Less than half of all baby boomers believe they have at least one form of life insurance, TAL research has revealed.
According to data, only 31 per cent of those aged 50 to 65 believe they are insured for one form of life, disability, income protection and critical illness/trauma insurance, despite TAL believing these figures should be higher.
"This suggests that there are many people out there who have at least some level of life space cover but don't realise it," TAL managing director Jim Minto said.
"We need to overcome the ignorance.
"It's really important that people check with their super funds to see if they have some form of life insurance through their fund membership."
The results found that in comparison, 43 per cent of Gen Y Australians aged 25 to 34 say they have one form of life insurance.
Mr Minto said that while it is pleasing that younger people are more attuned to their super and life cover than previously believed, Australians need to fully investigate their level of cover.
"We're encouraging all adult Australians to firstly find out if they have cover, and then investigate if it's enough," Mr Minto said.
"We know that the lack of financial protection costs tax payers $1.5 billion a year in social welfare support, let alone the emotional and psychological effects of losing financial security.
"As a nation, we are just not insured enough."
