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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Mar 2018CBA CEO pushed for FOFA extensionBy James Mitchell and Aleks Vickovich
- 16 Mar 2018CPA dealer group clashes with FASEA requirementsBy Katarina Taurian
- 16 Mar 2018NAB launches virtual assistant for superBy Staff Reporter
- 15 Mar 2018IFA-focused platforms open to new strategiesBy Staff Reporter
- 15 Mar 2018Deakin eyes advisers to fill staff demandBy Killian Plastow
- 15 Mar 2018Adviser Innovation Summit 2018 agenda announcedBy Staff Reporter
- view all