Australians’ Confidence about Personal Insurance

Abstract

There is a growing personal responsibility for individuals to ensure their financial security, which can include the ability to cope with the uncertainty that can arise. Insurance can play an important role in allowing people to manage this uncertainty, including personal insurance such as life insurance, total and permanent disability, income protection, and trauma cover. Our understanding of personal insurance is particularly limited. This article reports a study into Australians’ confidence as it relates to personal insurance, and whether they consider their coverage is adequate. This understanding is important as confidence could influence the decision to purchase insurance.