Business mix is critical to good coverage
It is mainly that clients do not buy an adequate range of cover – choosing to leave out income protection and buy too little TPD and trauma cover.
Of course, covering catastrophic risk remains our first thought – for good reason – the sudden death of a sole income earner is perhaps the original reason for insurance.
It is powerfully imprinted as a vital need to cover in both our minds and the minds of consumers. While it is less likely than at any point in our history, it is also cheap cover to buy, so why not get that job done?
The problem is that the job is not even half done with that one cover – yet premiums for death cover are about half the industry total.
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