What does life insurance have to do with happiness?

by Ramya Manoharan | Feb 05, 2018


Do you know the formula for happiness? Mo Gawdat, Chief Business Officer of Google X, has documented it in his book, Solve for Happy—Engineer Your Path To Joy. Happiness is more than or equal to your perception of your life events minus your expectations of how life should behave, he says. What this amounts to is to take what life gives you without complaining too much. 

People’s attitude to life insurance 

There’s another thing that people suggest could take you closer to the state of happiness lingering on the horizon: life insurance**. Online survey company PureProfile's study found that 72 percent of those with life insurance rated their happiness as 4 or 5 on a scale of 1 to 5 compared to 61 percent of people without life insurance who said likewise. 

Life insurer NobleOak commissioned the survey to study people's attitude to life insurance. PureProfile surveyed 1,006 Australian residents in November 2017. Roughly half had taken life insurance. 

NobleOak’s CEO Anthony R. Brown believes this has something to do with the nature of life insurance products. “Purchasing life insurance is one of the most selfless acts you can do, as it is your family, not you personally, that will usually benefit if a claim is made,” he said, in a media release on the research

The survey revealed that most people buy life or income protection insurance when there is a change in their circumstance. For instance, when they get married, have a baby or take on a mortgage. 

NobleOak’s whitepaper Life Insurance in Australia—Consumer Behaviour Transformation, based on PureProfile’s survey among other data, showed that 55.9 percent of Australians are unwilling to pay anything for life insurance advice. It said that 43.6 percent of people who seek advice about life insurance get it online. More than 37 percent talk to a financial adviser, and 33.3 percent consult family members.

Follow these five steps to pick the right life insurance cover

1. Evaluate your needs

Consider your family circumstances before deciding on the type of cover you need. You may need different levels of cover at different stages in your life. 

Estimate how much life insurance you need before you start to look at cover. Include your mortgage, any other debts, day-to-day living costs and school and university fees for your children during this exercise. 

To get a more accurate figure, itemise your debts and expenses using a free insurance assessment tool like NobleOak’s online life insurance calculator.

2. Shop around 

Do your research. Get quotes from different life insurance companies. Remember the cheapest deal may not always be the best one for you. Look at the value of product benefits and what you are actually covered for. You don't have to rely on a financial planner. You may find a better deal through a direct insurer. 

3. Choose a product

Select the insurance company and product taking into account whether you will need extras. This may include total and permanent disability insurance or income protection insurance. 

For greater certainty choose a policy that is fully underwritten. To do this the insurer will ask you several health and lifestyle questions. They may also ask you to take medical tests. You will then get a policy and premium that is tailored to your circumstances. 

4. Apply

Applying for a fully underwritten life insurance with NobleOak can take as little as 20 minutes of your time, and can be done over the phone. 

You can speed up the process by having recent medical reports or test results at hand when you make the call. Make sure you answer all the questions truthfully and disclose any relevant information. Failure to do so could void your cover. 

Once you’ve completed your application process you’ll receive an interim cover while the insurer completes the assessment.

5. Rest easy

There is great peace of mind in knowing you are prepared for anything life might throw your way. You can sleep easy in the knowledge that your family will be looked after even if you are not here to care for them.

ASG member offer

ASG members can get the first month cover free on affordable and comprehensive life insurance through NobleOak’s My Protection Plan. Apply before 30 March 2018***.

Get a free, no-obligation online quote today or call NobleOak on 1300 041 494 to speak with a dedicated insurance specialist.

(The information contained in this article is of a general nature only and does not take into consideration your individual objectives, financial situation or needs. Before you purchase an insurance product consider the PDS to decide if it is right for you. People who seek to replace an existing life insurance policy should consider their circumstances, including continuing the existing cover until the replacement policy is issued and cover confirmed. NobleOak cannot provide you with personal advice, NobleOak staff may provide general information about NobleOak Life Insurance. By supplying your contact details, you are consenting to be contacted by NobleOak, in accordance with NobleOak’s Privacy Policy. PDS is available by calling NobleOak on 1300 041 494 or from  www.nobleoak.com.au.)

** Read Noble Oak's media release on how people with life insurance are happier.

*** Visit www.nobleoak.com.au/asg for full terms and conditions including details of cost savings. 

NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247302. Consider the PDS.

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