Getting Personal about Personal Insurance

Driver Tania (), Brimble Mark, Freudenberg Brett and Hunt Katherine
Additional contact information
Driver Tania: College of Business, Law and Governance, James Cook University
Brimble Mark: Department of Accounting, Finance and Economics, Griffith University
Freudenberg Brett: Department of Accounting, Finance and Economics, Griffith University
Hunt Katherine: Ardentura Consulting

Financial Planning Research Journal, 2025, vol. 11, issue 1, 17

Abstract: This article reports research into an area of insurance, personal insurance. This is important as some research suggests that insurance literacy could be related to the level of insurance purchased. To consider this potential relationship this article reports a detailed analysis of interviews with consumers and financial advisers in Australia about their consideration of personal insurance products. The findings reveal financial advisers consider that consumers have very low levels of insurance literacy, which they believe is linked to underinsurance. Consumers demonstrated low levels of personal insurance literacy, with trauma insurance being the least understood, and this may lead to strategies to improve insurance literacy and address concerns about under- or over-insurance.

Keywords: insurance and financial literacy; financial planning; personal insurance; life insurance; total and permanent (TPD) insurance; trauma insurance; income protection (IP) insurance (search for similar items in EconPapers)
JEL-codes: G52 G53 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:finprj:v:11:y:2025:i:1:p:17:n:1004

DOI: 10.2478/fprj-2025-0003

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