Compared to the 2018 research, SMEs with life insurance say they are better informed about their cover and more confident talking about it. This is likely because they are financially liable and closer to their business, making it necessary for them to pay close attention.

Small to Medium Enterprises
An understanding of the attitudes, behaviours and expectations of SMEs who have purchased life insurance through an adviser
Small to Medium Enterprises
An understanding of the attitudes, behaviours and expectations of SMEs who have purchased life insurance through an adviser
First worked out what cover they needed.
Then looked at how much they would need to pay.
First worked out what they could afford.
Then looked at how much cover this would pay for.
Knowing that an adviser receives a commission, rather than being paid an upfront fee impacts trust of the adviser in the following ways.

Less likely to trust the adviser

Feel no different towards the adviser

More likely to trust the adviser

Don't know how it impacts their trust of the adviser
Why SMEs are changing or no longer using their adviser

1. High fees/commissions

2. Trust issues with adviser

3. Adviser attached to large bank

4. Poor value for money

5. Can't afford it

6. Received poor advice
Reasons for recommending their adviser

"He is good at explaining things in detail and lets us see different options or outcomes before we decide."
SME with life insurance, 50-54, Brisbane

"He is helpful and insightful on top of being very proactive to my needs."
SME with life insurance, 30-34, Melbourne
"I like the way they talk to their customer."
SME with life insurance, 30-34, Melbourne

"Process was well managed and easily implemented leaving me more time for my business."
SME with life insurance, 60-64, Brisbane

"(My adviser) is a good trustworthy adviser (and) has your back when you need him."
SME with life insurance, 55-59, NSW