The MetLife Adviser-Client Relationship Report 2018 found that of consumers with life insurance who are married or in a de facto relationship, 73 per cent have more than one income earner in the household. Of this group, 58 per cent state that they wouldn’t be able to maintain their existing lifestyle for any longer than two years should the secondary income earner be unable to work.
The research found that a significant number of these secondary breadwinners are working casual or part-time. Of these workers, 48 per cent of women and 25 per cent of men are the parents of dependents. MetLife Australia said this group holds lower levels of insurance in all categories when compared to their full-time counterparts.
Specifically, it found that death cover is held by 70 per cent of casual and part-time workers compared to 81 per cent of the overall group, total and permanent disablement (TPD) cover is held by 51 per cent compared to 60 per cent, and income protection is held by 48 per cent compared to 58 per cent.
But the largest difference is seen in trauma cover, with only four per cent of casual and part-time workers covered compared to 35 per cent of the overall group.
The report examined consumer and small to medium enterprise (SME) attitudes to purchasing life insurance through a financial adviser, surveying 1,191 people in total.
This is an extract from the full article that can be found here.
