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More people are purchasing life insurance in installments

According to the GlobalData 2024 Emerging Trends Insurance Consumer Survey, 65.4% of global consumers prefer to pay for their insurance in installments. Experts explain that with high inflation.
More people are purchasing life insurance in installments

The study conducted by GlobalData in 11 key countries around the world found that disposition toward splitting insurance premiums was high in developing countries. For example, eight out of ten consumers in Brazil, Mexico, and South Africa would prefer to pay for insurance in installments. Financial inequality in these countries is extremely high, which explains the high proportion of consumers choosing this payment method.

According to GlobalData, 14.6% of consumers worldwide have delayed paying their insurance premiums in the past 12 months. Although insurance companies prefer to receive payment in a lump sum to minimize risk, adding extra charges on installments reduces the benefits for consumers.

Source: https://www.lifeinsuranceinternational.com/analyst-comment/global-consumers-insurance-instalments/?cf-view

Photo courtesy of public sources

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