
Our latest poll is asking whether your advice practice is experiencing a higher rate of life insurance policy cancellations by your clients?
Our question arises following recent commentary out of Australia that pointed to cost-of-living pressures and higher premiums, coupled with demographic and health changes, leading many Australians to re-evaluate their life insurance.
And we’re wondering if New Zealand advice practices are experiencing something similar?
Policy co-ownership firm, iExtend says more Australians are wavering on whether to keep their life insurance cover and it highlights factors it believes are driving life insurance cancellations (see: Seven Factors Driving Life Insurance Cancellations).
The company’s CEO, David Sarkis, citing data from the Council of Australian Life Insurers, says 68% of Australians are worried about paying for life insurance. In comparison, 23% of policyholders would consider cancelling their life cover if affordability were to become an issue.
He says the impact the cost of living is having on life insurance “…cannot be underestimated, with many Australian households feeling the pressure of daily life, leading them to consider cancelling their policies to alleviate the immediate burden of meeting premium payments.”
Our poll is now open and we’re keen to learn your thoughts…