The #RiskReality Consumer Survey we conducted last year uncovered a concerning issue – South Africans misjudge the risks they face. They underestimate their risk of an injury or illness, and overestimate their risk of death.
We believe that this helps explain why lump sum benefits continue to outsell income benefits.
Historically, South Africans have focused on insuring their more dire risks, such as death and permanent disability, at the expense of their most likely risks. And whilst there is a need to make provision for your loved ones in the event of your death, the impact of a temporary illness or injury, and critical illness, cannot be underestimated.
According to our #RiskReality survey, 62% of South Africans said they’d run out of money within 3 months without an income. Most South Africans in this situation would face serious financial consequences and have no money to cover their monthly expenses.
That is why we’re driven to shift the focus to on-going income benefits for all risk events.
Watch this space, as we’ll be unpacking some insights and conversations you can have with your clients, supported by our latest claim stats. We want to help you make the shift to an INCOME FIRST approach. We look forward to connecting with you over the coming weeks.