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- Book:Online Insurance: What Do Customers Think?
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- Year:2014
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The fine print is an issue.
A broker would help me think of questions I have not thought of.
A broker can get me the best possible deal, but they don t really explain what it is that you are getting.
What are you getting? What are you really covered for? What are your options? No one tells you.
I find it (the fine print) overwhelming.
Life insurance is viewed as very complex. Most believe this lack of transparency is a delibe r ate life insurance industry practice. It confuses clients and allows insurance companies to avoid costly payouts.
Insurance policies are viewed as incomprehensible and mired in fine-print . As a result, no one understands the protection theyre buying and is fearful of heavy-handed, legally equipped insurance companies finding a reason to deny their coverage.
I m 31, so I know I should think about life insurance I will look into it in the next 5 years. I have to find the time to do it.
Life insurance is depressing, you get something back only once you are dead.
I m too young to think about something so morbid
If I were to die, my savings would cover my funeral.
I have life insurance because my Company offers it as part of the insurance package.
The reason most commonly given for not having life insurance is not planning to die.
Target group members:
Do not want to face their own mortality
Believe that they are healthy and feel that their risk of dying is extremely low
Those with dependents know they should have life insurance and either havent gotten around to it (time, money excuses) and/or dont trust insurance companies.
Those without dependents who are lucky enough to own a home feel that their house and/or RRSPs can be liquidated to pay final expenses and leave behind a small legacy for others.
The reason for being underinsured is usually due to life insurance being a low priority and the policyholder relying upon his/her employers generosity to provide it, without paying any attention to the details.
What happens if I lose my job? How will I pay for the life insurance premium?
Despite the fact that I am turning 42, I still think I am 22. I ve always thought life i n surance is something for older people.
Many perceive life insurance as not affordable:
Some have waited too long to purchase life insurance and now the premiums are more expensive than when they were younger.
Many do not know how much life insurance costs, believing it to be more expensive than it actually may be.
There is always something to take care of financially that cannot wait (e.g. mortgage, bills, education, children, etc.). Consumers feel that life insurance can wait.
Some are held back by concerns about economic instability, while others worry about rel a tionships changing:
Losing employment income, yet being committed to a long-term insurance contract that requires a monthly payment without the possibility of cancellation or interruption.
Policies that are viewed as being inflexible in the face of separation or divorce when insurance needs and/or beneficiaries may change.
Once you have a mortgage you should start thinking about life insurance.
I have another baby on the way, so I think now I should consider getting life i n surance.
to make sure there is money to pay for my
fu neral .
The main reasons given for purchasing life insurance are:
Financial responsibility, such as purchasing a home (having a mortgage) or having a child.
Learning of the benefits of life insurance from an individual who died but had adequate protection, or someone who died without life insurance and caused others financial hardship.
Those with dependents want their spouse and/or children to be able to live as before, and for children to be able to complete their education.
A minority of those without dependents do not want to impose a burden on others for the payment of final expenses.
Leaving money behind for philanthropic causes is not on most peoples minds, although one middle-aged participant mentioned that she wanted to be sure her cat would be taken care of after her death, not just dropped off at a shelter.
If you have life insurance, then your loved ones don t have to worry about any financial issues.
Security. Protecting my family in case of death.
Having life insurance means my spouse won t have to struggle to keep the house.
While many struggled to find anything positive to say about life insurance, they recognize that life insurance is meant to provide them with peace of mind not having to worry about their familys financial situation in the event of death.
Negative Perceptions Outweigh the Positives. The research group members were extrem e ly wary of life insurance. When asked to list what they liked and disliked about life insurance they found it much easier to come up with dislikes.
Likes | Dislikes |
Financial security/stability | Purchasing life insurance means you have to be willing to confront your own mortality |
Peace of mind that loved ones will not exp e rience hardship as a result of death | Life insurance company might go out of business |
Lower premiums if life insurance is pu r chased at an early age | No financial security provided against ban k ruptcy of insurer |
No debt will be left behind for others to have to repay | Locked into paying premiums |
No flexibility if payments must be temporar i ly interrupted | |
Loss of accumulated contributions if pa y ment is temporarily interrupted | |
No accumulated value if policy is cancelled | |
Bereaved may have to fight with Company to receive life insurance benefits | |
Life insurance is hard to understand, policies are incomprehensible full of legal terms and fine-print | |
Have to die to receive any benefit, no ben e fits received while living | |
No cost of living/inflation adjustment inclu d ed in benefits value may not be great when death occurs | |
If you take out insurance at a later age it costs more than at a younger age | |
Life insurance agents work on commission, therefore they may not take clients best i n terests into consideration |
First place I would go to is Google.
I would go on the internet and research companies through forums.
I d research the companies and look up complaints. You want to go with the Company that has the best offer and the least amount of complaints.
The Google search bar is where most non-insured and under-insured have a tendency to go first when looking for life insurance.
Individual ratings of life insurance companies interest them the most. Negative press and/or reviews exclude prospective insurers from their consideration set.
A minority will ask a parent who has served as a financial mentor, while others will ask friends, colleagues and/or other family members for advice and/or a life insurance company recommendation.
The question that is foremost on the consumers mind is: Will this Company honour its commitment and pay all benefits due upon death in a hassle-free, expeditious manner? Companies that have been around for a long time inspire much greater confidence than unknown entities (e.g. Manulife, Sunlife , etc.).
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