Brokers see opportunity in insurance

inTouch Finance chief executive officer and founder Paul Ryan said Australians are now one of the most underinsured nations in the world, a disturbing statistic that brokers should be working with borrowers to reverse.

“I know it is not an easy subject to deal with but we need to do more to help Australians, especially parents, understand the benefits of life insurance” Mr Ryan said.

Australia is ranked 16th in the developed world for life insurance density and penetration.

“That’s incredibly low when you consider that every year, one in three men and one in four women, will suffer from cancer in the first 75 years of their life. Statistics from Lifewise also reveal that only 4 per cent of Australians with dependent children are adequately insured,” he said.

“Having an adequate life insurance policy in place provides you with the comfort that your family and children will be looked after.

“Everyone has a story. We all know of someone who is dealing with troubled times and one of our first questions is have you got your financials in order. It is so comforting to hear a positive response and heart breaking when it isn’t.

“We need to continue to raise the awareness as we want the best for our family when we are living so it only makes sense that we want the same after we have gone.”