About LifeWise

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