Only a third of people who responded to a new survey are confident they have enough life cover, while nearly 38% have no cover at all.

In a survey of 1000 people undertaken by CoreData for Real Insurance, 33.2% said they are confident they have sufficient cover for their needs.

Some 37.8% of those questioned said they had no life insurance cover, while 6.5% were not sure they had a policy or what it might cover.

Another 22.5% were not sure their cover would meet their needs in the event of a claim.

Only 11.9% bought their cover through an adviser, with 50.2% relying on their super fund. Direct life sales accounted for 37.9%, the survey finds.

That’s not a surprise to Real Insurance Chairman Richard Enthoven, who is founder and CEO of parent company Hollard Insurance. He says not all Australians can afford – or need – advice related to life insurance,

“Direct makes life cover accessible to more Australians who otherwise would be uncovered,” he said. “Given developments in technology, Australians are becoming increasingly confident about doing things themselves that they previously couldn’t do, like researching life insurance online and then purchasing it directly.”

The survey shows Victorians are the most confident that they have sufficient life insurance cover for their needs (40.1%), while NSW respondents are the least confident (28.8%).

 “Victorians are the most likely to say they purchased their life insurance through their super  (58.3%), while Queenslanders are the most likely to have purchased theirs directly (46.0%),” the report says.

Of those surveyed, 39.6% said they had a good understanding of the insurance options that are available to them.

 “Victorians are the most likely to describe their understanding as excellent or good (62.6%), while WA residents are the least likely (46.7%),” the report says.

More than two in five (42.3%) respondents say they wish they had a better understanding of the life insurance options available to them.

Price was the main factor in selecting cover, the survey finds, with only 22.1% said they would not buy life insurance.

The majority of those surveyed (72.7%) said policies that are easier to understand would be the driver for them buying cover. Asked if a trusted brand would influence their buying decision, 72% said this is a factor.