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

"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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