Lifewise is being coordinated by the Investment and Financial Services Association (IFSA) and is being funded by special contributions from IFSA’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
who they can talk to find out more.
To find out more go to Lifewise now.
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