A survey of\u00a0AMP planners\u00a0has\u00a0revealed that\u00a0financial advisers believe a lack of consumer awareness about the need for trauma insurance is the primary issue impacting the trauma\u00a0insurance take-up rate\u00a0in Australia.<\/p>\n
170 financial advisers responded to the AMP Planner Protection Poll, which asked them to rate the specific improvements that could lead to an increase in trauma insurance take-up among Australian consumers.<\/p>\n
47% of survey respondents believed an increase in awareness of the need for trauma insurance was the most important improvement that could be made to increase insurance take-up,while\u00a043.5% said that price was the primary factor deterring consumers from taking out trauma.<\/p>\n
AMP’s Director Wealth Protection Products Michael Paff<\/strong>, said many Australians remain unaware of the importance of trauma insurance.<\/p>\n “Many people don’t plan for [the] worst-case scenario, they either don’t think about it, believe it won’t happen to them or they seriously underestimate the true cost associated with a serious illness or accident,” Mr Paff said.<\/p>\n “Financial stress can be another deterrent to trauma uptake. While trying to manage budgets, people sometimes see personal insurance as a cost that can be cut.\u00a0 While intending to reduce their financial vulnerability, they actually inadvertently increase it,” Mr Paff added.<\/p>\n In response to the question: “Are trauma products in Australia too complex?” 56.5% of respondents said no, while 43.5% believed that complexity was an issue.<\/p>\n “Sadly, personal insurance is still one of the most neglected aspects of the average person’s financial planning,” said Mr Paff.<\/p>\n “Financial planners have a crucial role to play in educating people about the value of protecting themselves against sudden illness or injury.”<\/p>\n","protected":false},"excerpt":{"rendered":" A survey of\u00a0AMP planners\u00a0has\u00a0revealed that\u00a0financial advisers believe a lack of consumer awareness about the need for trauma insurance is the primary issue impacting the trauma\u00a0insurance take-up rate\u00a0in Australia.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,6,3],"tags":[],"class_list":["post-8299","post","type-post","status-publish","format-standard","category-company-news","category-dealer-groups","category-general"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/8299","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=8299"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/8299\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=8299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=8299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=8299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}