The survey, conducted in December 2017 by market research firm Pureprofile, found that 66.8 per cent of people would be confident buying either life insurance or income protection cover online without seeing an adviser.
Results from a previous survey (conducted by the same research firm in December 2016) found 72 per cent of people were confident purchasing such policies without consulting an adviser – approximately 5 percentage points more than this years’ figures.
The percentage of Australians unwilling to pay for financial advice regarding life insurance remained stagnant at 56 per cent from December 2016 to December 2017.
According to the latest survey data, 43.6 per cent of those who do receive advice about life insurance do so online, while 37.6 per cent see a financial adviser, and 33.3 per cent get their advice from their family.
The person (DIY) must understand that online is general adviser only. Great to continuing the under issued problem, Also not understanding step vs. levelled inside oust side of super. ongoing reviews , what structure to use etc, its not that straight forward ” The DIY I have $400K mortgage I insure my self $400K” no consideration for personal circumstances ie t have 2 kids a spouse, its Ok the insurer is covered by the General advice warning.
You pay for what you get. never a problem until you have an issue when you need to make a claim and discover what you are actually covered. As most people buy insurance on priced not on all features or what they actually need.. Buyer be ware