Consumer experience with the direct sale of life insurance
Description
This report describes consumers’ experiences buying life insurance ‘direct’, that is over the phone, online or in a branch without personal advice. The purpose of the research was to develop a profile of typical direct life insurance buyers and to understand buyers’ motivations for and experience of buying these products. ASIC also wanted to know how well direct buyers understood their cover, and how confident they felt about their purchase.
Research notes
Susan Bell Research conducted an online survey with over ten thousand (10,505) Australian adults drawn from an online research panel. Of these 4% stated that they had purchased life insurance directly in the six months prior to the survey. Four hundred and five (405) of these direct buyers then completed a 10 minute survey about their direct buying experiences. The research team also conducted qualitative interviews with 20 people who had taken part in the survey. The research presents the perceptions of buyers’ expectations and experiences and did not include verifying files or product reviews.