Insurance myths
By world standards, Australians are, on the whole, financially sophisticated. Between us we have almost one trillion dollars invested in superannuation and one of the highest rates of share ownership in the world. However, many Australians don’t have enough insurance and in most cases are underinsured.
One of the main reasons for this is the number of myths surrounding insurance. The facts can be very different from what many people believe.
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She’ll be right
People generally don’t like to dwell on the unpleasant things in life but the “she’ll be right approach” can lead to some significant problems.
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Insurance never pays
The insurance industry pays a large amount of claims every year.
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It’s too expensive and too complicated
Insurance can be surprisingly affordable and straight-forward.
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Savings, Medicare, health insurance, investments will protect me
Many people often underestimate the cost of events.
Did you know?
Insurance is considered by many financial experts to be a fundamental part of any sound financial plan. Insuring yourself properly adequately will mean you can cope financially if the unexpected happens to you.
Taking out insurance through super can be cheaper and tax-effective.
