Brokers have the ability to stop Australia from being one of the most under-insured countries in the world, Lifebroker managing director Chris Eade said.
According to Mr Eade, 70 per cent of Australians mistakenly believe the federal government is required by law to provide financial support in the event of premature death.
“Life insurance remains one of the most under-invested forms of insurance and mortgage brokers can form a vital link in addressing the problem,” Mr Eade said.
“The time that a client meets a mortgage broker is also the time that a client should consider life insurance.
“A mortgage is a huge undertaking and increases financial risks for a family by increasing their reliance on the family income. A mortgage is therefore a stage in life when life insurance should be considered.”
To help brokers address the under-insurance problem, Lifebroker has launched a new guide that is said to make life insurance more user friendly by making it relevant and accessible in a step-by-step format.
Mr Eade said he hopes brokers will make the free guide, available through the company, part of their client engagement process.
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