Advisers key to closing the protection gap
Last week, it was my privilege to join Kresh Wright, who is Head of Life & Health New Zealand for Swiss Re, Tony Arthur, Chief Commercial Officer at Partners Life and Doctor Claire Matthews, Associate Professor and Director of Academic Quality at Massey University, to talk about the protection gap.
The term is preferred over "underinsurance" as it is more descriptive of the real problem – not having enough cover.
The protection gap comes in two types - having absolutely no cover or having some but not enough.
The latter group can be further subdivided into those that have a little of everything, and those that have some gaps in their programme – such as no income cover. The gap is large.
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