A marked change in consumer awareness is causing consumers to take an "austere" self-assessment of protection needs, Swiss Re has said.
The reinsurers latest Insurance Report: "Facing life's responsibilities", reports a marked change in consumer awareness towards protection. However it adds that consumers are delivering an austere self-assessment of their financial exposures. When asked why they had not bought life insurance, consumers indicate affordability as a fundamental barrier to buying financial products. Nearly half (46%) said they couldn't afford it (47% for critical illness and 39% for income protection), while only 10% (11% and 12%, respectively) replied they hadn't thought about it. Many consumers se...
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