The Role Of Insurance Flashcards
What is the effect of improved life expectancy and less smoking for protection?
Cheaper life insurance (2% per annum eroding to Swiss Re)
What is the widely accepted estimate for the life insurance protection gap?
£2.4t
What is the widely accepted the income protection gap?
£200bn
What % of the UK has life insurance?
50%
Who is at highest risk from lack of health insurance and why?
highest earners (45-54 year olds)
What are the 4 key reasons for the protection gap?
Lack of understanding
Lack of advice
Cost
Inertia (not getting around to it)
What percentage of people feel they have enough life, critical injury, and income protection?
90%
What percentage of people had no life, critical injury, and income protection at all?
40%
What percentage of people state they have no faith protection companies would pay claims?
20%
What percentage of simple life assurance policies are bought through non-advised online portals?
50%
What percentage of customers think life insurance is too expensive?
40%
