Clients unclear about how much insurance cover needed
By Kirsten Hastings, 28 Jun 16
Perception and reality differ significantly when it comes to how families around the world think they will be impacted if the main earner suffers from critical illness, disability or worse without appropriate cover, says Zurich.
The price of insurance protection plays a decisive role. The good news is that many respondents seem to overestimate the cost of such coverage.
A third would be willing to spend between 5% and 9% of their income for income protection, one-in-five is willing to spend more than 10% on critical illness, disability and premature death cover.
In fact, protection is available for significantly less than 5% of earnings, though individual costs vary by factors such as age and level of protection required.
Malaysian, Mexicans, Brazilians, and Chinese from Hong Kong are prepared to spend most on insurance protection.
Australians are the least willing to spend money on insurance protection.
Tags: Zurich
