People who consider themselves conservative, but open to risk, are more likely to have life or income protection insurance in place than people with high or low risk thresholds, according to a new poll by TAL.
The Galaxy research poll – commissioned by TAL – found 70 per cent of people who could be described as “taking some risks but mostly conservative” had life insurance in place.
In addition, 75 per cent of this group had disability insurance, 76 per cent had income protection insurance and 72 per cent had critical illness insurance.
By contrast, just 20 per cent of people who “avoid risk” and eight per cent of “risk takers” had taken out a life insurance policy, the poll found.
In terms of disability, income protection and critical illness protection, less than 10 per cent of risk takers and less than 16 per cent of risk avoiders had signed up for these policies.
TAL Group CEO Jim Minto said the results were surprising.
“These findings show that conservative or moderate risk takers are the ones who in most cases have decided to put in place financial protection, not those who embrace or worry about risk,” he said.
Conservatives were also the largest group represented in the survey, comprising around 61 per cent of respondents, according to the poll.
By contrast, risk avoiders made up 28 per cent of respondents and risk takers just five per cent.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 17 Oct 2018Private banking has no place for bad advisersBy Eliot Hastie
- 17 Oct 2018CBA admits failure to tackle conflicted adviceBy James Mitchell
- 16 Oct 2018NAB to address advice issues in $314m payoutBy Eliot Hastie
- 16 Oct 2018Former BT exec joins mortgage and financial advice groupBy Reporter
- 16 Oct 2018ANZ under fire over ‘conflicted’ IOOF dealBy James Mitchell
- 16 Oct 2018Advisers should be early call in divorce casesBy Adrian Flores
- view all