In a survey conducted by the life insurer of 1,266 Australians aged 18 to 69, TAL found that 79 per cent rate life-related insurance as important or very important.
However of those surveyed, TAL found that only 52 per cent actually hold some form of life insurance.
TAL chief executive Jim Minto said the results show that most people rate financial protection as important but only half of the population actually have some form of protection in place.
“On the one hand it is encouraging people recognise the vital role of life insurance.
“But the relatively low protection levels reflects just how much work is to be done educating the community about the need to protect themselves and their families,” Mr Minto said.
Mr Minto also said people should not fall “into the trap” of thinking because they have one form of insurance that they don’t require any other type of cover.
“Eight out of ten people with at least one type of life insurance also have a much higher appreciation of the importance of the other types of cover, even though they do not hold those types of protection.
“Overall, however, it is hard to reconcile that most people understand how important it is to protect their lifestyles and their families’ financial wellbeing, but at the same time are not taking the action they need to do so.
“We just need to overcome this gap through more education and information,” he said
