Value for money is most important when we buy Life insurance
“Affordability” and “accessibility” are often referred to as the key considerations when Australians purchase Life insurance, but what are they really interested in?
NobleOak surveyed over 1,000 Australian adults between the ages of 30 and 60 to rate what would be most important to them when purchasing Life insurance.
Research Findings
The results show that price, product features and claims reputation are the key factors that Australians take into consideration.
Not surprisingly, Australians look for good value for money when it comes to buying Life insurance. Still often considered a necessity, Australians want to manage their investment in choosing the best insurance they can. But it’s not just about price, with 57.1% of respondents citing ‘product features’ as a major decision factor. A solid ‘claims reputation’ is a must as well as ‘service’ – both being important criteria.
Refer to Table 1. below.
Table 1 – RESEARCH RESULTS (Pureprofile – December 2017)
What things are or would be most important to you when purchasing Life insurance?
And there were some differences between what is most important for women compared to men.
- Cost is the most important consideration for women (83%) compared to 78% of men.
- Product features were more important to women (66%) compared to their male counter parts (48 %).
- Claims reputation of the insurer was more important for women (58%) compared to men (48%).
When factors are broken down by age, the survey revealed that premium costs and product features are the most important considerations for people looking for cover, irrespective of your date of birth.
Renewing the product overtime is vital to 22% of 45 – 54-year-olds, compared to just 13% of 55 – 60-year-olds.
For many Australians Life Insurance is considered a necessity and whilst price is important the combination of the right product features and a service levels is very much a factor in the decision process.
And given a lot of press recently about the Life insurance industry, it’s no surprise claims reputation is such an important consideration when purchasing Life insurance as well.
Life in unpredictable, but NobleOak’s suite of tailored, fully underwritten, Life Cover is the smarter way to insure your life, irrespective of your age or gender.
Not sure what type of cover you need?
Buying Life Insurance can be complicated and if you’re not sure what type of cover you need and how much you can use our on line calculator. It only takes 5-10 minutes to complete and you’ll receive a personalised report at the end. And it’s free! Click here to start using the Life Insurance Calculator.
You can download the full “Life Insurance in Australia – Consumer Behaviour Transformation” research paper here.