Life insurance consumers shun financial advisersBY KARREN VERGARA | FRIDAY, 19 JAN 2018 12:51PM![]() Australians are increasingly relying on the internet and digital devices to purchase life insurance instead of financial advisers, a new study from NobleOak shows. Related News |
Editor's Choice
Inflation hits 4.3%, RBA says it remains 'too high'
|Australia's inflation rose to 4.3% in the 12 months to September, according to the latest data from the Australian Bureau of Statistics (ABS).
Cbus creates new role for legal operations
|Cbus has welcomed a legal specialist to join the fund in a newly created role of group head of legal operations and strategy, bringing relevant experience from regulators ASIC and APRA.
Dexus to pay $30m in legal bills for leaked airport data case
|The Supreme Court of NSW has ordered Dexus to cover close to $30 million in legal costs incurred by Melbourne Airport owner Australia Pacific Airports Corporation (APAC) and its shareholders, after the property giant lost a court fight over claims it improperly shared confidential data while trying ...
Further Reading
Products
Expert Feed
Featured Profile

David Sharpe
CHAIRMAN
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
A family man, business owner, cricket fanatic and financial adviser, David Sharpe has many facets. One of his biggest legacies, as he steps down as chair of the Financial Advice Association Australia, is leaving the profession stronger than he found it.








Of course that would be the case as these findings do not surprise me when you survey direct buying customers. I have been in this business for 30 years and this is definitely not my or other advisers experience whereby those that require advice and full information regarding the differences in one of the most important contracts that they will purchase outside of the family home take seriously.
All the best of luck at claim time..
The findings from this particular study are conflicting in that a large proportion of the respondents indicated they preferred to consult the internet for direct life insurance, but when considering the underwriting and assessment process, the majority preferred to be fully underwritten at the point of application, rather than take a risk by providing answers to a few general questions only and placing in jeopardy the integrity of the insurance cover at a later date and in the event of claim.
This evidence alone only serves to reinforce the lack of understanding by this sample group and the general public about the importance of accessing quality advice and process when considering and applying for insurance cover that potentially could financially rescue businesses, families and individuals when unforseen events occur.