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Who are Australia’s risk takers when it comes to insurance?

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Purchasing insurance can be about having a safety net in times of financial loss. Whether that’s a car being stolen, becoming ill, damage to your property, or being unable to work and pay the mortgage. So what insurance policies are people more likely to hold? We take a look using audience profiling – so you can see where you fit in with the data.

Australia’s risk takers

Insurance is all about minimising risk, so we start our search by looking at Australia’s risk takers. According to the data, even where you live indicates whether you might take a few more risks here and there.

Where sex is concerned, men are slightly more likely to believe in taking risks then women. On the age front, the younger you are, the more likely you’ll be to take risks.

When it comes to insurance, the mix becomes a little more complicated, so let’s break it down and see who is more likely to have each insurance type, and then add our risk filter to see if this changes the picture.

When splitting insurance types per gender, women are slightly more likely to have hospital, extras and home insurance, whereas men are more likely to hold life insurance and total permanent disability (TPD). Could this point to women being more likely to take care of themselves when it comes to health, and men being more concerned with having a financial payout should an event render them unable to work?

Interestingly, both men and women are equally likely to have car insurance.

Age splits the deck in insurance terms

Other factors that affect insurance policies held

Which insurance type are you most likely to hold?

Related: What are the secrets to a long and healthy life?

Which insurance type are you least likely to hold?

So we’re more likely to take risks when younger, and less likely to hold any insurance products. Of course there are other reasons why young people may have fewer insurance products; like not yet owning a house, having dependents and a stable income to protect.

According to the data, the riskiest among us are slightly more likely to have no health insurance or life insurance, but more likely to hold TPD. Perhaps those who believe in takings risks are aware that their behavior may get them into sticky spots from time to time, so want to protect their income.

When it comes to car insurance, the risk takers are less likely to have full comprehensive, but more likely to hold third party: Additionally risk takers are less likely to hold any vehicle insurance.

Ultimately purchasing an insurance product is a personal decision that hinges on many aspects of life, though there are certainly trends in the data.

Let us know if you fit into any of these categories, and if you think risk takers really do hold less insurance on our Facebook page.

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