A survey has found a majority of risk-specialist advisers support the introduction of incentives to tackle underinsurance.
The poll – conducted by ifa sister title Risk Adviser – found that 78.4 per cent of the 250 respondents agreed with the proposition that the government should introduce incentives for the take-up of personal life cover, compared to 21.6 per cent who opposed the proposal.Speaking to Risk Adviser, Aaron Zelman of MediBroker said introducing an incentive to buy insurance could make a “significant difference” in tackling the nationwide underinsurance problem.Mr Zelman added that a government co-payment such as a ‘first insurance owners grant’ would be a great benefit to encouraging more Australians to take up risk insurance.However, Marshall Wealth and Investment Advisers principal Mark Marshall pointed out that introducing an incentive is not a suitable solution.“There has to be a need before the consumer will properly engage,” Mr Marshall said. "For example, in most states of Australia, self-employed persons are not covered by their state’s workers compensation scheme.
Magellan wrapped up a tumultuous year with a 9 per cent drop in average funds under management.
With more still to come.
The CEO of a privately owned advice network has urged executives to focus on how they have helped their advice network when entering the 2022 ifa Exce...
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