.

“The start of a new year is an ideal time for Australians to review their personal finances for 2010, including their insurance for premature death or an extended period of illness or injury where they can’t work,” he said.

For more information about Lifewise, please visit www.lifewise.org.au