Question 1

How many Australians have income protection?

Accepted Answer

Only 29% of working Australians have income protection cover — down from 32% in 2020 following APRA reforms that made policies more expensive. Mental health claims now make up 29% of all income protection claims.

Question 2

What does life insurance cost by age?

Accepted Answer

Life insurance premiums increase significantly with age. The average annual premium is $380 at age 30, $680 at age 40 and $1,640 at age 50 for standard life cover of around $400,000.

Question 3

How has personal insurance coverage changed?

Accepted Answer

Personal insurance coverage has been declining — only 54% of working Australians now have any form of cover (life, TPD, income protection or trauma). The underinsurance gap is estimated at $2.4 trillion.

How Many Australians Have Personal Insurance Cover?

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