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).