Poll Results – Coronavirus and Life Insurance

1

Have you detected any increased interest in life insurance from the community because of the Coronavirus outbreak?

  • No (59%)
  • Yes (26%)
  • Not sure (15%)

More than one in five advisers taking our latest poll have indicated they are detecting growing interest in life insurance as the COVID-19/coronavirus outbreak escalates.

In reflecting on any possible glimmers of light in this unprecedented and almost surreal time in global history, we wonder whether the fact that 22 percent of poll respondents are detecting increased interest from the community may provide an opportunity to proactively highlight the very real value of life insurance.

As we go to press, the majority (62 percent) say they haven’t detected any increased interest in life insurance, while 16 percent are unsure.

Reported COVID-19 death rates vary, depending on the global region, between 0.4 percent and 3.4 percent. This compares with the annual death rate from normal flu infections of around 0.1 percent, while the SARS outbreak of 2002 – 2004, while significantly less contagious than the present coronavirus, resulted in a 15% death rate.

…Australia’s current death rate from COVID-19 is 1.33 percent

The latest Australian Department of Health update on 17 March 2020 reports there have been 375 confirmed cases in Australia, the bulk of which are in New South Wales (170) with another 71 in Victoria and 68 in Queensland.

Of the 375 confirmed cases, 27 have recovered and five have died, which means Australia’s current death rate from COVID-19 is 1.33 percent. Some 189 of the 375 cases had direct or indirect links to travel outside of Australia.

Meanwhile, life insurers are doing their bit to keep advisers updated on what the coronavirus crisis means for Australian policyholders, with Zurich/OnePath Life the latest to do so (see: Coronavirus – OnePath Life and Zurich).



1 COMMENT

  1. Without trivialising a terrible world wide and issue never faced by our generation I would like to thank ( not) the media for the hysteria they have managed to create with their irresponsible reporting of the issue
    Yes is dire yes it’s unprecedented but when you constantly hear death toll numbers of millions compare the issue to the Spanish flu ( 1918-19) that killed 50 million no wonder people go into panic and raid Coles and Woolworths like a swam of locusts
    How about some positive reporting on the progress made in the scientific field and a few interviews with people who have had the virus and recovered I’m sure their stories would be more than worthwhile hearing and can advise us on what to expect ( has anyone actually seen such an interview? ) This is a very serious time in history and Australia needs to pull together with the rest of the world in a positive way to get through this Stuff Life insurance sales will always be there !! having someone to sell them to is another issue
    Stop raiding shops think about your fellow man and get positive on all this BS being thrown at us by the domesday media who only want ratings and sales through fear mongering ! That’s the real test at the moment

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