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Australians hope to achieve a good work/life balance today and an active retirement tomorrow.
Australia’s superannuation funds have succeeded in providing workers with fundamental coverage for retirement and family protection in case of disablement, but this success appears to have bred a degree of complacency among workers when it comes to savings and insurance.
Although more than half of Australian employees surveyed say they are extremely concerned with premature death, disability or serious illness, only 42% have taken steps to determine their life insurance needs and only 35% their income protection needs.
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As employees become aware that economic and demographic realities could threaten their visions of financial security and retirement lifestyle, they will increasingly look to augment their current superannuation coverage.
This will provide an opportunity for employers to use benefits to improve employee retention rates, as well as for superannuation funds looking for ways to grow their asset base.
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For additional information, please visit us online at www.metlife.com.au
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