Men Increasingly Purchasing Life Insurance Online, While Women Prefer the Personal Touch
Media Release: Thursday, 13 February 2020
The latest findings from NobleOak’s annual Life Insurance industry survey highlight a stark contrast in purchasing behaviour between men and women.
47% of females would prefer to speak to a representative on the phone, compared to just 32% of men. More females (48%), than men (41%), would prefer to use an expert financial adviser. Moreover, 31% of men would prefer to purchase online compared to just 18% of women.
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Interestingly, only 15% of 30-34-year-olds were likely to purchase using the internet, showing a potential lack of confidence or knowledge for this generation around Life Insurance.
NobleOak’s CEO, Anthony R Brown said:
“Over the last 4 years we’ve seen a continued growth and confidence overall in the market for consumers purchasing their Life or IP products online, and clearly men in particular are driving this change. Interestingly phone as a channel has stayed exactly the same over this time with about 40% of consumers consistently choosing that as their preferred platform, proving you can’t beat a great conversation. People still value the personal touch, especially with a product like life insurance, where customers usually have quite a few questions.
Overall, more consumers are using online and mobile devices to purchase Life Insurance and Income protection insurance, with the indication of an 18% growth in online sales for life insurance (over the last four years of NobleOak’s survey) and 42% increase in income protection insurance as consumers seek more convenient ways to purchase.
The full 2020 report is available at https://www.nobleoak.com.au/news-and-media/whitepapers/
About NobleOak Life Limited
NobleOak Life Limited (NobleOak), is one of Australia’s most established life insurers and has been in the Australian market for over 140 years. NobleOak is an independent insurer providing Life, TPD, Trauma, Income Protection and Business Expenses insurance.
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