Is Google Replacing Your Friends When It Comes To Financial Advice?

Our research indicates that around 32.2% of people prefer to seek information on Life insurance online than through their family members

Anthony Brown

19 May 2017 - 3 minute read

It might be surprising given that word-of-mouth is such a powerful advertising tool, but people looking for Life insurance products are more likely to ask Google for information than seek recommendations from family and friends.

Our research indicates that around 32.2% of people prefer to seek information on Life insurance online than through their family members (20.4%) or friends (14.6%).

The research also shows that 66.4% of people use websites to compare Life insurance products before purchase, and 52% would use technology (online or a mobile device) to purchase Life insurance and income protection products if they need them.

Why might this be so?

There’s no doubt the internet has transformed our lives immensely by providing us with instant access to information on a massive range of topics. And as long as we use our discernment, most of us can usually differentiate the quality information from the false!

When people are researching financial information and products over the internet, it’s likely that the trust factor has considerable influence. This means that it’s in the best interests of commercial businesses to share relevant and truthful information online.

The results of our other survey questions also reveal that three-quarters of people consider there’s enough information online to enable them to understand the various Life insurance products available to them, and to work out the level of cover they need to match their life circumstances and meet their needs.

What does all this mean?

Well, for a start it does highlight the importance of providing quality and easily-understood information on Life insurance for people to access, so they can check out products, compare policies, and use tools like online calculators. Insurers who provide quality online tools and information will certainly be the winners in this game.

But having access to Life insurance is only the first step – consumers also need to know how much they need, and the various types of products that would suit their life stage.

How we can help

This is something we do at NobleOak, so you can work out the types and levels of insurance you need for Life, Income Protection, Trauma and TPD cover.

Our online calculator allows you to enter personal information and receive a free tailored Life insurance analysis report, which includes your Life insurance needs, cover options, and descriptions of all cover types so you can choose the right ones.

This no-obligation 12-page report identifies your insurance gap for any existing cover, and includes insurance package options such as:

1. Essentials – options you really need to have in place, if something were to happen to you.

2. Important needs – covers that are very important for you to have.

3. ‘Nice to have’ – for covers that are not essential but which would certainly be good to have in place.

The benefits of fully-underwritten policies

Our insurance policies are also fully underwritten, which means a full health review is done at the time of application, and extra verification is not usually needed if a claim is lodged. Fully-underwritten policies are usually less costly than those that are only partially underwritten where you don’t have to provide a medical report or take a blood test. They also provide greater security when it comes to making claims.

Looking for cover? Use our online calculator, or contact one of our team of life insurance experts to obtain a no-obligation quote.

 

Source:

NobleOak, Life Insurance in Australia – Consumer Behaviour Transformation, viewed 9 March 2017

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