Chapter 8: Risk management and insurance in your fund
I detest Life Insurance agents; they always argue that I shall some day die, which is not so.
Stephen Leacock, Canadian humourist
Australians are heavily under-insured when it comes to personal insurance. According to the Financial Services Council, just 20 per cent of Australians purchase life insurance, and of those who are insured, a large proportion don’t have enough insurance to meet their financial obligations in the event of an accident or illness. If you don’t have personal insurance then you are a member of one of two possible groups:
• those families who are self-insured, meaning they have enough money to meet their financial commitments, such as paying off a mortgage, in the ...