Five out of six Australians are not adequately protecting their income in the case of illness or injury, according to a national survey conducted by Comminsure.

Of those surveyed, nearly a third would rely on savings, and one in five would rely on government assistance, if they lost their income for three months. The survey also found that 57 per cent of respondents had debts other than their mortgage and 49 per cent were the only income earners in their household. Simon Swanson, Comminsure managing director, said many Australians did not realise the value and importance of income protection insurance. “The level of awareness of income protection insurance is relatively high, but Australians are not taking it up as a way of protecting their lifestyle,” Swanson said. “Of concern to us is that nearly half of the respondents said that affordability was the main reason they did not have the protection, but many Australians don’t realise that it’s possible to protect your income from as little as $2 a day.” The survey also found that less than 75 per cent of respondents did not have a financial planner. Around 15 per cent said that the main reason why they did not have cover was because they didn’t know enough about it.

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