A survey commissioned by the Financial Services Council provides an indication of the number of people without life insurance in New Zealand.
According to its survey of 2,000 Kiwis, of those with life insurance (38%) just half say they have enough cover.
While just under a quarter of those surveyed (23%) used to have life insurance, almost 39% have never had any life cover. That means more than 60% of the adult population is without any life insurance at all.
Of those with income protection insurance (14%) and critical illness insurance (19%), less than half (43%) think they have enough cover.
Richard Klipin, CEO of the Financial Services Council, says the research found a strong link between money and wellbeing with money worries causing stress for most New Zealanders.
He says: “Given that just 21% of respondents described their financial well-being as better than moderate, this suggests that money has a major impact on our health and well-being.”
The research was sponsored by Trustees Executors and was undertaken just as Covid-19 began to impact daily life across the country. The report says underinsurance in New Zealand remains an issue.
Download the full report here.