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intouch Finance CEO Paul Ryan has said it is a major concern that Australia is one of the most under insured countries in the western world.
Speaking on the matter, Ryan said while the subject of life insurance was not an easy one to deal with more needed to be done to help more Australians - especially parents - understand the benefits of life insurance.
"Everyone has a story," he added.
"We all know of someone who is dealing with troubled times and one of our first questions is have you got your financials in order. It is so comforting to hear a positive response and heart breaking when it isn't," Ryan said.
Australia is ranked 16th in the developed world for life insurance density and penetration.
Ryan describes this statistic as being "incredibly low" - considering one in three men and one in four women will suffer from cancer in the first 75 years of their life.
Statistics also reveal that only 4% of Australians with dependent children are adequately insured, he said.
"We need to continue to raise the awareness as we want to best for our family when we are living so it only makes sense that we want the same after we have gone."
Intouch adds wealth management to mix - Extending its reach by giving consumers more to choose from, non-bank lender intouch Home Loans has announced the launch of a new wealth management division which will offer insurance, superannuation, retirement and financial planning services.
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