Research shows a dramatic difference between the number of Australians who rate the importance of life insurance and the number who have it.
And those without financial protection usually have the most to lose from setbacks such as an accident or illness. This includes retirees and those approaching retirement.
The research was commissioned by Australia’s largest life insurer TAL to help better understand consumer attitudes and behaviours.
More than three-quarters of those surveyed (79%) rate life-related insurance as important or very important.
This contrasts sharply with just 52% of people who say they actually hold some form of life insurance.