Learn to Love Life… insurance

There are things we love and things we hate. We also have things we love to hate, like speed cameras, taxes and insurance.

With recent changes to insurance in superannuation, now’s a good time to check your cover and perhaps rethink your attitude towards life insurance.

In 2017, the Insurance Barometer Study (an American consumer study tracking financial perceptions, attitudes and behaviours), revealed that 85% of people think life insurance is necessary, but just 59% actually had any.

What’s the cause of the gap between needing insurance and taking action?

Existential understanding

Matthew Beard is a philosopher, ethicist, and fellow of the Ethics Centre, a not-for-profit organisation that aims to bring ethics to the centre of personal and professional lives. Beard suggests the existentialists offer some helpful ideas around the big issue life insurance raises – facing our own mortality.

“Existentialism basically says that the right way to live is the way that responds to the world as it really is,” he says. “And that means coming to grips with the fact that we are mortal and that our lives are limited. Only when you really live in recognition of the fact you’re going to die can you live authentically.”

While it may not be pleasant, this understanding could help frame life insurance renewals as a reminder of our mortality.

Managing our fears

Another idea is to remember what life insurance is really about: alleviating some of our uncertainty and fear – not of death necessarily, but of not being able to care for those we love.

“People look at life insurance [as a way of] feeling more comfortable about the prospect that they might die,” says Beard.

“Something that is entirely subject to the whims of fate, we can retain a little bit of ownership over and push back against the world and say, ‘yes, I might die tomorrow, but I can still have some say in what the world looks like after I’ve gone’.

“There’s one less thing that makes dying scary; [insurance] gives us a sense of control.”

Insurance through your super is an easy way to help protect you and your family during life’s most difficult times.

To check your insurance log in to your account or call us on 1800 682 525.

30 July 2019