Life Insurance Awareness Month – Creating Awareness

life-insurance-awareness-month-photo1 The Life Insurance Awareness Month is held every September. It is organized by a non-profit organization called Life happens. Their chief objective is to help consumers understand the importance of being insured because life indeed does happen. They also create awareness on how individuals and organizations can make smart decision when it comes to insurance.

This Australian movement was created to deal with the severe issue of under-insurance in the country. They have teamed up with other insurance agencies since September 2012. Australian digital parents have also joined this bandwagon, all in a bid to make the project a success and create much needed awareness.

The need for Life Insurance Awareness Month

A joint survey that was conducted by AIST indicates that a size able number of Australians are not sufficiently insured. The statistics reveal that 1 in every 2 superfund members do not have sufficient insurance. The death cover under-insured figure is 100,000 dollars, which is above 50 percent. When it comes to total and permanent disability cover, at least 74 percent of the members are under-insured by about 100,000 dollars. For income protection, the figure for people under-insured by 1000 dollars is 45 percent. The only exception to this trend was those under 32 and without dependents. These were sufficiently insured and some are even over-insured.

Other shocking trends indicate that 3 in every four Australians are diagnosed with a critical illness in their working life. The major issue is that majority of these people rely on savings, government welfare or selling off their assets to cater for the associated costs. Many of these leave their families in debt when they die. Most families have to make major life adjustments when their breadwinner passes away. Children are forced to change schools and some have to move to smaller and cheaper homes. Visit us to learn more ideas about life insurance.

The objectives of the insurance awareness month

In light of this worrying trends and shocking statistics, the awareness month event is held to remind people about the risks they face in everyday life and how these risks can have a major impact on them and their families. Individuals are also taught about the grave consequences of failing to have a life cover and the difference it makes. They are also educated on what constitutes sufficient insurance and how much they need depending on their lifestyle and obligations. The features of polices are also explained so that consumers are aware of what to look for.

The life insurance awareness month also helps to dispel certain myths that people have about life insurance. The most common one is that life insurance is reserved for older people. In fact, the best time for one to get a life cover is when he or she is young. There is a great need for the public to participate in the awareness month event. There is so much to learn when it comes to life insurance as newer and better products keep hitting the market.

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