Monday, December 12, 2005

Survey: Insurance needs of young people

146 young people aged 20-30 repled to our survey. 85% are employed. 15% are still studying or looking for a job.

85% said that young people need life or accident insurance, as accidents can happen.

97% said that young people should have insurance, even if they are not married, so that they can leave something for thier parents.

62% want to save $100 to $200 a month for insurance and savings, when they start work. 38% prefer to spend $10 to $20 a month for insurance protection (ie no saving).

85% said that a tertiary student should spend $10 to $20 a month to be insured, and leave something for the parents.

89% prefer a combination of hospital and accident coverage.

82% prefer to buy a simple, low cost insurance plan first, and make the financial plan later.

72% are willing to learn about the basic facts of insurance on your own at an educational website. 28% prefer to see an insurance adviser.

68% prefer to invest in a flexible, long term saving plan that gives an attractive return. 20% prefer to save in a life insurance policy with fixed premium and benefit. 12%

75% prefer an unbundled contract, with protection and saving purchased separately. 25% prefer a bundled contract.

48% prefer to buy insurance directly, if they can get a discount. 37% prefer to approach an insurance agent for a discount. 15% will help their friend to meet hte sales quota (ie no discount).

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