Updated: 20 February 2020
Life Insurance Direct have the exclusive right to publish the ‘Life Insurance Framework Survey 2015’, as authorised by the Life Insurance For Consumer Group. All references to this survey must use the following link: https://www.lifeinsurancedirect.com.au/life-insurance-framework-survey
Post the Life Insurance Framework (LIF) announcement, there was a plenty of anecdotal evidence of misrepresentation, and deep concern that many of the LIF proposals will have negative impacts for consumers and the advice industry.
In response to the this, the Life Insurance for Consumer Group surveyed the adviser market to understand if proper representation and consultation had taken place, primarily to ensure that the desired outcomes of improving the quality of advice, sustainability and better outcomes for consumers would be met.
This survey, the ‘Life Insurance Framework Survey 2015’, highlights the significant impacts the proposals could have for all.
Please take a moment to review the results, including the statistic that “92.9% of respondents firmly state that the proposed changes to retail life insurance will not benefit consumers”.
Survey Key Facts
Total Number of Advisers Requested to Complete Survey – approximately 5,000
Estimated Response Rate -10% (normal response rates are around 5%)
Total Number of Responses – 509
Date Range – 31/8/15 – 16/9/15
Number of Advisers in Industry – estimated 15,000
[pdf-embedder url=”https://www.lifeinsurancedirect.com.au/uploads/pr/2015/october/Independent_life_insurance_framework_survey_results_oct2015.pdf” title=Life Insurance Framework Survey 2015 Results”]
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