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Life Insurance

A post-pandemic look at Australian health and wellbeing

28 Mar 2023

Life Insurance by Life Stage

The choices you make today can impact your long-term health, wealth and happiness. Understand the important role Life Insurance can play in key life events.

Australians show resilience and improved mental health ratings in post-pandemic survey

 It’s no secret that the COVID-19 pandemic turned Australia upside down. Fortunately, the country’s current seven-day rolling average of daily cases is a far cry from the 100,000 reported in January 2022.

So, how did we get here and how are people feeling? The short answer: Resilient. According to NobleOak’s seventh annual national survey , Australians persevered throughout the pandemic. What’s more, respondents reported that their happiness levels (while not necessarily in the top end of the 1-10 scale) have hardly changed at all from before to after the pandemic. This year’s sample reported an average happiness score of 6.5/10, which is not only consistent with last year’s result, but also only 0.4 points down from the survey NobleOak conducted before the pandemic fully erupted in 2020.

More positive news: Mental health ratings are on the rise. In 2021, 25% of respondents indicated their mental health was at least somewhat better since before the pandemic. This year, however, 37% of Australians reported the same — an impressive 12-point improvement!

Perceived health risks returning to pre-pandemic levels

Australians appear to have now acclimatised to the pandemic, at least when it comes to perceived health risks. According to this year’s survey, health risk fears decreased by 18%, returning to pre-pandemic levels. In other words, respondents are feeling much more at ease in terms of their health.

What’s also encouraging is that more respondents seem to understand how life insurance policies can cover COVID-related risks. In last year’s survey, there was a sense of confusion around whether or not most life insurers covered such risks. This year, however, respondents appeared to have a better understanding of their insurance cover: with almost half of respondents indicating they are “fairly sure” or “positive” that COVID-related death, total and permanent disability (TPD) or an inability to work are covered by their life, TPD and income protection insurance policies – up from 24% in prior years.

Notably, only 5% of consumers were unsure if their life insurance would cover death or disability caused by COVID, compared to almost 40% in each of the past two years’ surveys.

Looking for more insights like these? Check out the full report here for more information. Or, if you’d like to learn about NobleOak Life Insurance, contact our team on 1300 041 494 or get a quote online today.

Disclaimer: This is general information only and does not take into consideration your individual circumstances, objectives, financial situation or needs.


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