It’s always interesting to find out who is buying life insurance. Is it still predominantly middle aged men? How many of them are getting cover at standard rates? Altrisk have just released fresh data on the profile of the average life insurance client that come onto their books in 2011.
No prizes for guessing right. The average client is still over 40, actually 41. He is male, doesn’t smoke and holds at least a matric certificate. He earns more than R25 000 per month and took out on average, R883 000 in life cover. 55% of the policy holders that came onto Altrisk’s books in 2011 were male which was a 1% decrease on 2010’s numbers. The woman are gaining!
What I find pretty interesting is that only 52% of policies issued in 2011 were done so at normal rates!
That means only half of people who apply for life insurance (with Altrisk anyway, but my feelings are it’s probably an industry average) are healthy enough to qualify for normal rates (no health loadings on the premiums).
What does that tell you about the type of lifestyles we are living?
Of the 46% of final offers issued (revised offer based on medical evidence), 66% were accepted. That again tells you people accept that they aren’t in great shape and will take out the life cover with a health loading attached.
Food for thought! If you are still on the fence about your life cover, don’t delay.
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Until next time.
The InsuranceFundi Team