Despite this positive outcome, only 30% of those surveyed expressed confidence in their comprehension of fully underwritten life insurance policies, with half of these individuals currently owning a life insurance policy. NobleOak’s CEO, Anthony Brown, noted that life insurance has emerged as a significant financial priority, often surpassing expenditures on education, mobile phone use, groceries, gym memberships, and holidays.
However, the report identified a critical issue: the general population's limited understanding of fully underwritten policies, which NobleOak insists provide greater peace of mind during claims processes. In response, the company exclusively offers fully underwritten cover, underlining the importance of comprehensive customer education.
Before the COVID-19 pandemic, Australians were pro-active in consulting financial advisers or brokers, a trend that continues strongly with 32% still engaging professionals for financial advice. The survey also uncovered a notable gender confidence gap; only 20% of women expressed financial confidence compared to 28% of men, highlighting a critical area for industry improvement.
Interestingly, the lack of understanding around life insurance seems not to have impacted overall financial security, as 76% of respondents reported feeling in control of their finances and prepared for unforeseen expenses. Brown emphasized the opportunity to better educate Australians about the advantages of fully underwritten policies to foster a more confident claims experience.
