While over 80% of Australian parents are worried about protecting their families in the event of death or injury, more than a third are opting out of acquiring life insurance because of high prices according to the Real Insurance Family Protection survey.
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Australian regulatory bodies APRA and ASIC have begun the pilot phase of a new project which is set to make it simpler for Aussies to compare life insurance companies.
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Life insurance companies are rethinking the way people apply for policies, and may someday begin using selfies to determine eligibility, reported abcnews.
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After less than three years Coles has withdrawn from the life insurance market, having pulled its policies off the shelf earlier this year.
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The Australian Securities and Investments Commission (ASIC) has criticised banks with in-house financial advisors for favouring their own life insurance products to the detriment of consumers.
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Life insurers will work with the government body, ASIC, to improve insurance claim success rates and provide a greater level of transparency for Australian consumers.
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An insurance body is concerned Australians will spend money where it doesn’t count this Valentine’s Day instead of taking out adequate insurance.
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Australia is in for a mini baby boom with the birth rate expected to rise by 6.4% over the next five years. According to the business information analysts at IBISWorld, this is good news for a number of industries that are set to grow between 3.0% to 36.2% thanks to the newborns.
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As part of an ongoing study into consumer behaviour and attitudes towards financial protection, life insurer TAL found that those with mortgages are the highest believers in financial protection (74%), followed by Gen X (73%) and Gen Y (68%).
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Aussies aged between 18 and 34 have an increased appetite for life insurance, a recent study by TAL Life Insurance Specialist has shown.
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