Australians Still Prioritise Insuring their Car Over their Life

Australians Still Prioritise Insuring their Car Over their Life

Media Release: Thursday, 26 February 2020

The latest findings from NobleOak’s annual Life Insurance industry survey show that Australians still prioritise insuring their home and car above their life, with Life Insurance also falling behind healthcare this year.

The findings are echoed by research from Roy Morgan in 2019 that saw the number of respondents who don’t have current Life Insurance cover, or see the value in having it, drop to 64.6% from 65.6% in 2018 and 68.4% in 2016. *

NobleOak’s CEO, Anthony R Brown said:

We know from our wider research that protecting their family’s livelihood is an absolute priority for most, yet when people think about what they would insure first, the immediate cost of replacing a car or a house is clearly evident to them, but they don’t necessarily really think about the financial gap they would leave if they passed away. It’s a confronting but it makes the cost of replacing a car seem far more insignificant.

 

The full 2020 report is available at https://www.nobleoak.com.au/news-and-media/whitepapers/

*Roy Morgan’s Single Source Survey Australia (Australia)