Original article by Ceyda Erem
mozo.com.au – Page: Online : 31-Aug-18
The Australian Securities & Investments Commission has found that up to one in five life insurance policies sold over the phone are cancelled during their cooling-off period. ASIC found that one of the main reasons for the high level of cancellation was the lack of information provided about important policy features. Meanwhile, research by Roy Morgan has found that 10.8 per cent of those holding risk and life insurance policies either switched their policies or actively thought about doing so in the year to June.
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, ROY MORGAN LIMITED