The Investment and Financial Services Association (IFSA) says it has groundbreaking new data showing that Australian families face a massive financial and lifestyle hit due to underinsurance.

The data from University of Canberra researchers will be revealed at the association’s life insurance conference on March 2 in Sydney when IFSA CEO John Brogden presents the study findings.

IFSA declined to give insuranceNEWS.com.au a preview of the results, but in pre-event publicity it says the research quantifies the financial impact on a typical middle-income Australian family after the death, illness or disablement of a parent, and the broader cost to the Australian economy.