2020 Financial Services Council Report.pdf

FSC - Gambling on Life - The Problem of Underinsurance - January 2020.pdf
Preview of 2020 Financial Services Council report
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📊 Size: 4.58 MB
📄 Pages: 32 pages
⬇️ Downloads: 61

Summary

The Financial Services Council's research into New Zealand's life insurance industry found that many Kiwis are "gambling on life" by being underinsured. The research, titled "Gambling on Life," is the third part of a series and focuses on understanding why some New Zealanders are not adequately protected. Key findings include a mismatch between the reality of risk and the "money smart" solution to manage it, with many Kiwis aware of the issue but not taking action. The research also found that the global and NZ tech sector is making progress in developing tools to provide information and access to insurance products. Life insurance types available in New Zealand include life insurance, critical illness insurance, and income protection/mortgage repayment insurance. Underinsurance occurs when an individual lacks sufficient insurance cover, and reasons for this include not reviewing insurance needs after life-changing events, not liking to think about potential financial impacts, and being unsure about the benefits of insurance.

Description

The Financial Services Council's research into New Zealand's life insurance industry found that many Kiwis are "gambling on life" by being underinsured.

Technical Information

  • File Format: PDF
  • File Size: 4.58 MB
  • Pages: 32
  • Language: EN
  • Total Downloads: 61
  • Last Updated: 5 days ago

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