Insurance For Aging Population

One in five elderly are not keen on life insurance ownership , yet nearly a third of East Asia’s population and almost a fifth of Southern and Western Asia’s population is projected to be aged 65 years old and up by 2060 – about 1.2 billion people.

Asian market regards public health care very high, however, some aged markets (South Korea, Japan and Taiwan) had lower confidence, mainly due to the already weak public systems.

Life insurance had the lowest overall level of interest (83%) for ageing populations, compared to private health (97%) and critical illness (CI) insurance (96%). In terms of previous habits, over a third (35%) of Asians said they owned life insurance, whilst 29% owned private health and 35% had CI insurance.

On a per-market basis, Japan and India have the largest share of life insurance ownership (58% and 54%, respectively).

many procrastinated on purchasing in life insurance due to portions of the coverage being excluded or declined based on pre-existing conditions. On top of that, a third of respondents indicated that premium prices were unaffordable for all three types of plans.