Insurance News: 03 Mar 2010
A new report reveals the Federal Government will spend more than $1 billion supporting under-insured working families over the next 10 years...
.
The National Centre for Social and Economic Modelling at the University of Canberra calculated the cost based on couples between the ages of 20 and 64 who have dependent children.
The report found one in five families will lose income and will need to rely on insurance because of illness, injury or death.
Investment and Financial Services Association chief executive John Brogden says many families turn to welfare because they do not have enough insurance cover.
"There is a massive cost to government - an extra $1.3 billion over the next 10 years - if the Government has to step in and look after people with welfare and health costs, for instance, if they're not insured," he said.
SOURCE: ABC News
|
|
