Australia: Aussie Smokers Would Rather Have Cigarettes than Life Insurance Policy, Survey Reveals

Source from:  Perth (WA) Sunday Times (au)  05/07/2013

HOW much value do you put on your life? More than a week of takeaway coffee? More than a few packets of cigarettes? 
 
You'd be surprised at how little people value their life - or more specifically what they would leave behind for their loved ones if they kicked the bucket.

A survey of 1000 people by LifeInsuranceFinder found just 11 per cent of Aussies would give up the weekly cost of cigarettes to pay for a life insurance policy, while only 16 per cent would sacrifice their weekly spend on coffee and 18 per cent takeaway food.

Aussies are underinsured, but giving up little luxuries is not necessary to protect your family financially if the worst happens.

All you need to do is have a look at what your super fund offers and increase your life insurance within that. By doing this, your monthly premiums are paid for by your employer's 9 per cent contributions to super, meaning nothing disappears from your hip pocket.
 
Having enough cover is a key issue in life insurance, because most people underestimate how much their partner and family would need if they were not there. When working it out, think about paying off the mortgage and all other debts, providing a lump sum to pay for your children's education, and another lump sum to maintain your family's lifestyle by funding a full-time cleaner/carer or an income if the surviving parent stays at home.

So the next time you're sipping a coffee, munching on a burger or puffing a cigarette, take some time to check your life insurance options in super.

It won't cost you a cent, and the insurance might not cost your household budget a cent either. Enditem