Three major myths about insurance

Everyone wants to take care of their family – not just for now, but long into the future – and taking out insurance can be a great way to protect your loved ones. Unfortunately though, there are certain myths that cause people to put it off.

Myth – “I’m already covered by my super”

Reality – Many Australians presume that their super fund will provide their family with the financial support they need should anything happen. However, that’s not usually the case.

In fact 95 per cent of Australians do not have enough life insurance* cover and would actually receive a lot less than their family might need. Fortunately, taking out the right life insurance will help ensure your loved ones are provided for, whatever the future holds.

Myth – “A simple funeral doesn’t cost much”

Reality – No one wants to think about their funeral. Most people think that by the time it happens, they’ll have enough money saved to pay for it anyway.

The truth is though, even a very basic funeral can cost $6000^ and many Australian families can’t raise that kind of money in a hurry. That’s why funeral insurance could be a much-welcome helping hand when your family needs it.

Myth – “It won’t happen to me”

Reality – If you’re busy earning a living, it’s easy to put off protecting your income. But being off work due to an unexpected injury or illness can have a big financial impact and it can happen to anyone.

Two thirds of Australians will be off work for more than a month with serious injury or illnesso, so taking out income protection is a great way to keep the money coming in.

There are lots of ways to ensure you and your family is protected for the future. To find out more about Insuranceline’s life, income protection and funeral insurance, visit InsuranceLine.com.au

*Lifewise/NATSEM 2010
^ Paying for your funeral – moneysmart.gov.au
o 2002 Report of the Disability Committee, IAA 

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