Factors contributing to the need for life insurance

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Factors contributing to the need for life insurance

Highest present value: Internal discovery life research. Assumptions on slide Lack of meaningful savings: 46% stat is from a Bank of America survey of millennials. https://www.cnbc.com/2018/02/09/a-growing-percentage-of-millennials-have-absolutely-nothing-saved.html The 35% is from a 10x survey done in South Africa around savings habits of South Africans Overburdened with debt: the Household savings ratio is from statsSa and the 64% is from the South African Savings and Investment survey Family responsibilities: South African Savings and investment survey
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Gareth Friedlander, Head of Research and Development at Discovery Life

Millennials face a demonstrable insurance gap of R15 trillion

South Africa’s young adults could bridge the growing life and disability insurance gap by diverting a fraction of their monthly lifestyle expenditure to financial services products. The largest insurance gap is currently presented by millennials between the age of 18 and 30 coupled by high levels of indebtedness and low savings.