A large part of the South African population consists of low income families and individuals. With the RDR on the horizon and the creation of the money guidance service just around the corner, Andy Milburn looks at what we can copy from the protection products low income families buy in South Africa?
A number of industry experts in the UK were asked what products the industry specifically design for low income family members. Answers included family income benefit, real life cover, Holloway plans (offered by friendly societies – Holloway, Cirencester and Exeter Friendly) and funeral plans. Budget income protection also feature on the list of products that ‘could’ be targeted at low income family groups. Research announced at the recent protection review conference suggested low income families are more interested in protection than other more affluent consumer groups. So, do we do t...
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