We’ve been discussing financial literacy, but what about insurance literacy? It’s a topic most often neglected, putting customers at risk of getting the wrong cover, or no cover at all. Here’s how insurers are addressing the knowledge gap.

We’ve been discussing financial literacy, but what about insurance literacy?

It’s a topic that should be on the radar in an era when bushfires, floods and earthquakes have ravaged communities.

Insurance literacy comes a distant second to initiatives around financial literacy, with a range of programs targeting general financial knowledge in Australian and New Zealand schools, and the major banks such as Westpac, ANZ and CommBank rolling out their own financial literacy programs in Australia.

Schooled in superannuation

Some insurers are taking steps to address the imbalance and target underinsurance. MetLife Australia, for example, wants to highlight the benefits of having life insurance inside superannuation.

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