The value of insurance

What kind of worries keep you awake at night? Research shows most Australians are probably lying in bed awake at night worrying about similar things AND that many of these stresses could be alleviated by seeing a Financial Adviser!

A research report by insurance provider Asteron Life “Cash vs Love” has listed these fears as the Top 5 things keeping us awake at night:

  1. Losing your job
  2. Not being financially secure
  3. Getting a life threatening illness
  4. Stress from work overload
  5. Not being able to pay the bills

Yet Asteron Life’s Jordan Hawke said 4 out of 5 of those worries could be addressed and alleviated with financial advice or income protection insurance.

How much sleep have you been losing over these things?

“It’s not worth Australians lying in bed awake at night worrying whether their family could survive financially if they got a life threatening illness or were unable to work due to an accident when these can be protected with financial advice and insurance,” Jordan said.

“Financial advice and insurance makes a real difference to people’s lives and this research demonstrates how important advice and insurance are to enabling people to live with confidence.”

So many Australians are suffering under the weight of these worries, yet a second research report into consumer confidence by MLC has revealed only 10 per cent of us have a plan for retirement that takes into account financial setbacks such as unemployment or ill health.

The MLC Quarterly Australian Wealth Sentiment Survey asked consumers about the degree to which they had considered the impact of a major financial setback on their retirement plans.

Over 70 per cent said they had given the issue low or very low consideration.

The top two barriers to sufficient retirement savings, identified by respondents, were unemployment and major health issues.

Divorce and financial responsibility for elderly parents were ranked as the least significant barriers.