MetLife releases Value of Life Insurance report
Sydney July 06, 2021
The Value of Life Insurance report provides policy makers, regulators, industry participants and other stakeholders with information about the positive impact and contribution of the sector, and is a further step towards increasing financial literacy for Australians.
The report draws from MetLife’s local and global research and seeks to redress perceptions which increase consumer disengagement and contribute to a worrying underinsurance gap, which has been an ongoing and increasing problem for Australia’s working age population.[1] This gap is further exacerbated by factors impacting life insurance customers such as access to quality, affordable advice and understanding recent legislative changes.
The report explores the role life insurers play as a driver of economic development, and in stabilising the financial system, and provides global comparisons to articulate the affordability of the safety net when misfortunes happen in life. It also connects the industry’s value to a reduced financial burden on governments and taxpayers, who would otherwise need to fund social programs to support those impacted by illness and injury, or families left behind following the death of a loved one.
Richard Nunn, CEO of MetLife Australia, said: “Life insurance serves a noble purpose by providing a vital safety net should the worst happen, but we need to make its value easier for people to understand. The industry is under the microscope, facing significant regulatory change and shifting consumer expectations. Now is the time to work together to adapt, educate and remain relevant.
“It is the responsibility of all industry participants to play a positive role in helping stakeholders understand the value of life insurance and to promote this message to a wider audience. That’s why MetLife’s Value of Life Insurance report is available to all stakeholders, to help them have conversations around value.
“It is imperative we continue to build awareness of the advantages of life insurance, not just to the individual consumer but to the economy and the community.”
Read the full report here.
Reference
Media Contact
Sarah Kelly
MetLife Australia
+61 (0)411 893 890
About MetLife
MetLife Insurance Limited (MetLife), an affiliate of MetLife, Inc., is a specialist provider of life insurance to affinity partners, superannuation trustees and employers in Australia. MetLife has expertise in designing and executing direct insurance programs for partners’ customers and insurance solutions to meet the needs of specific member groups. MetLife has been a specialist provider of life risk insurance products in Australia since 2005. For more information, visit metlife.com.au.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates, is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit metlife.com.