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A study conducted by NobleOak Life on a large sample of Australians with life insurance coverage revealed some startling facts this week.

The survey, as news.com.au reported, found that millions of Aussies with life insurance are still “in the dark” about how their policy actually protects them and what they get for their money.

The research discovered that 27 per cent of policyholders do not know exactly what is covered by their life, total and permanent disability, income protection and trauma policies.

In fact, many consumers were simply confused and admitted they were not “confident” that their respective provider would even pay them out in the event they were to actually make a claim.

Yet what was even more alarming was that they were reticent to do anything about it by changing to new providers who were more transparent in their coverage entitlements. For these Aussies, the idea of switching providers was something best left for the too hard basket.

When questioned about the findings, NobleOak CEO Anthony Brown said the research proved “very concerning”.

“The reality is life insurance people can use a lot of jargon, and life insurance is often not well explained over the phone if you buy from insurers directly,” he told news.com.au.

“Insurers can be more interested in selling you a policy instantly than outlining what you are getting covered for.”

Continual reports of rejected insurance claims by some leading retailers also have impacted policyholder’s attitudes towards life insurance coverage. 

“We have noticed a sharp drop in consumer confidence about claims being paid over the last year, largely as a result of bad publicity with respect to a couple of the larger insurers not paying claims quickly — or at all,” Mr Brown said.

So what can FiftyUp members take away from the study’s findings?

Three things: get good advice, have your medical history closely checked and steer away from those too-good-to-be-true policies with fly-by-night providers.

Life insurance really is a matter of horses for courses as everyone’s needs and personal circumstances are different.

As Mr Brown explains people should shop around for the right policy and get quotes from different insurers while comparing terms and conditions.

Remember: As a FiftyUp Club member, you can get a quote on the Club’s exclusive Life Insurance offer now. It’s a great way to start the process of shopping around.

Visit here now: https://www.fiftyupclub.com/campaigns/fiftyup-life-standard-offer/life_insurance

Any information contained in this article is general in nature and does not take account of your individual circumstances, objectives or needs.

News.com.au - Why Australians are confused by their life insurance policies

NobleOak - https://www.nobleoak.com.au/wp-content/uploads/2017/07/A-Quarter-in-the-Dark-about-their-Life-insurance.pdf

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