How to make more time
for enjoying life with your kids
Of Industry Super Fund members are under insured by $100,000 for life insurance37
Of Industry Super Fund members believe life insurance is a low priority given other financial commitments.74
Of Industry Super Fund members are underinsured by $100,000 for TPD83
Of Australians say they have insurance for their car, only 31% have income protection.
Lifewise is being coordinated by the Financial Services Council (FSC - formerly IFSA) and is being funded by special contributions from the FSC’s life insurance and reinsurance members..
Research conducted by IFSA in 2005 raised the profile of underinsurance, a problem the life insurance industry has been aware of for a while1.
Despite the fact that almost every working Australian has a level of life insurance cover within their super, Australia has proved to be one of the most underinsured nations in the developed world.
In fact, a 2007 Swiss Re research report found Australia ranks 16th in the world for life insurance density and penetration2. And a 2008 survey by the Australian Institute of Superannuation Trustees (AIST) and Industry Funds Forum (IFF) revealed that “one in two industry fund members were underinsured by $100,000 or more”3.
Lifewise is an initiative of the Australian life insurance industry aimed at addressing this issue.
Through Lifewise, Australians will be able to find out about:
the risks they face in everyday life;
the consequences of not protecting themselves financially from these risks;
how much life insurance cover they have;
how much cover they need; and
the who they can talk to find out more.
1‘A nation exposed: Investigating the Issue of Underinsurance in Australia’. Research conducted for IFSA by TNS, July 2005
2‘Insurance density and penetration in industrialised countries in 2007’ Swiss Re Economic Research & Consulting
3 AIST Media Release, Tuesday 3rd June 2008
Great News! The Lifewise campaign has been selected as a finalist for best use of social media in th…
Get inspired with our Life Insurance Calculator and find out how much you really need for the best cover.Read more
It's true what they say; Money can't buy love but you can get the best life insurance tips & advice here.Read more
Cute? Adorable? Irresistable? Take a look at the latest entries, vote on your favourites and submit your own to win!Read more
Life insurance may be one of the most important purchases you'll ever make. In the event of a tragedy, insurance helps.Read more