When it comes to insurance, New Zealanders place greater emphasis on their cars and homes than they do their lives or future income, according to a recent survey by the Financial Services Council (FSC).
The Council, in a statement released Monday, reported that while more than 95% of homes and cars are insured in New Zealand, only 57% of Kiwis have life insurance and even less have income protection insurance; "barely 20%."
The survey found that 60% of those questioned about their insurance coverage and levels found the area of personal risk insurance "all too hard.''
Council spokeswoman and former Prime Minister Jenny Shipley, speaking at an Australasian Life Underwriters and Claims Association conference on Monday, said the statistics led her to believe that New Zealanders placed "greater value on their assets than their lives, household income and their family’s future."
However Shipley said the insurance industry was also to blame for not making it easier to understand the insurance process, products and value for money.
“Market research indicates there is no hostility to the idea of personal risk insurance. In fact most people understand its value but don’t know how much they need, or feel confident about purchasing it,” she said. “People don’t know where to obtain objective advice."
The Council also plans to start offering advice through its website, and through social media channels. It also plans on targeting people at "relevant learning moments" such as buying a first home or the arrival of a baby.