NobleOak remain committed to our clients during this uncertain time and we’re proud take part in the FSC COVID-19 initiative to support frontline healthcare workers

NobleOak remain committed to our clients during this uncertain time and we’re proud take part in the FSC COVID-19 initiative to support frontline healthcare workers

Life Insurance

Did you know that planning for the future helps with our overall happiness?

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.

In our latest annual survey we asked respondents a range of questions that revealed managing risks to health, family and finances are among the proactive steps taken by Australians to protect the ones they love leading to overall happiness.

Despite continued disruptions caused by the pandemic, not to mention the emergence of variants throughout the year, Australians are generally positive about the future and much of this is due to strong family connections and planning ahead.

Concerns around risks to health have increase

Following a second consecutive year of COVID disruptions, it is unsurprising that 67% of Australians believe that risks to their health have increased over the past year.

Spending more time with family

The survey results reveal higher levels of happiness among those who increased their family time over the past 12 months, with couples and families significantly happier than singles.

Those who spent more time with family are happier and that the average happiness rating of parents and couples is higher (6.7 out of 10) than those in single households (under 6.0).

Interestingly, those taking positive action to protect their loved ones, such as buying life insurance, report higher overall happiness levels. 82% of people with direct life insurance and 77% of people with non-direct life insurance rate their happiness at 6 out of 10 or more, compared to 64% of those without life insurance.

What we would cut back on

When faced with financial strain or income loss, response reveal that Australians are willing to cut back on expenses like holidays (1st) and entertainment (2nd) and cut back on education (5th) before life insurance (8th).

Overall happiness remains strong

Despite the upheaval of the past two years, the overall happiness of Australians has remained virtually unchanged since pre-pandemic days (6.5 out of 10 in 2022; 6.7 in 2021; 6.9 in 2020), largely driven by Australians taking positive action to manage the risks they face.

After another year of upheaval and unrest caused by the pandemic, the resilience of Australians is surprising but not unexpected.

 

To read the full report click here.

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