Why People do not have Life Insurance
The research discovered that one of the major reasons that people did not establish life insurance were premiums, however as previously noted there was also a misconception of life insurance premiums (most people believed them to be far higher than they actually are).
Q. Why don’t you have life/income protection insurance?
- 36% of respondents who had insurance other than life insurance and income protection insurance said the perceived cost of life and income protection insurance was the major factor in their not having it.
Q. Please indicate how strongly you agree or disagree with the following statements about life and income protection insurance.
- 58% of respondents said they agreed (strongly/somewhat) that they believed life and income protection insurance premiums are far too high for the amount of cover you get.