Life cover is generally perceived to be appropriate for married couples and family breadwinners. The direct marketing company, Olico, has however now found that the most common buyer of life assurance is not married, doesn’t have children, and doesn’t own a home. This conclusion was made as a result of a study of more than 10 000 applicants who applied to the many life insurance products they market.
The research revealed specific details about the characteristic of people who applied for the life cover. Based on this median profile, which is considered to be the most common profile and not the average, some further interesting analysis was done:
- The white population is 2.8% more likely to have life insurance compared to the median.
- Self-employed people are 10.9% less likely to have life insurance, whereas government employees are 4.8% more likely to have life insurance than the median.
- Those that earn over R45 000 per month are only 6.9% more likely to have life insurance than the median.
- People that do not own a car are 17.1% less likely to have life insurance than the median, whereas homeowners are 9% more likely to have life insurance than the median.
Click here to read more and download the media release.