Lifewise is coordinated by the Financial Services Association (FSA) and is funded by special contributions from FSA’s life insurance and reinsurance members.
Research conducted by FSA in 2005 raised the profile of underinsurance, a problem the life insurance industry has been aware of for a while.1
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 penetration.2 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 are able to find out about:
1 A nation exposed: Investigating the Issue of Underinsurance in Australia’. Research conducted for FSA 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
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The insurance is issued by Allianz Australia Life Insurance Limited ABN 27 076 033 782, AFSL 296559. The information contained on this website is general information only. It does not take into account your individual objectives or financial situation. You should therefore consider the appropriateness of the insurance having regard to your objectives, financial situation and needs. Prior to making any decision you should read the Allianz Life Plan Product Disclosure Statement and Policy Document (PDS). You should seek advice from your financial adviser before deciding on appropriate insurance cover.