Anthony Brown

Trusted direct Australian life insurer, NobleOak, launches its annual NobleOak Life Insurance Pulse Report, finding that more Australians are prioritising life insurance, even as they report a gap in understanding key life insurance terminology.

Continuing NobleOak’s mission to demonstrate the link between life insurance and financial happiness, the research^[1] found more Australians are prioritising life insurance, with two in five (60%) now holding some form of coverage, an increase from 55% last year.

Meanwhile Australians are reporting increased financial security, with more than three in four (76%) feeling in control of their personal finances and their ability to cover an unexpected expense. Despite this, the research uncovered some key life insurance knowledge gaps: Only 30% of Australians are confident in their knowledge of “fully underwritten” policies despite half of these respondents holding a life insurance product. Among those familiar with the term, 44% consider it very important, and 54% view it as somewhat important.

NobleOak Director & Chief Executive Officer, Anthony Brown, said: “The NobleOak Pulse Report provides a valuable annual pulse check on Australian attitudes toward financial security and wellbeing. This year’s report found life insurance has now become a priority purchase for many Australians, outranking education, mobile phone use, some grocery purchases, and gym memberships and holidays. This shift reflects the growing trend for Australians to invest in the future of their loved ones to feel financially secure.

It is worrying however to discover that the general understanding of the benefit of a fully underwritten life insurance policy is low, given we believe that fully underwritten cover provides customers with more peace of mind, particularly at time of claim. That’s why we only provide fully underwritten cover at NobleOak.”

For the first time since NobleOak’s Pulse Report launched in 2016, Australians are also reporting their highest happiness levels in almost a decade, with three in four (75%) rating their happiness a 7 out of 10, and more than one in five (22%) a 9 out of 10.

Australians are approaching financial planning with greater confidence, despite cost-of-living pressures. The report also reveals a growing awareness around the value of life insurance, particularly regarding claims payouts and overall reliability. Australians are becoming more selective about their insurers, focusing not only on price but also on reputation and the ability to provide quality, reliable service.

“At NobleOak, we combine these insights with deep expertise and a life insurance brand you can trust to offer products that are not just about protection but also about giving Australians the knowledge and confidence to take control of their financial futures.”

• More than two in five (23%) of life insurance policyholders believe they don’t have enough coverage for their needs.
• Use of financial advisers/brokers for financial needs has now returned to pre-COVID levels (32%), though advice is focused on superannuation and retirement planning or investment plans over life insurance.
• Those in the medical profession feel more financially insecure than tradespeople, at 37% and 23% respectively.
• Women report lower levels of financial confidence compared with men (28% vs 20%).

Brown concludes: “The research reveals an opportunity to educate Australians on the value of fully underwritten life insurance for a more confident claims experience.  Noble Oak has a 98.8% life cover claims payout rate against a direct life industry average of 91.1% for life cover claims^[2]. We want to be there for Australians when they need us most, in the event of a claim.”

Read the report.

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Notes:
[1] The survey was conducted by The Market Intelligence Co. on behalf of NobleOak, in January 2025, with a sample of over 1,000 respondents in Australia aged 30-60 years old, with a household income of $100,000 or higher.  
[2] As reported by MoneySmart.gov.au sourced from ASIC from 1 July 2023 to 30 June 2024. The full table can be accessed at https://moneysmart.gov.au/how-life-insurance-works/life-insurance-claims-comparison-tool

The post New research reveals Australians’ growing focus on life insurance amidst knowledge gaps appeared first on AdviserVoice.

Anthony Brown

Direct Australian life insurer, NobleOak, has launched the latest edition of its annual NobleOak Life Insurance Pulse Report that finds despite the downturn, Australians are favouring financial protection.

The aim of the annual report is to pulse the sentiment of the country with the aim of uncovering Australians’ attitudes and approaches towards life insurance and their current financial situations.

Now in its eighth year, the 2024 edition of the report looks at the current financial realities experienced by many Australians to provide insights around the evolving landscape of their financial perceptions, behaviours, and priorities.

NobleOak Director & Chief Executive Officer, Anthony Brown said the report reflects NobleOak’s ongoing commitment to educating consumers on life insurance whilst contributing valuable insights for the betterment of customers and the broader Australian community.

“At NobleOak, we recognise that a deep understanding of the financial landscape is essential for meeting and exceeding the evolving needs of Australians. This helps inform and shape NobleOak’s ongoing support for our customers.”

The research^[1] found close to half (41%) feel concerned about their current financial situation. 1 in 4 (25%) of Australians surveyed do not feel confident that if something happened to them, their family would be looked after financially. This figure is highest amongst those without life insurance – 37% compared to 27%.

While over a third (35%) don’t feel in full control of their personal finances, the research suggests Australians would like to become more empowered, with over two thirds (70%) of those surveyed saying they wish they could do more.

“The research underpinning the report shows us that Australians have a proactive mindset when it comes to their financial situation, but there is still a pressing need for improved financial literacy.”

“On a positive note, more people who currently hold life insurance are planning to renew this year than ever before. This is a trend which goes back to 2017, when 47% of Australians mentioned they planned to renew, increasing every year to the current 65%.”

For those with life insurance, the research found that people are prioritising life insurance more than ever before, even being prepared to reduce their grocery bill to hold onto their insurance.

“We want to encourage Australians to think more about their financial situation and life insurance protection, and this only fuels our commitment to ensuring all Australians can face the future with greater confidence and security.”

Read the report.

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