Mind the life cover gap

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shock to the system A shock event, such as the loss of a job, can see a low-income household plunged into debt
shock to the system A shock event, such as the loss of a job, can see a low-income household plunged into debt

Johannesburg - The latest life and disability insurance gap study conducted on behalf of the Association for Savings and Investment SA (Asisa) by True South Actuaries & Consultants shows that South Africans face a combined insurance shortfall of R28.8 trillion.

In simple terms, that is the amount of insurance cover that is needed to meet the gap between the total existing life and disability insurance cover in place currently and what would be required to make sure all working South Africans have sufficient cover to provide an income for their families if they died or became unable to work.

Peter Dempsey, deputy chief executive of Asisa, says the insurance gap widened by R4.8 trillion from R24 trillion at the end of 2012 to a staggering R28.8 trillion at the end of last year.

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