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Partners Life study on effects of COVID-19 on perceived value of insurance, and more daily news

A survey conducted by Partners Life and Kantar found that regardless of COVID-19, the majority of participants didn’t see the significance of insurance. The survey results were based on the response of 900 participants aged between 18 and 54. Of those surveyed, 74% stated that their views hadn’t changed regardless of COVID-19. The survey found that the majority of those that didn’t believe they needed insurance shared this view. Participants that said that they were likely to take out insurance were more likely to be of Asian descent (40%), between the age of 24 to 35 (35%), be in the $75,000-$100,000 income bracket (35%), and male (27%). In response to the survey results Unhappily Ever After was launched to challenge the current thinking of New Zealanders.

“Despite the huge impact of the COVID-19 pandemic on daily life, a significant number of consumers reject the concept of insuring their lives, health and income.

This was revealed by a survey conducted by Partners Life and Kantar in October.

The survey polled 900 consumers in New Zealand, aged 18 to 54. It found that 74% said their feelings around insurance have not been impacted by COVID-19. This was especially pronounced among the rejecter group at 84%, while only 54% said so among those who were considering buying life insurance in the next 12 months.

Those who became more open towards insurance as a consequence of the pandemic were more likely to be male (27%); younger people of 24 to 35 (35%); people of Asian ethnicity (40%); and people in the $75,000-$100,000 income bracket (35%) – compared with a figure of 24% for overall respondents who said so.

In response to the results of this survey, Partners Life launched a new advertising campaign known as “Unhappily Ever After”, which features familiar nursery rhymes and appealing to those with young families and middle-aged individuals - the life stages where responsibilities are at their heaviest.” Click here to read more

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