Blue Collar Workers Not Seeking Insurance

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White collar workers are seeking life insurance in much greater numbers than blue collar workers, according to data collected by financial services product rating group CANSTAR.

CANSTAR Editor in Chief, Justine Davies
CANSTAR Editor in Chief, Justine Davies

The group released data, gathered from 10,000 visitors to its website who used its life insurance comparison tools, which showed that 25% of those seeking information were white collar professionals with another 21% identifying as senior white collar executive and another 14.5% stating they were in clerical roles.

This was compared to less than 10% of online users identifying as being blue collar or being in a blue collar occupation.

Of those searching for insurance cover CANSTAR Editor in Chief, Justine Davies said most were looking to insure themselves for “a robust amount of money” in terms of their term life insurance needs, with around 75% seeking cover of $750,000 or more.

The group released data…which showed that 25% of those seeking information were white collar professionals…

“More than forty percent of searches on the canstar.com.au life insurance comparison tables are for a sum insured of one million. The other two most popular sum insured amounts are $1.5 million and $750,000 at 18 percent and 16 percent respectively,” Davies said.

“To me this indicates that people are thinking quite seriously about the level of protection they need.”

A breakdown of the type of insurance sought indicated that income protection insurance attracted the highest volume of searches, at 52%, followed by Term Life insurance (27%), Total and Permanent Disability insurance (12%) and Trauma insurance (9%) with most people searching for insurance aged from 35 to 45.

“In terms of age, 35, 40 and 45 are the three single most common ages for people to be searching for life insurance on canstar.com.au,” Davies said.

“Approximately one-third of all searches are from those three year groups alone. Probably not surprisingly, the years between thirty and forty overall account for a large portion of the visitors to our life insurance comparison tables. It’s a time of life when many people are taking on debts, building their careers and of course increasing their family size,” Davies added.

CANSTAR also announced the winners in its annual Outstanding Value Life Insurance Winners Awards.

The awards are based on an extensive research project that compares the price and features of products available to licensed financial advisers offered by 13 major life insurers giants across the range of stand-alone term life insurance, trauma, TPD or disability insurance and income protection.

As a result of the research CANSTAR said that ClearView and OnePath were the two national winners for the overall CANSTAR Outstanding Value – Life Insurance Australia award.

Other insurance providers were also recognised for specific life insurance products with CANSTAR analysis provided the following product-specific winners:

  • Term Life: MLC Insurance and Zurich Australia
  • TPD: Zurich Australia and ClearView
  • Trauma: OnePath and AIA Australia
  • Income Protection: TAL and ClearView
  • Packaged: OnePath and MLC Insurance


1 COMMENT

  1. Being one that is constantly in contact with tradies it’s no wonder the ratio is as it is.
    Simply it has become too expensive for most mum and dad businesses and they figure they can run without it rather than at least taking a minimal cover
    We all know the benefits but unfortunately the almighty dollar takes preference

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