Policy Case Study: funeral insurance decision journey

How people pay for funerals

https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-292-paying-for-funerals-how-consumers-decide-to-meet-the-costs/

The motivation to buy funeral insurance was often the need for emotional closure.

Here is an extract from our report for ASIC:

"The report describes the ‘journey’ that people took from thinking about their funeral, to buying a specific product to pay for it. Whether the product purchased was a prepaid funeral, a bond or an insurance policy, the journey was initiated for broadly the same reasons, and led to the same emotional conclusion. This journey had four stages: 1. A growing commitment to the idea 2. Response to a trigger to act 3. Product selection and purchase 4. Emotional closure"

Tags: Direct life insurance


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