Australians are increasingly using the internet to seek out their own life insurance, according to a statement from Canstar.
In the statement, Canstar said that findings from a recent NobleOak Life Insurance Whitepaper found that almost 50 per cent of people seeking life insurance would be happy to buy it online, and that one third of people are already researching their options online.
NobleOak Life chief executive Anthony Brown said that the life insurance buying process is being heavily disrupted by digital technology.
"Customer behaviour is rapidly transforming the industry and driving insurers to be more digitally innovative; 32 per cent of people seeking to obtain financial advice for life insurance use the internet to do so," Mr Brown said.
Canstar awarded NobleOak Life its 2016 Outstanding Value – Direct Life Insurance award, based on its annual research of direct life insurance policies.
Canstar’s research also found evidence of policies offering impressive levels of coverage and additional features for very reasonable annual premiums, the statement said.
Mitchell Watson, Canstar's group manager for research and ratings, said that direct life insurance policies have become increasingly feature-rich over the past 12 months.
"We are seeing a greater number of funds offering optional extras such as funeral insurance, trauma cover and total and permanent disability cover," Mr Watson said.
"We are also seeing an increase in the maximum sum insured value, an increase in the number of funds offering guaranteed future insurability and premium waiver under certain conditions."
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 26 Apr 2018FPA, AFA business models grilledBy Aleks Vickovich
- 26 Apr 2018IOOF quells ANZ acquisition concernsBy Tim Stewart
- 26 Apr 2018Henderson faces royal commission fireBy Killian Plastow
- 26 Apr 2018FSC members may have breached ethics codeBy Aleks Vickovich
- 24 Apr 2018NAB loses appetite to authorise advisersBy Aleks Vickovich
- 24 Apr 2018NAB exec confirms advice sale on the cardsBy Aleks Vickovich
- view all