Originally published: Adviser Voice, 30 January 2020
Australian life insurer, Integrity Life (Integrity) has warned the high cost of living in the latest CPI data, which, recorded an overall year on year increase from December 2018 – December 2019, may have particularly harmful consequences for underinsured Australians.
The rising cost of living is disproportionately driven by the costs of the most important, life impacting areas such as health. While purchases of luxuries such as international travel, entertainment and clothes have actually become cheaper, health costs have increased by close to 200 per cent since 2000.
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