{"id":55471,"date":"2021-04-20T18:13:04","date_gmt":"2021-04-20T08:13:04","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=55471"},"modified":"2024-10-30T08:44:49","modified_gmt":"2024-10-29T22:44:49","slug":"confronting-the-underinsurance-dilemma","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2021\/04\/20\/confronting-the-underinsurance-dilemma\/","title":{"rendered":"Confronting the Underinsurance Dilemma"},"content":{"rendered":"<div id=\"polls-252\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>What is the single most critical initiative you would implement to address Australia\u2019s underinsurance dilemma?<\/strong><\/div><div id=\"polls-252-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Allow the cost of all life insurance premiums to be made tax deductible <small>(26%)<\/small><div class=\"pollbar\" style=\"width: 26%\" title=\"Allow the cost of all life insurance premiums to be made tax deductible (26% | 23 Votes)\"><\/div><\/li>\n\t\t<li>Allow the cost of financial advice to be made tax deductible <small>(19%)<\/small><div class=\"pollbar\" style=\"width: 19%\" title=\"Allow the cost of financial advice to be made tax deductible (19% | 17 Votes)\"><\/div><\/li>\n\t\t<li>I have another solution <small>(17%)<\/small><div class=\"pollbar\" style=\"width: 17%\" title=\"I have another solution (17% | 15 Votes)\"><\/div><\/li>\n\t\t<li>Develop and implement financial literacy programs in which every primary and\/or secondary school student would have the opportunity to participate <small>(15%)<\/small><div class=\"pollbar\" style=\"width: 15%\" title=\"Develop and implement financial literacy programs in which every primary and\/or secondary school student would have the opportunity to participate (15% | 13 Votes)\"><\/div><\/li>\n\t\t<li>Compulsory life insurance for anyone taking out a mortgage <small>(14%)<\/small><div class=\"pollbar\" style=\"width: 14%\" title=\"Compulsory life insurance for anyone taking out a mortgage (14% | 12 Votes)\"><\/div><\/li>\n\t\t<li>Initiate public awareness campaigns to better educate adult consumers about the critical importance and value of life insurance <small>(9%)<\/small><div class=\"pollbar\" style=\"width: 9%\" title=\"Initiate public awareness campaigns to better educate adult consumers about the critical importance and value of life insurance (9% | 8 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_252_nonce\" name=\"wp-polls-nonce\" value=\"851d357cc8\" \/>\n<\/div>\n\n<p>If our poll question looks familiar this week, that&#8217;s because we asked you the same question last year.<\/p>\n<p>In August 2020 when we last canvassed your views, the majority of advisers said the most critical area in finding a solution to the underinsurance dilemma rested in the financial space, rather than solutions related to changing the attitude of the community or improving financial literacy.<\/p>\n<p>Back then, you said a tax break for either the cost of financial advice or the cost of life insurance premiums was your preferred solution (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2020\/08\/04\/use-tax-breaks-to-address-underinsurance-poll\/\" target=\"_blank\" rel=\"noopener\">Use Tax Breaks to Address Underinsurance&#8230;<\/a>). But does this still apply?<\/p>\n<p>While less than nine months has elapsed since we shared this conversation, we reflect that the world is now a different place &#8211; both at a macro level due to the ongoing impact of the Covid-19 pandemic and also on a more micro level in terms of the progression of regulatory reform in Australia&#8217;s life insurance sector and the ramifications this will have over the longer term.<\/p>\n<p>For many advisers, especially risk advice specialists, the more pressing dilemma at the moment revolves around the ability simply to sustain a viable advice business. This issue remains a focus for Riskinfo and we will continue to monitor and report developments around this critical area.<\/p>\n<p>In the meantime, though, as we celebrate Life Insurance Awareness Day on 21st April 2021, we welcome your updated thoughts and ideas on what remains an unresolved dilemma&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If our poll question looks familiar this week, that&#8217;s because we asked you the same question last year. In August 2020 when we last canvassed your views, the majority of advisers said the most critical area in finding a solution to the underinsurance dilemma rested in the financial space, rather than solutions related to changing [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":55479,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,49],"tags":[],"class_list":{"0":"post-55471","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-general","8":"category-polls"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/55471","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=55471"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/55471\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/55479"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=55471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=55471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=55471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}