Following on from our post 9 September, where we looked at some statistics around Aussies trusting their insurance needs to their superfunds.
We felt it necessary to highlight a number of other issues to have come out of the Insurance Literary Report.
Key findings include:
• Many Australians (17 per cent) do not know if they have trauma cover.
• Almost 40 per cent did not know that being diagnosed with a terminal illness is a trigger for a life insurance payout.
• Less than 10 per cent said they ‘went with their gut feeling’ when choosing how much cover to purchase.
• Over 40 per cent said they weren’t sure if they could buy travel insurance through their superannuation, with 8 per cent believing they could buy this type of insurance through their super.
• Nearly 57 per cent didn’t know if term life insurance purchased via their superannuation fund was tax deductible, or if term life insurance bought outside of superannuation is tax deductible.
Point 2 was very interesting. Please contact us should you wish to discuss any of the findings highlighted.