Would you use a “Robo” tool for Life Insurance? Australia says yes

With the internet now a leading source of Life Insurance advice, consumers are opting to sort out their own cover with the help of “Robo” tools.

There’s not much you can’t do on the internet. With a world of information readily available, the options to DIY have never been greater – from learning the guitar to fixing a leaky dishwasher.

But what about Life Insurance? Is the internet helping people make a seemingly complicated decision about their family’s financial future?

The answer, it seems, is yes.

According to a recent survey commissioned by NobleOak1, the internet has become the leading source of advice for Life Insurance.

The survey found that:

• 6% of people who seek advice about Life Insurance obtain it online, followed by a financial adviser (37.6%) and family (33.3%)
• 8% of people would be confident in purchasing Life Insurance or Income Protection cover online without having to use a financial adviser.

“Robo” tools are now the preference

One of the key challenges for DIY Life customers is working out how much cover they need.

Interestingly, our study found that people would rather use an online assessment calculator (56.9%) than a financial adviser (43.1%) – highlighting the opportunity for insurers who offer this service to their customers.

NobleOak launched the Life Insurance Assessment Calculator to meet this need.

The Life Insurance Assessment Calculator has been independently verified by Rice Warner Actuaries, and this year we’ve taken on customer feedback to make the calculator even better.

We believe this calculator is a great first step to getting the Life Insurance cover you need, without having to seek professional advice. It’s free to use and available now from the NobleOak website.

You can download the full “Life Insurance in Australia – Consumer Behaviour Transformation” research paper here.

1 Research conducted by Pureprofile in November 2017 with 1,006 Australian resident respondents.