Covered in smiles: Why people with Life Insurance are happier
The results are in – Australians who have Life Insurance are happier on average than those who don’t have Life Insurance.
How would you rate your happiness out of 5?
That was one of the questions NobleOak asked consumers as part of a recent survey1 about Life Insurance. We asked this to find out if people who owned Life Insurance were happier overall than people who don’t.
The results confirmed what we suspected. Namely:
- 72% of people who had Life Insurance rated their happiness as 4 or 5 out of 5
- 61% of people who didn’t have Life Insurance rated their happiness as 4 or 5 out of 5.
At the other end of the scale, only 9% of people with Life Insurance rated their happiness 1 or 2 out of 5, compared to 14% of those who didn’t have Life Insurance.
Why is this so?
Time and again at NobleOak, we hear our customers telling us they feel relieved they have their Life Insurance sorted.
Getting the right cover can make you feel more secure about your and your family’s financial future. It can also help alleviate any concerns that a serious illness or injury could impact your family’s quality of life. So we weren’t surprised when the survey results came out the way they did.
When people buy Life Insurance
The study also gave an insight into when people are most likely to consider buying Life or Income Protection Insurance.
The most common response was when they have a change in their life circumstances – such as getting married, taking on a mortgage or having a baby.
The common thread with these events is added responsibility. When people become responsible for someone else’s financial wellbeing, or they don’t want to leave a financial burden for their loved ones, it’s often a trigger to consider Life Insurance.
That’s what makes buying Life Insurance such a selfless and loving act. And according to the survey, it’s an act that can benefit us psychologically as well as financially.
When it comes to taking our Life Insurance, one of the key challenges is working out how much cover you need. We’re helping to address this challenge by launching our online Life Insurance Assessment Calculator . It only takes about 5 to 10 minutes to complete and is free to use.
You can download the full “Life Insurance in Australia – Consumer Behaviour Transformation” research paper here.
1 Research conducted by Pureprofile in November 2017 with 1,006 Australian resident respondents.