How a lack of life insurance costs everyone
10.06.2016 09:09


It's easy to look at people who receive some sort of financial aid from the government as leeches looking for a free ride, but that is simply not the case. People fall into financial troubles for a variety of reasons, but the failure to have an adequate level of life insurance is something that most folks simply don't think about. We are all very aware that we have a limited time here on Earth, yet far too many procrastinate when it comes to making sure that their families are looked after when that time is over. According to a recent article published by Money Management, that is a trend that thankfully looks to be changing.

The article specifically compared the level of life insurance that Gen Y Australians (aged 25 to 34) have in comparison to the Baby Boomer crowd (aged 50-65), and the numbers are very telling indeed.

* 43% of the Gen Y group had some form of online life insurance cover, with dread disease cover, disability insurance, and income cover, among others, included in those numbers.
* Only 31% of Baby Boomers could say that they had the same level of coverage, which is a little alarming when you consider that they are at an age now where it can be considered that they are entering the twilight phase of their lives.

There are a couple of different ways to look at how these numbers can be so disparate, with technology actually entering into the equation as one of them. The easiest answer for the numbers difference is that we live in a different time now, with employers not always offering the same benefits as before. It's a sign of the rough global economy, but individuals are now forced to seek out insurance when it was once pretty much taken care of for them to some degree.

It also helps that life insurance is now much easier to come by, with comparison of policies and premiums able to be done online in a matter of minutes. To say that the Gen Y crowd is more informed is a little disingenuous, but it is fair to say that access to the information is now easier than ever before. The reality is that none of us have any idea how much time we have, or even how healthy we will be during that time. Adding an insurance safety net is one way that our futures, and that of our families, can be protected moving forward.


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