Life insurance appetite on the mend

TAL’s Australian Financial Protection Index indicates there has been a “big jump” in the protection levels of Australians in the past 12 months, from 24.2 out of 100 last year to 33.5 out of 100 this year.

“While underinsurance is still a big problem in Australia, the TAL Australian Financial Protection Index scores have increased in their second year indicating progress is being made to improve financial protection and close the nation’s big underinsurance gap,” said TAL chief customer service and operations officer Penny Coates.

“Why has the index score gone up nationally and across all the demographic groups? I think awareness has been improving, consumers are being more active, and in particular younger generations are taking matters into their own hands empowered by the digital world,” Ms Coates added.

Generation X (aged 35 to 49), high income earners, parents with children at home, those with mortgages and those that self-identify as “risk takers” scored the highest results in the index.