A life insurance company said risk advice is crucial after research revealed that Australians would rather avoid the topic around how they would manage their finances in the event of death or disability.
A poll by Integrity Life found the top three taboo topics for Australians were sharing opinions about their partner’s friends, voicing opinions about relatives and discussing what would happen financially if one of them were to die.
Integrity Life managing director Chris Powell said discussing what would happen to your loved ones should you or your partner die is one topic that’s repeatedly seen as too hard to approach yet is arguably more important.
“Financial planning for the unthinkable is vital for ensuring the future protection of your dependents, and this is why I am passionate about starting a conversation on the topic,” Mr Powell said.
Of Australians aged between 25 and 34 years, conversations about money and death were the number one taboo: 46 per cent said that this topic was a no-go area. This age group also rated sharing views on their partner’s friends (43 per cent) and in-laws (40 per cent) as more uncomfortable than other age groups.
The research found that across a wide range of taboos, older people were significantly more likely to discuss topics considered off-limits for their younger counterparts. Just 14 per cent of over 65s felt that they couldn’t talk about sensitive medical issues with their partners, compared with 37 per cent of under 25s.
Over 65s were also least uncomfortable with taboos around money after death, with 23 per cent reporting they wouldn’t discuss this topic with their partner.
“This no-holds barred bravery amongst older Australians should encourage younger people so they too can tackle these uneasy subjects with their partners. This can be as simple as setting an appointment with a professional risk adviser, and discussing your financial commitments now, then working out the type of cover you need for your life stage,” Mr Powell said.
“The good news is Integrity has been built from the ground up to make taking action more straightforward and transparent for advisers and ultimately their clients.”
FASEA has released the results of its April exam session, revealing a drop in pa...
A class action brought against IOOF in the Supreme Court has been discontinued, ...
The government has delayed legislation to introduce a retirement income covenant...