, Australia
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4 in 5 life insurance owners felt 'financially secure’

Four in 10 believed that financial concerns affect one’s mental health.

A research conducted by MetLife Australia revealed that 82%, or four out of five people, believed that owning adequate life insurance is “an important part of being financially secure” and that they felt more confident as a result.

Their Value of Life Insurance Report also stated that four out of ten people believe financial concerns can trigger mental health illnesses, as being financially secured can affect one’s mental well-being. 

“Experiencing a mental illness can add to financial stress, and financial stress can add to a mental illness, causing a self-perpetuating cycle that requires practical strategies to overcome,” the report said.

READ MORE: APRA plans to remake four life insurance prudential standards

MetLife also said that one out of five people increased their life insurance coverage after seeing a financial adviser, whilst around a third of people who own life insurance want to increase their levels of coverage. 

Some people were “more likely to keep or buy life insurance because of their pandemic experience.”

However, the report said that one out of three people were unsure if their life insurance would cover their vaccinations, whilst six out of ten were unaware that insurance covers them for any serious side effects of approved vaccines.

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