Commenting on the fact that most surviving partners and children had less than one week’s warning of the death of a parent, many in the life insurance industry have said that this statistic highlights the remarkable reality that two in three families had little time to plan should one partner pass away unexpectedly.
Other key findings from the report highlight the financial and emotional impact, particularly on children, if a parent dies without having made adequate provisions:
Of the children who had to change schools due to financial pressure:
**69% suffered from diagnosed clinical depression
**75% suffered from depression, anxiety or panic attacks
**78% said their academic performance suffered
Of the children who had to move house due to financial pressure:
**73% said their family was unable to support them as much as they would have if a parent hadn’t passed away
**64% said their academic performance suffered
**64% saw their involvement in school activities decline
78% of those who did not have insurance agreed that in hindsight, it would have helped if their parent/partner had had life insurance.
As highlighted by Life Insurance Plus, the report provides decision makers across the insurance industry, government and community groups, access to new research to better engage with and inform Australian parents.
Reduce the risks of financial devastation in the event of an unforeseen accident and get the peace of mind you need now by submitting a free, no-obligation life insurance quote request with Life Insurance Plus today.