Downturn forces insurance rethink
The economic downturn has prompted a rethink among many Australians about the adequacy of their life insurance cover, according to a report by Axa Asia-Pacific.
Its 2009 Protection Report has found just 15% of respondents feel they are “very well insured”, compared to 33% two years ago.
A further 7% of 700 respondents polled have added to their life cover since the end of 2007, while 37% of respondents say they are worried about their job security. Just 15% feared for their jobs two years ago.
Some 13% of respondents are concerned about the adequacy of their existing cover but admit they are yet to take action, while 45% of respondents claim they don’t need any additional insurance.
“It’s encouraging to see the shift in attitude,” Axa GM Financial Protection Michael Rogers said. “This is a positive step forward but we still have a long way to go.”
Its 2009 Protection Report has found just 15% of respondents feel they are “very well insured”, compared to 33% two years ago.
A further 7% of 700 respondents polled have added to their life cover since the end of 2007, while 37% of respondents say they are worried about their job security. Just 15% feared for their jobs two years ago.
Some 13% of respondents are concerned about the adequacy of their existing cover but admit they are yet to take action, while 45% of respondents claim they don’t need any additional insurance.
“It’s encouraging to see the shift in attitude,” Axa GM Financial Protection Michael Rogers said. “This is a positive step forward but we still have a long way to go.”