The rising cost of living are giving Australians reasons to forego life and health insurance, according to Integrity Life.
The firm said increasing living costs was disproportionately driven by the costs of “the most important, life impacting areas such as health” with an increase of 200% since 2000. This was all while luxuries such as international travel, entertainment, and clothes became cheaper.
Integrity Life managing director, Chris Powell, said: “The latest CPI data shows Australians are facing higher health bills. But the overall rising cost of living means they are less likely to have the very products, such as life or health insurance, that can help pay those bills.
“The potential impact could really set people back, which is why we’re urging Australians to check whether they are adequately insured.”
Integrity Life noted that 45% of Australians believed they did not have life insurance in place to meet the costs of a disaster such as a funeral or medical care, or to support the cost of living.
Powell noted that Australians needed to check their life insurance cover inside superannuation given the changes last year.