Consumers with life insurance are happier, research finds – Life Insurance – Insurance News


Consumers with life insurance are happier, research finds

7 March 2022

New research commissioned by life insurer NobleOak has found a correlation between happiness and financial planning.

The Life Insurance white paper, based on a survey of more than 1000 Australians, found for those with direct life insurance 82% rate their happiness at 6 out of 10 or higher and those with non-direct life insurance, it’s 77%.

But for those without life insurance only 64% felt similar.

“Taking positive action to protect your loved ones seems to help with happiness,” the white paper said.

“In terms of overall ‘happiness’, those people who see the risks they face but have done something positive to manage those risks, that is taken out life insurance, seem to be not only protecting their loved ones but also helping to protect their own happiness.”

The paper also says more people see value in their insurance. About 70% intend to renew, possibly due to the impact of Covid-19, compared to 32% who expressed similar intentions in 2020.

Overall the findings from the research shows Australians are remarkably happy, averaging 6.5 out of 10, despite last year being a difficult one because of the pandemic. The average happiness score is just 0.2 points down from 2020 and 0.4 points lower than prior to the pandemic.

“After another year of upheaval and unrest caused by the pandemic, the resilience of Australians is surprising but not unexpected,” NobleOak CEO Anthony Brown said.

“We have learned from the events of the past two years, moved forward and have taken action to protect those we love most and protect our own happiness.”

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