Insurance Numbers Crunch

The following article was published in the July 2011 issue of Asgard Wealth Solutions AXIS magazine - "While many Australians are focused on growing their wealth, there is much less attention given to protecting the wealth they have worked so hard to accumulate. Let's look at some of the numbers.
4%	the total Australian population with dependent children who have adequate levels of life insurance cover.
60%	families and dependent children who do not have enough insurance to cover household expenses for a year if the family breadwinner were unable to work(1).
81%	people think life insurance is too expensive, yet 61% over-estimate the cost(2).
31%	people insure their ability to earn an income with income protection insurance(3).. Yet 83% insure their car(4).
Insurance needs change throughout one's life. It's worth talking to your financial adviser about your current insurance and whether you are adequately covered." (1) IFSA/ TNS Protection Gap research 2005 (2) ING Australia's Attitudes Towards Life Insurance, December 2008 (3) TNS/ IFSA Investigating Income Protection Insurance in Australia July 2006 (4) AAMI Fact Sheet, Shopping for Car Insurance, September 2008