New research commissioned by the Financial Services Council (FSC) has revealed New Zealanders views of life insurance and the vital role it plays in their lives.
Moments of Truth takes a deep-dive look at exactly what Kiwis think of the sector, their experiences of it, and how they engage with life insurance products. The research is the second in a series on life insurance following the release of the Risking Everything report by the FSC earlier in the year.
“This research, by utilising both qualitative and quantitative research methods, gives us unique insights and a rich understanding of New Zealanders life insurance experiences, especially around the critical claim process,” said Richard Klipin, CEO of the Financial Services Council.
“From personal experience I know just how invaluable life insurance can be at a time of need and trauma. Moments of Truth tells us that this is the case for many people and that the sector delivers peace of mind for thousands of Kiwis every day.
“Moments of Truth also finds though that too many of us are making a risk trade-off when considering life insurance. People are weighing-up the likelihood of an event happening, and the likelihood of a successful claim, versus the cost of premiums.
“We know that tackling life insurance is complex and the research shows clearly that consumers who seek face-to-face advice are more confident that they have the right policy and are supported.
“This reinforces the importance of the adviser relationship and getting good advice when making decisions on insurance.
“Building education and awareness of life insurance and the claims process will be critical to ensuring that people take a more informed approach to deciding on life insurance cover. As an industry we’re completely up for that challenge.
Read the media release and report.