Online is for all ages when buying life insurance

It will come as no surprise to anyone that young people born in the digital age are more sophisticated with internet technology compared to older people who grew up in a non-digital, pre-internet era.

However, when it comes to researching and purchasing life insurance online, things are starting to change.

According to NobleOak’s Research 2022 Whitepaper what happened in 2022 the internet is the most used source for finding information in general and comparing and viewing customer reviews. And more by getting direct life insurance.

Buying insurance through websites is the main way

What may surprise you is that in NobleOak’s 2017 survey only 20% of people made a purchase through a website. Fast forward to the 2022 Whitepaper survey and we see a different picture. Now 48% of respondents indicated that they prefer to buy their insurance through websites. The survey also revealed that for life insurance policyholders looking for information they look to online review sites (28%) and the Internet more often (25%) than they do to family (21%) or friends (14%).

Direct insurance is no longer for a small group

Direct life insurance was reserved for young people because they were comfortable shopping online. However, survey results show that currently, 55% of direct customers are over 45 years old vs 42% of other life insurance.

Living in an uncertain world

The White Paper notes that the disruption of the past two years has led to many people ‘planning for the future’ and making positive changes. A 2022 study found that in a country affected by Covid-19 people were encouraged to spend more time with family, plan for the future, think about mental health and do more work at home.

In an uncertain world, the NobleOak 2022 Whitepaper found that people who see the risks they face, such as contracting Covid-19 or other diseases, but have taken steps to manage those risks (for example, taking out life insurance) appear to be less likely. just to protect their loved ones and to protect their happiness.

6 reasons to consider life insurance if you are over 50

Life insurance is more important to consider than age 50. It’s a time when you often plan for your future, retirement, and the financial security of your family and loved ones. And there are many reasons to plan ahead:

  1. Older Australians are living longer than previous generations
    The 65+ age group has steadily increased over the past 100 years, from 1 in 25 people in 1911 to 1 in 6 people in 2020. This longevity is fantastic. But if you are among this elderly population, financial assistance for any health problems becomes very important.
  2. The elderly are more likely to lose health
    Australians between the ages of 65-69 make up about 5% of the population but the Australian Institute of Health and Welfare reports that this group is more ill than other age groups 5 years old. These latter years and their health problems may require professional help, and potential costs.
  3. You can focus on your retirement
    Having the protection of life insurance when you are over 50 years old allows you to retire knowing that your loved ones and dependents, valuables, and years of hard work have added protection.
  4. It allows you to leave a financial legacy
    With your life cover, when you die all the money will be paid to your chosen beneficiaries. This may be your last legacy to them. You can also leave the profits of this money to your favorite charity or even take care of your favorite pets.
  5. Your funeral is paid for
    Most life insurance policies have a ‘Funeral Advance Benefit’ which is paid out in advance to help with funeral expenses. You can also buy Funeral Insurance but potential policyholders should be aware that ‘Funeral Advance Benefit’ is a benefit under your life insurance policy, while Funeral Insurance pays you a premium upon your death to be used. The costs associated with your funeral are not life insurance.
  6. Estate equalization
    Life Insurance provides a solution to the problems of estate equalization. It can help you keep your business, vacation home, and other assets in the family by leaving your assets to one beneficiary while giving others more money from your life insurance policy. Estate planning is complex and very different for different people, so it is always a good idea to consider tax and/or legal advice when considering estate planning.

Advantages of buying life insurance directly

As seen in the Whitepaper data, more people, especially those over the age of 45, are buying life insurance directly online than they were five or more years ago. Buying directly from an insurer, often online or over the phone, can help you find the cover that best suits your needs and give you more control.

Shop directly with NobleOak Life for quality insurance coverage

NobleOak offers well-written insurance cover, which means that health, work and life questions are asked up front. This usually involves a medical examination and details of your medical records, to assess your risk, which can often lead to more certainty and less delay in the application process.

Some insurers offer life insurance without registration but there are often some drawbacks such as non-availability of pre-existing medical conditions. It’s usually quick to get life insurance without registering, but the claims process can be long because insurers have limited experience.

With NobleOak, all policies are written down so there are fewer surprises during the claim process.

Directly buying life insurance online seems to be no longer a niche market. This great change if you are over 50 looking for or buying life insurance gives you many options to choose from. With the convenience of the Internet, and the comfort and safety of your home, you can search and compare the different aspects of the policy with information to help you choose the policy that best suits your needs.

Taking out life insurance can be one of the most important financial decisions you will make. For more information or to get a quote, call a member of the NobleOak Life insurance team in Australia 1300 014 494 or go on the Internet for non-binding terms.

This is for informational purposes only and is not based on your personal circumstances, goals, finances, or needs.


NobleOak Life Insurance Whitepaper 2022

Life Insurance Underwriting

How Covid-19 has changed the way we live

Coronavirus: How Covid-19 has changed the world

The Australian Burden of Disease Study 2018

AIHW: Death in Australia

Direct Life Insurance: Pros and Cons