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New research commissioned by the Financial Services Council has revealed New Zealanders views of life insurance and the vital role it plays in their lives.

Using a combination of quantitative and qualitative research, this new study 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. It has captured unique insights and a rich understanding of New Zealanders life insurance experiences, especially around the critical claim process.

According to Richard Klipin, CEO of the Financial Services Council, the findings clearly show how the life insurance sector delivers peace of mind for thousands of Kiwis every day. However, there is the opportunity to grow peoples understanding of how vital life insurance can be.

This is where adviser relationships are key.

“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,” says Kiplin.

“This reinforces the importance of the adviser relationship and getting good advice when making decisions on insurance.”

Kiplin adds that too many Kiwis 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.

Unfortunately bad things and traumatic events happen to all of us at some stage in our lives and it’s vital that you have the protection you and your loved ones need. Kiplin says the New Zealand life insurance industry pays out around $4 million a day or $1.47 billion per year in claims supporting Kiwis when they most need it.

The team at Prosper is aware that building education and awareness of life insurance and the claims process is critical to ensuring that people take a more informed approach to deciding on life insurance cover. We have the opportunity to help Kiwis establish greater confidence in the life insurance sector and we’re committed to nurturing those relationships and making it happen. We want all of our clients to have a true understanding of the life insurance and appreciate that it is a vital investment that they can have trust in.

If you are keen to learn more about life insurance for you and your family please get in touch.