IFSA heads underinsurance battle
The Investment and Financial Services Association (IFSA) has announced a campaign to tackle Australia’s life underinsurance epidemic.
Twenty insurance company members will fund a consumer brand to be launched later this year. The brand will form the centrepiece of a campaign designed to raise awareness of the problem of life underinsurance.
IFSA CEO Richard Gilbert says life insurance is not about assessing a person’s likelihood of dying but about protecting assets, income and managing expenses.
“It’s remarkable that 84% of people insure their car while just 31% insure their most important asset – their ability to earn an income,” he said.
“The campaign will encourage people to see personal insurance as a part of everyday life… and empower people to gain a sense of clarity, control and relief about their financial security.”
He says underinsurance is a key challenge for the financial services industry.
Twenty insurance company members will fund a consumer brand to be launched later this year. The brand will form the centrepiece of a campaign designed to raise awareness of the problem of life underinsurance.
IFSA CEO Richard Gilbert says life insurance is not about assessing a person’s likelihood of dying but about protecting assets, income and managing expenses.
“It’s remarkable that 84% of people insure their car while just 31% insure their most important asset – their ability to earn an income,” he said.
“The campaign will encourage people to see personal insurance as a part of everyday life… and empower people to gain a sense of clarity, control and relief about their financial security.”
He says underinsurance is a key challenge for the financial services industry.