Life-changing events such as having children are a leading cause for Australians to consider life insurance and income protection, new research has found.
A survey conducted by Asteron Life – compiled from a survey of 1,500 Australians – attempted to identify the key triggers prompting people to consider insurance.
Asteron found 51 per cent of respondents said having children triggered their life insurance purchase.
This was compared with 39 per cent who said getting older prompted the purchase of life insurance.
Taking up a mortgage, however, was the key reason for purchasing income protection insurance for 46 per cent of respondents.
Commenting on the findings, Asteron executive manager Mark Vilo said that since the average age for Australians to have children is 31 and to buy a first home 34, many of Generation Y are on the cusp of experiencing some life-changing events.
“With only 20 per cent of Generation Y seeking regular financial advice, they’re missing an opportunity to take greater control of their financial futures,” he said.
“A little bit of planning can go a long way – and ensure life-changing experiences can be fully enjoyed without financial stress.”
Meanwhile, lifestyle coach Tena Roberts said that a mid-year financial health check could be a great opportunity to review clients’ financial situation.
“Getting some financial advice specific to your lifestyle and values can go a long way in giving you a greater sense of control and freedom,” she said.
“It may give you greater confidence to pursue the things you really want, like a family, home ownership or starting your own business.”