Recent data shows that underinsurance in Australia is still a problem, with Rice Warner stating that the gap has increased. There could be various reasons as to why this gap has increased from the reduction in financial advisers in the Retail insurance market, with industry changes likely playing a big role. There’s also the recent pandemic and now increases to the cost of living which have impacted Australian’s and their spending power. In addition, there are the objections to considering life insurance.
Below are six objections your new and existing clients may have to considering their insurance needs, and some considerations for them to think about.