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ISCOVER
Staff Reporter
More than 50 per cent of Australians are unsure of their life insurance policy exclusions, according to new research.
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A survey conducted by LifeInsuranceFinder.com.au found that 52.8 per cent of respondents were not fully aware of their policy exclusions, “leaving them extremely vulnerable to nasty insurance traps that could leave their families in financial turmoil”.
The results show that only 22.7 per cent of Australians properly understand their life insurance policy in terms of the events and circumstances for which they are covered.
In addition, the survey revealed that 39.7 per cent of policy holders don’t know how much they are paying in premiums for life insurance.
Fred Schebesta, publisher of LifeInsuranceFinder.com.au, said that failing to understand the details of a life insurance policy can leave the holder wide open to some very costly traps.
“These traps may result in your loved ones being left to manage your financial obligations after you are gone,” Mr Schebesta said.
“If the idea of researching life insurance on your own seems overwhelming or confusing, ask for help from an experienced insurance broker. A life insurance expert can assist you in finding the right insurance solution to suit your needs and budget.”
