Despite the fact that we live in the best country in the world,Australiais one of the most underinsured of all developed nations.
But what does that mean?
According to research by IFSA in 2005, only 4% of the total population with dependant children have adequate levels of life insurance cover. Only 4%! What would happen to the other 96% should they face a tragic death, disability or major illness?
You could rely on your savings, the extra you’ve paid off your mortgage, help from your family or the government. Well the government have just announced the National Disability Insurance Scheme (NDIS). While I fully support the idea of greater funding and assistance for those with a disability – it is not enough. Personal disability insurance is still necessary to assist with things like living expenses, mortgage repayments and education costs. It’s also going to be 2018 by the time the NDIS is fully implemented. I wouldn’t like to be relying on it alone.