- 52% of people consider their family the most important aspect of their life
- 13% consider their property the most valuable part of their life
- Of those who rate their life most important, only 14% have life insurance
When it comes to our priorities, we each value different things in life. From taking a much needed vacation, to spending time with the kids, to working hard and saving money, our goals and ambitions are what separate us and make us unique.
However, latest research has found that out of a list of common possessions and priorities 82% of us don’t value our ultimate possession – our life. Which begs the question, why?
A survey of an independent, nationally representative panel of 1,009 Australians commissioned by us,1, asked people what they prioritise and value the most. The list included: family, life, property, holidays, pets, car, social life and job.
Unsurprisingly, over half (52%) of Aussies consider their family the highest priority and value them the most.
Only 13% of people consider their property the most crucial part of their livelihood and a further 5% said going away on holidays was of the utmost importance.
Looking at the demographic results, heading on a holiday was up there in priorities for the 18 – 24 age group, with 12% valuing this highly. Having property was a much bigger consideration for over a fifth (21%) of 25 – 34 year olds, with this category ranking second in the priority list within the survey.
Family still meant everything for the over-65s, with a massive two thirds (67%) saying this was the most valuable facet of their life.
Interestingly, the results also showed that almost a fifth of respondents (18%) admitted that their life is at the top of their priority list but only 14% of this group actually have life insurance to help with their financial commitments should anything happen. Consumers may need to reassess which measures and insurances they have in place to help look out for their loved ones now and in the future.
The primary reason amongst all respondents as to why they didn’t have life insurance was the expense at 46%. Not believing they needed it was another leading response, with 30% of consumers citing this reason.
When it came to income protection, a much higher proportion didn’t believe they needed this product, with 37% saying it was not a necessity. The price tag was a big consideration too, with 28% expressing that the cost stopped them from taking out income protection. One in ten (9%) also didn’t understand how it worked.
Without a proper safety net in place, most people can’t survive on their own if they suddenly found themselves out of a job. New research found that a whopping 13.4 million people conceded they don’t have emergency funds to fall back on if they were unable to earn an income for more than three months2.
Having life insurance or income protection can give you the reassurance that your family will have funds to continue to pay for bills if you’re no longer around, or even if you become sick or injured and can’t work for a period of time. Comparison services such as comparethemarket.com.au can help Aussies compare life insurance or income protection policies from a range of insurers side-by-side, all on one website, to help protect their loved ones.
We outline what people value the most in their life from the following categories:
|Going on holidays||5%|
|Having a social life/entertainment||2%|
Sources Conducted by Pure Profile – Dec 2019
 We calculated the estimated number of the Australian resident population to which the FCI results may apply using the estimated Australian population over the age of 18, forecast in 2019 based on ‘medium’ growth settings (ABS cat.no. 3222.0). This figure represents 68 per cent of the estimated Australian resident population as at mid-2019.