Consumers are doubtful the life insurance industry has addressed issues raised by the Hayne royal commission as lack of trust remains a problem, research by NobleOak shows.

About 30% of respondents to a survey say they are not confident the issues identified by the royal commission will be fixed, compared to 18% who are confident.

“This indicates a lack of trust in the industry to change,” the Insurance Whitepaper says.

The royal commission’s focus on conflicted remuneration has affected consumer confidence they will be sold the best product, encouraging shopping around to consider a number of different providers.

More consumers are undertaking significant research themselves when considering their needs and circumstances, with 36% of participants using the internet to obtain information, while advisers and family rank equal second with 24%.

The survey also finds 46% of consumers are turning to the internet to access information on all their financial needs, up from 6% previously.

A significant event is the main trigger for most consumers to consider life insurance.

For 40% of respondents having a baby would be the reason for looking at cover, while 34% said buying a home would be the reason.

The numbers of consumer purchasing life cover has dropped since 2018 to 47% from 56%.

“Price continues to be a top factor which is considered by consumers when choosing life insurance and is perhaps a key reason why so many are underinsured,” the report says.

Research for the paper was conducted by Pureprofile Australia in December from a survey of 1000 people between the ages of 30 and 60.

Click here to read the full report.