Under today's economic conditions, the average New Zealander is unable to afford life insurance.
- Agree (60%)
- Disagree (35%)
- Unsure (5%)
Loading ...The life insurance market is shrinking according to economist Shamubeel Eaqub.
Speaking during an FSC masterclass at the organisation’s annual conference this month, he said changing demographics and financial pressures are contributing factors to just 29% of households having life insurance.
While noting there is a growing need for life cover, Eaqub says there are critical affordability pressures at play, adding that – in his opinion – the average Kiwi cannot afford the insurance industry’s products.
Based on his research, while insurance takes 14% of household income, life insurance amounts to just 4%.
Do you agree with Eaqub’s findings that the life insurance market is shrinking due to consumer affordability?
Cast your vote in this week’s poll and we’ll report back next week with the result. Not a subscriber? Click here and sign up for our free weekly newsletter.
See our report: Average Kiwis Can’t Afford Insurance