Research commissioned by NobleOak and conducted by PureProfile reveals that nearly half of Australians do not have any life insurance products, such as term life insurance or income protection cover. The top 3 reasons given for not having life insurance include: too expensive (44%), don’t expect to use it (13%) and don’t see value in having it (11%). And even those who do have a policy may not have the right amount of cover to meet their needs.
Whilst Australians generally continue to be significantly underinsured for Life and Income Protection cover1, NobleOak’s research shows that people who have cover are happier than those without.
The importance of life insurance and associated happiness was highlighted in NobleOak’s 2022 Whitepaper2. Of the 1,000 plus people surveyed, those who took positive action to protect loved ones, by taking out life insurance, seemed to be happier. The majority (82%) of those who had direct life insurance, rate their happiness at 6 or greater out of 10; . In terms of overall ‘happiness’, those people who see the risks they face but have done something positive to manage those risks (i.e. taken out life insurance) seem to be not only protecting their loved ones but also helping to protect their own happiness.
With good information, finding the right type of insurance and level of cover for your circumstances doesn’t have to be complicated or too costly, providing you with the added benefit of being able to help protect the financial future of your loved ones.
Cover is issued by NobleOak, Australia's most awarded Direct Life Insurer of 2021 with over 140 years heritage.^
Some features of FlexiCover Life Insurance, issued by NobleOak:
A range of life insurance covers are available under FlexiCover, including:
This article has been written by NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247302.
This is general information only. It is not financial advice and does not take into consideration your individual circumstances, objectives, financial situation, or needs.
^NobleOak Awards please see here
^^ With FlexiCover, Life, TPD, Income Protection and Trauma insurance covers are available. You can choose for FlexiCover’s annual Decreasing Cover Adjustment Feature to apply to your Life, TPD or Trauma cover amounts. It means your cover amount will reduce each year within a range of 0% to 10% as selected by you and your premium will be adjusted accordingly.
NobleOak research was conducted independently by PureProfile Australia Pty Ltd in December 2021 from a survey completed by over 1,000 Australians between the ages of 30 and 60 years old.