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Jessica Darnbrough
Brokers are being urged to diversify their core services to include insurance as new data reveal more than 65 per cent of Australians don’t have adequate life insurance.
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Last week, research conducted by LifeInsuranceFinder.com.au found 65 per cent of Australians don’t have proper life insurance while 78 per cent have no intention of taking it out.
Of those who do not wish to take out life insurance, 39 per cent said it was “too expensive”.
LifeInsuranceFinder.com.au publisher Fred Schebesta said the research also showed that 41 per cent of respondents were unaware of the pitfalls of not having life insurance.
“Australians need to be aware of the consequences of not having life insurance and what this will mean for their loved ones in the event of their death,” he said. “There are very grave repercussions to leaving your family without cover that can bring severe financial hardship for them.”
Bernie Lewis chief executive officer Stefan Lipkiewicz said that for this and other reasons, brokers should be diversifying into other services.
“Brokers have a duty of care to their clients, so it makes sense that they would have a discussion about insurance when they are meeting with their clients to discuss the mortgage,” he told The Adviser.
“By offering an array of financial services, brokers will not only help their clients, but they will be able to build stronger relationships and a better bottom line.
“There is no reason why brokers should not be diversifying.”
