Australia: One of the Most Uninsured Countries in the Developing World
It is shocking that a developed country like Australia lacks the appropriate life insurance for their families. A report reveals that 95 percent of Australian families do not have the correct coverage that one’s family would need. In the most unfortunate cases, it appears that the average Australian family will lose at least half of their annual income after one of the people in their household falls ill, is injured or dies, all due to not having the adequate insurance policy.
Lifting Financial Burdens Off of Australian Families
There is no doubt how much life insurance can relieve the enormous financial burden that rests on many families when a family member passes away. Some reports have even mentioned that at least one in five families will be affected by the incapacity of a parent whether in death, illness or permanent disability during his or her working lifetime. When one passes away, a large amount of the family’s household income is lost. Without the proper insurance or without insurance at all, your family will be in that same position. There are now many reputable insurers offering all kinds of advice and assistance when it comes to selecting the right level of cover to meet your family’s needs.
Life Insurance and Illness or Trauma
Death is not the only instance that can leave a family devastated. Upon news of a life threatening medical condition such as cancer, your family will still lose the income since this person will be unable to lead their normal life and bring in the same income, if one at all. Not to mention, you will have astronomical medical bills to pay. However, if the correct preparations are made in the family life insurance policy, these illnesses or traumas will most likely be covered (depending on the policy). Trauma insurance was introduced into Australia in 1986 for exactly this purpose; to protect Australian families from the effects of a serious illness or injury to a person in their household.
If you find yourself in a situation where you may not have the right coverage or no insurance at all, go online and start researching now! There are plenty of reputable life insurance providers that you can consult for advice and guidance. For the protection of your family, the right life insurance policy is absolutely essential. It is often recommended that your life insurance policy covers, at a minimum, half of your family’s current debt and 7 times the insured person’s disposable income. With a suitable life insurance policy in place, you can rest assured that your family will be well taken care of at all times.
Medibank Private is Australia’s largest private health insurer and now offers flexible life insurance that can be tailored to your needs.
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