, <\/em>released by online insurer NobleOak stated this trend would continue to grow as consumers were provided with better resources to research life insurance decisions and access life insurance products.<\/p>\nThe whitepaper stated that while around 25% of consumers used or would use an adviser as their primary source of advice for life insurance, compared with 32.2% using the internet, 56.5% stated they were unwilling to pay anything for that advice. Around 25% would only pay up to $100 for advice while around 17% would pay up to $1000 for advice, with less than 2% paying above that figure.<\/p>\n
72% of consumers \u201c\u2026would be confident in purchasing a Life insurance or Income Protection product online, without financial advice…”<\/h6>\n
NobleOak said this was a fundamental problem for the advice sector when combined with the finding that 72% of consumers \u201c\u2026would be confident in purchasing a Life insurance or Income Protection product online, without financial advice, if the right resources were available\u201d.<\/p>\n
“These findings do infer a problem with perceived value Australians receive for financial advice in relation to Life insurance. This is very challenging for financial advisers who need to fund high upfront advice costs to provide the right advice under strict compliance rules to their clients,\u201d the paper stated.<\/p>\n
In the paper, NobleOak stated that low rates of online purchases are likely to climb in the future as people feel they need insurance with many believing there was sufficient information to make a purchasing decision without an adviser.<\/p>\n
According to the research conducted for the paper only 6.5% of consumers have purchased Life insurance products online but 38.6% would purchase Life insurance online or through a mobile device if they needed it.<\/p>\n
At the same time, 73.7% of the 1000 consumers surveyed for the research felt there was enough information online to understand the different types of Life insurance or Income Protection cover they need.<\/p>\n
Despite this, NobleOak said many would still lack an understanding of how much and what type of cover they required but this was likely to also be addressed by more comprehensive online sources of information.<\/p>\n","protected":false},"excerpt":{"rendered":"
Consumers regard financial advice on life insurance as too expensive and will continue to use online information and providers to bypass advisers in purchasing life insurance, according to research into changing consumer behaviour.<\/p>\n","protected":false},"author":3,"featured_media":35725,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,270,5],"tags":[4247],"class_list":["post-35698","post","type-post","status-publish","format-standard","has-post-thumbnail","category-products","category-remuneration","category-services","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/35698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=35698"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/35698\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/35725"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=35698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=35698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=35698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}