POWERED BY MOMENTUM MEDIA
Life sales flounder on misconceptions
A new survey has provided at least some explanation for Australia's continuing underinsurance problem: men and women are quite simply overestimating the cost of an insurance premium.
The Lifebroker Life Insurance Survey, released this week, suggested men overestimated the annual premium of life insurance by 49 per cent while women overestimated it by a whopping 65 per cent.
Lifebroker managing director Chris Eade said it was this overestimation that was dissuading people from buying insurance, with 36 per cent of survey respondents stating the perceived expense was a major factor in their not having coverage.
"Contrary to many Australians' perceptions, life insurance premiums actually cost about the same as home and car insurance premiums, and less than health insurance premiums," he said.
Eade claimed a number of factors were contributing to the overestimation of premiums, including buyers not shopping around enough and life cover typically being sold through face-to-face contact.
AUTHOR
Mike Taylor
Recommended for you
Volatile markets driven by shifting US tariff policy failed to rattle Australia’s superannuation system in April, with balanced options inching upward.
ASFA has urged greater transparency and fairness in the way superannuation levies are set and spent.
Labor’s re-election has reignited calls to strengthen Australia’s $4.2 trillion super system, with industry bodies urging swift reform amid economic and demographic shifts.
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
5
Plato Global Alpha A
28.83 3 y p.a(%)
