Love, Legacy, and Life Insurance: Ensuring Financial Stability for Generations

Life is full of unexpected twists and turns, and while we can’t always predict what’s ahead, we can take steps to protect the people and things that matter most. At JBS Financial, we believe financial security is about more than just growing wealth—it’s about ensuring your loved ones are looked after, no matter what happens.

With more Australians having children later in life, carrying significant debt into their 50s and 60s, and navigating the rising cost of living, life insurance is more important than ever. Yet, many Australians remain underinsured, leaving themselves and their families financially vulnerable in times of crisis.

The Underinsurance Problem in Australia

Despite recognising the value of life insurance, many Australians still do not have adequate cover. Research shows:

Australians are underinsured by an estimated 60-80%, meaning their coverage is significantly below what they would need to maintain financial stability if the unexpected happened.
3.4 million Australians over the age of 35 lack adequate income protection, putting them at risk of financial hardship if they were unable to work.
1 million Australians are underinsured for death and total permanent disability (TPD) cover, leaving families financially exposed in the event of a tragedy.
In 2022, life insurers paid out $11.2 billion in claims to 85,000 Australians, covering areas such as death, TPD, income protection, and trauma. Despite these payouts, the underinsurance gap suggests that many Australians remain financially vulnerable.
Rising living costs have led nearly a quarter of Australians to consider cancelling their life insurance policies, highlighting the financial strain many are under.

The Impact of Underinsurance

The consequences of underinsurance can be severe—not just for individuals, but for their families and the broader community. Without adequate cover, families often face:

Financial stress: Many people assume that government support or superannuation benefits will be enough, but these often fall short of covering ongoing living costs.
Forced lifestyle changes: Without the right insurance, families may need to sell their homes, dip into savings, or rely on family and friends for support.
Increased debt burdens: Medical expenses, rehabilitation costs, or loss of income can create long-term financial hardship, making it harder to recover financially.
Emotional and psychological strain: The added pressure of financial insecurity during an already challenging time can take a toll on mental and emotional wellbeing.

Why Life Insurance is Essential

Life insurance isn’t just for those with mortgages or dependents—it’s about ensuring that if something happens to you, your financial obligations don’t become a burden on your family. A well-structured life insurance policy can help:

✔ Cover day-to-day living expenses and ongoing financial commitments.
✔ Pay off mortgages, loans, and debts.
✔ Provide income protection in case of illness or injury.
✔ Cover medical expenses and rehabilitation costs.
✔ Ensure your family’s financial future remains secure.

Addressing the Underinsurance Gap

Many Australians don’t realise they are underinsured until it’s too late. The best way to ensure you have the right level of cover is to review your insurance regularly, especially when your circumstances change—such as buying a home, getting married, starting a family, or planning for retirement.

At JBS Financial, we take a tailored approach to life insurance, ensuring that your coverage is aligned with your financial goals, lifestyle, and family needs. Whether it’s life insurance, income protection, total and permanent disability (TPD) cover, or trauma insurance, we help you find the right balance to safeguard your financial future.

Protecting What Matters Most

Life insurance isn’t about planning for the worst—it’s about ensuring that you and your loved ones can continue living life on your terms, no matter what happens. With the right financial plan in place, you can focus on what truly matters—building memories, chasing dreams, and living with confidence.

At JBS Financial, we’re here to help you protect the life (and people) you love. If you’re unsure whether your current coverage is enough, let’s have a conversation. Together, we’ll build a strategy that ensures your financial future is secure, protected, and aligned with the life you want to live.

Let’s talk today. Contact our team here.

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