Underinsurance – 72% of Kiwis Have no Life Cover
New Zealanders are significantly underinsured according to the findings of the FSC’s latest research report Money and You – Taking Cover.
The survey of more than 2,000 Kiwis found around 70% are underinsured, just 11% have income protection, 14% have TPD, and 18% have cover for trauma or critical illness.
According to the report, the number of Kiwis without life insurance in 2018/19 was 71%, but today that figure has risen slightly to 72%.
Among the reasons given for taking out life cover include taking the advice of their financial adviser (21%), peace of mind (45%), and because they are worried about a health event (53%).